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Mumbai, The MahaYuti government has released an ordinance to amend the Maharashtra Stamp Act, 1958 proposing the increase in stamp duty on affidavits, agreements and related documents to Rs 500 from the present Rs 100. The stamp duty on share capital has been increased to Rs 1 crore from Rs 50 lakh. The ordinance was […]
NEW DELHI: The Institute of Chartered Accountants of India (ICAI) late Monday released new Standard of Quality Management (SQM), laying down the quality standards for CAs and audit firms, a move that is expected to set the stage for a fresh confrontation as the law mandates that these should be notified by govt based on […]
Ethical leadership, organisational culture, sustainability, and the impact of artificial intelligence (AI) are emerging as critical areas of focus for accounting professionals, according to a report by the Association of Chartered Certified Accountants (ACCA). The survey indicates that over 40% of accounting professionals prioritise ethical leadership and organisational culture as top concerns. Sustainability emerged as […]
MUMBAI: Verification of ‘high-risk’ refund claims in Income-tax (I-T) returns for assessment year 2024-25 (financial year ending March 31, 2024) will be conducted systematically, following a standard operating procedure (SOP). The goal is to verify whether false refund claims have been made in an organised manner or by a single key person. “If multiple I-T […]
The Central Board of Indirect Taxes & Customs (CBIC) on Monday gave a week’s time to app-based ride hailing companies to furnish their views in writing on where each of them stands on the applicability of GST on rides booked through their platforms. A three-member team led by CBIC chairman Sanjay Kumar Agarwal met with […]
The central government on Monday issued notices to major automakers, demanding payment of past Goods and Services Tax (GST) dues worth Rs 10,000 crore, for non-payment of compensation cess on sold vehicles, says ET Now citing sources. The automakers have requested the government to review the notices. (More to come) Published On Oct 14, 2024 […]
The Central Bureau of Indirect Taxes and Customs (CBIC) has called for a meeting of app-based ride hailing services in Delhi on Monday to resolve differences over applicability of goods and services tax (GST) on rides booked through ecommerce platforms, after Uber India raised concerns about a lack of uniformity and level playing field. The […]
Foreign airlines operating in India will not be liable to goods and services tax (GST) on services provided by the head office to a branch office, according to a government notification. Academic institutions that have received grants for research will also be exempt from GST, as per another notification. The Central Board of Indirect Taxes […]
The Ministry of Finance notified has the rules and procedures to be followed if a GST-registered taxpayer wants to apply for the ‘conditional waiver of interest and penalty’ scheme announced in Budget 2024. This notification by the Ministry of Finance was released on October 8, 2024, effective November 1, 2024. Who is eligible for this […]
Foreign airlines operating in India will not be liable to goods and services tax (GST) on services provided by the head office to a branch office, according to a government notification. Academic institutions that have received grants for research will also be exempt from GST, as per another notification. The Central Board of Indirect Taxes […]
