Stewart Title - INDIA’s Post

The GST Council's initiative to pilot e-invoicing for #B2C transactions is a game-changer for India's tax system. Aimed at enhancing #transparency and reducing tax evasion, this move aligns India with global tax practices. It's a step that not only promises to streamline tax administration but also to invigorate the retail and tourism sectors. IRISIRP stands ready to drive this transformation alongside esteemed partners and #NIC, under the guidance of the Goods And Services Tax Network. Our collective expertise and technology are geared towards ensuring a seamless transition for businesses across the nation. #EInvoicing #GST #TaxReform

Direct Tax Vivad se Vishwas Rules, 2024: MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 104/2024 New Delhi, the 20th September, 2024 G.S.R. 584(E). In exercise of the powers conferred by section 99 of the Finance (No. 2) Act, 2024 (15 of 2024) , the Central Government hereby makes the following rules, namely: 1. Short title and commencement. (1) These rules may be called the . (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions . (1) In these rules, unless the co... ... ... http://dlvr.it/TDVn5k #IncomeTax #Notifications #TaxLaws #TaxTMI

HC: Directs DGGI & CGST Preventive Wing to send over investigations to State Authorities in interrelated proceedings [TS-17-HC(JHAR)-2024-GST] Jharkhand HC in investigation concerning wrong/inadmissible availment of Input Tax Credit noting that all the proceedings are ‘interrelated’ permits State Authorities to continue and directs both Preventive Wing of the CGST and Directorate General of GST Intelligence (DGGI) Wing of the CGST “to make over the entire investigations carried till date” to SGST Department “who shall carry out further proceedings as against the petitioner”, Tracing the judicial landscape i.e. the State GST as also the Central GST Acts which is pari-materia, HC opines that “it is a chain of a particular event happening under the Act and every & any enquiry/investigation carried out at the behest of any of the Department are interrelated”; To crystalize this observation, HC deprecates the attachment of bank account prior to any determination, finds that, same "appears to be an ‘arm twisting method’ to make the petitioner succumb to the particular authority, which cannot be the dictum of the Act”:HC JHAR The judgment was delivered by Justice Rongon Mukhopadhyay and Justice Deepak Roshan.

CA Dr. Girish Ahuja sheds light on Section 43B during 74th ICAI Annual Function, revealing how the Income Tax Department holds vital information about your finances. His cautionary advice, 'Client se kaho sudhar jao warna Modi ji sudhar denge,' underscores the importance of proactive financial management. #icai #Section43B #Incometax #TaxAudit

Low GST Collections in June 2024 📉 June 2024 saw a dip in GST collections, raising questions and concerns for businesses and the economy. Understanding the factors behind this trend is crucial for better financial planning and compliance. At Dhanaay, we provide comprehensive GST solutions to help you navigate these challenges efficiently. Stay informed and stay ahead! #GST #GSTCollections #BusinessNews #FinancialTrends #Dhanaay #TaxSolutions #EconomicUpdates #Finance #StartupLife

On Saturday, 22nd June 2024, the 53rd GST Council meeting, chaired by the Finance Minister of India, made significant decisions on both substantive aspects of GST and on its compliance requirements. At first glance, these changes appear beneficial and demonstrate the Government's commitment to its 'ease of doing business' policy. Samvad team has summarized and analysed the proposed changes in the article. Aditya Bhattacharya #GST #Easeofdoingbusiness #Councilmeeting #Finance #Compliance #GSTCouncil #Businesspolicy

The law says that it is compulsory to file your #IT returns if your income is more than the basic exemption limit. Hence, it is important to know the basic exemption limit applicable to you, writes S Kalyanasundaram: #Finance https://lnkd.in/gKDfw-f4

https://lnkd.in/gyJ3Hven HOW PRIVATISATION COULD WORK IN IAS TOTALLY IF TOOK FOR PRIVATISATION

If ever there was an #einvoicing Olympics, India would take the pole position on all counts. India generates an average of 220 -240 million B2B einvoices valuing about ₹ 30-35 lakh crores ($365 billion) every month which is about 70%-75% by volume and 85%-90% of the value of all B2B transactions in the country. This digitization has been made possible through the strong digital rails of multiple #IRP established under the aegis of #GSTN GST council's decision to start #B2C einvoicing for select sectors in a voluntary manner is going to be another step towards improving transparency and minimizing tax evasion. This will also aid providing tax refund to foreign tourists who purchase goods in India to take it back home, a facility available in several countries. IRISIRP as one of the invoice registry portals in the country, is ready and looking forward to collaborating with other private IRPs (Cygnet.One Clear EY) and #NIC under the guidance of CEO Office, GSTN to make this a success IRISGST IRIS Business Services Limited Naveen A. Chirag Raj

𝐒𝐮𝐩𝐫𝐞𝐦𝐞 𝐂𝐨𝐮𝐫𝐭 𝐃𝐞𝐜𝐥𝐢𝐧𝐞𝐬 𝐭𝐨 𝐇𝐞𝐚𝐫 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 𝐭𝐨 𝟒𝟓-𝐃𝐚𝐲 𝐌𝐒𝐄 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐑𝐮𝐥𝐞 𝐮𝐧𝐝𝐞𝐫 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟒𝟑𝐁(𝐡) 𝐨𝐟 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐀𝐜𝐭 The recent decision by the Supreme Court regarding the challenge to the 45-day payment rule under Section 43B(h) of the Income Tax Act has significant implications for Micro and Small Enterprises (MSEs) and buyers alike. The Court's refusal to entertain the petition filed by MSEs signals the importance of navigating legal channels effectively. Instead, MSEs are advised to seek redress through the High Court if they wish to pursue relief in this matter. The petition, presented by the Federation of All India Vyapar Mandal, underscores the nationwide concern among MSEs regarding the regulations governing credit terms. Section 43B(h) outlines stringent guidelines, emphasizing the timely settlement of dues owed to MSEs within 45 days. Non-compliance with this provision not only subjects buyers to penalties but also jeopardizes their ability to deduct payments made to MSEs from taxable income. This underscores the critical need for compliance with the specified timeline to avoid adverse financial consequences. Stay informed with the latest legal developments and ensure compliance with regulatory frameworks to mitigate risks and uphold business integrity. #LegalUpdate #SupremeCourt #IncomeTaxAct #MSEPaymentRule #Compliance #BGMG