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12% Y-o-Y Growth, ₹14.97 Lakh Crore GST Collection in April-Dec 2023
Ministry of Finance Posting a growth rate of 12% Y-o-Y, 14.97 lakh crore gross GST collection during April-December 2023 period Gross GST collection averages 1.66 lakh crore in first 9 months of FY24...
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Advisory on functionalities available on GST portal for GTA taxpayers
Introduction: Dear GTA Taxpayers, as of 01/01/2024, essential functionalities are available on the portal for efficient Goods and Services Tax (GST) compliance. In this guide, we’ll walk you through t...
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Record 8.18 crore Income Tax Returns (ITRs) filed for A.Y. 2023-2024
Ministry of Finance Achieves Record Surge in Income Tax Returns Filing for A.Y. 2023-2024 In a remarkable milestone, the Income-tax Department, operating under the Ministry of Finance, has witnessed a...
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E-Commerce Exports Handbook for MSMEs
Directorate General of Foreign Trade Ministry of Commerce and Industry Government of India With the launch of the New Foreign Trade Policy 2023, Government of India has set a target of USD 1 Trillion...
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Walker Chandiok & Co LLP – NFRA Inspection Report on audit quality
NFRA Inspection Report, numbered 132.2-2022-05 and dated December 29, 2023, scrutinizes the audit practices of Walker Chandiok & Co. LLP (WCCL). Mandated by Section 132 of the Companies Act 2013, the...
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FIU IND issues compliance SCN to 9 offshore VDA SPs
Introduction: The Financial Intelligence Unit India (FIU IND) has taken decisive action against offshore Virtual Digital Assets Service Providers (VDA SPs) for non-compliance with the Prevention of Mo...
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Advisory: Date extension for reporting opening balance for ITC reversal
In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electr...
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MCA Year Ender 2023: Transformative Changes in Corporate Governance
Ministry of Corporate Affairs Year Ender 2023: Paving the Path for Progressive Corporate Governance In the dynamic landscape of corporate governance, the Ministry of Corporate Affairs (MCA) has relent...
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CBDT issues guidelines on TDS under section 194-O of Income-tax Act, 1961
Introduction: Circular No. 20 of 2023, issued by the Central Board of Direct Taxes under the Ministry of Finance, provides crucial guidelines under sub-section (4) of section 194-O of the Income-tax A...
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Department of Economic Affairs Year 2023: Achievements & Global Leadership
The Ministry of Finance’s Department of Economic Affairs (DEA) reflects on a transformative year, marking the inception of ‘Amrit Kaal,’ a 25-year journey toward India’s centenary of independence in 2...
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Ministry of Finance Year Ender 2023: Department of Financial Services
In a resounding Year Ender for 2023, the Ministry of Finance reflects on the exceptional accomplishments of the Department of Financial Services (DFS), a driving force behind India’s financial landsca...
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SEBI Considers Amendments to Rumour Verification Regulations
The Securities and Exchange Board of India (SEBI) has recently introduced a Consultation Paper seeking public input on pivotal amendments to its regulations concerning the verification of market rumou...
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CAG: Empanelment of Chartered Accountant firms/LLPs for year 2024-2025
The Professional Development Committee of The Institute of Chartered Accountants of India (ICAI) has announced the empanelment of Chartered Accountant firms/LLPs for the year 2024-2025. This opportuni...
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RBI Guidelines Clarification: Concurrent Audit & SCAs/SAs Appointments
Introduction: The Professional Development Committee at The Institute of Chartered Accountants of India brings an important announcement regarding the clarification of guidelines issued by the Reserve...
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Ministry of Finance Year Ender 2023: Revenue Department Achievements
The Ministry of Finance culminates the year with a comprehensive review of the Department of Revenue’s initiatives in 2023. Under the stewardship of the Central Board of Direct Taxes (CBDT), the Depar...
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CBDT notifies Ravenna Investments Holding B.V as pension fund U/s. 10(23FE)
Introduction: Central Board of Direct Taxes, under the Ministry of Finance, has issued Notification No. 106/2023 dated December 27, 2023, amending provisions related to income tax. This notification s...
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Request to Implement SOP for Timely Disposal of Income Tax Appeals with CIT
Chartered Accountants Association Advocates for Timely Resolution of Income Tax Appeals In a formal communication addressed to the Honorable Minister for Finance, Govt. of India, the Chartered Account...
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Draft CCI (Determination of Turnover or Income) Regulations, 2023
Introduction: The Competition Commission of India (CCI) has issued a call for comments on the draft of the “Competition Commission of India (Determination of Turnover or Income) Regulations, 2023.” Th...
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EPFO SOP on freezing/de-freezing the MID/UAN/Establishment
The Employees’ Provident Fund Organisation (EPFO) ensures the swift provision of social security benefits to members under various schemes. In the pursuit of protecting funds from potential fraud, imp...
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GST Council Newsletter for the month of November 2023
Introduction: The November 2023 GST Council Newsletter (Issue-56) brings pivotal updates on the Goods and Services Tax, including robust growth, amnesty for appeals, and the introduction of biometric...