GST Info Tamil

Inoperative PAN is not inactive PAN, clarifies I-T Dept amid concerns on ITR filing A permanent account number (PAN) that has become inoperative due to not being linked with the Aadhaar card, is not the same as an inactive PAN, the Income Tax Department clarified on July 18, amidst confusion over income tax return (ITR) filings. "It is clarified that an inoperative PAN is not an inactive PAN. One may file the Income Tax Return (ITR), irrespective of PAN becoming inoperative," the taxation body said in a statement. However, there will be consequences of an inoperative PAN, such as the "pending refunds and interest on such refunds will not be issued to inoperative PANs". Also, the tax deducted at source (TDS) will be deducted at a "higher rate for inoperative PANs", it said. Similarly, the tax collected at source (TCS) will be "collected at a higher rate for inoperative PANs", the I-T Department added. Consequences of Inoperative PAN Inoperative PA...

CBDT Releases Order to Waive off Tax Demand Outstanding as of Jan 31, 2024; Capped at Rs. 1 Lakh per Assessee Order, F.no. 375/02/2023, dated 13-02-2024 In the Union Budget 2024 speech, Finance Minister Nirmala Sitharaman announced the extinguishment of the tax demands until Assessment Year 2015-16. Subsequent to the speech, the Central Board of Direct Taxes (CBDT) has released an order to remit and extinguish the tax demands under the Income Tax Act, 1961, Wealth Tax Act, 1957 or Gift Tax Act, 1958 [“Acts”]. The order outlines various aspects of extinguishing the demands of different assessment years. It prescribes the monetary limit for outstanding tax demands and the maximum ceiling limit eligible for waiver for the assessee. The board has prescribed that demands which are outstanding as of Jan 31, 2024, shall be eligible for waiver. The following are the key takeaways from the order. a) Monetary limit for waiver of demand Until AY 2010-11, demands up to Rs. 25,000 per entry are eli...

 FM Nirmala Sitharaman chairs 28th Financial Stability and Development Council (FSDC) meeting Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the 28th   Meeting of the Financial Stability and Development Council (FSDC) in New Delhi, on February 21, 2024. The FSDC, inter alia, deliberated on issues related to macro financial stability and India’s preparedness to deal with them. The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world’s premier international financial centres and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy. The FSDC discussed various issues related to formulation of strategy for implementing the decisions of the FSDC and the Union Budget announcements. These, inter alia, included: ·          prescribing uniform KYC norms, inter-usability of KYC records a...

ICMAI CMA Result 2023 declared. Direct link here The Institute of Cost and Management Accountants of India (ICMAI) has announced the much-awaited CMA Inter and Final December Result 2023 today. Here is the step-by-step guide to checking your scorecards The Institute of Cost Accountants of India, ICMAI CMA Inter and Final result 2023 results have been announced today, February 21, 2024. Students can access the link to download the ICMAI CMA Final, Inter result on the official ICMAI website -- icmai.in . The CMA December 2023 exams were conducted by ICMAI from December 10 to 17, 2023. To access the CMA December Inter and Final results, candidates must visit the official website and log in using their identification number. How to Check CMA Inter Result Dec 2023? Candidates who took the CMA Intermediate exam must refer to the steps below to check the ICMAI results: Visit the official website of ICMAI, icmai.in Access the CMA student website from the main menu Click the Examination tab fro...

  21/02/2024 Dear Taxpayers, 1.  GSTN on occasion of one year of the successful going live with the additional five new IRP portals, the e-invoice master information portal, and the e-invoice QR Code Verifier app, announces the launch of the revamped e-invoice master information portal  https://einvoice.gst.gov.in  . This enhancement is part of ongoing effort to further improve taxpayer services. New Features of the revamped E-Invoice Master Information Portal are as follows: i.     PAN-Based Search : Users can check the e-invoice enablement status of entities using their Permanent Account Number (PAN) in addition to search with GSTIN. ii.     Automatic E-invoice exemption List : The portal now automatically publish updated list with all GSTINs that have filed for e-invoice exemptions at the start of the month and is available for users to download. iii.     Global Search Bar : A comprehensive search tab has been intr...

Letter of Undertaking is commonly known as LUT. The  GST LUT  is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfill all the requirements prescribed under  GST  while exporting without making IGST payment. Know more about  exports under GST. Filing Letter of Undertaking is mandatory to export goods or service or both without payment of Integrated Taxes (IGST). If LUT has not been furnished, the export can only be made through payment of IGST or by furnishing an export bond. Initially, only the options of export bond was allowed. However, to improve ease of doing business, the Government introduced LUT. LUT was to be filed offline at the concerned GST office. Now, the Government has made the process of filing GST LUT online. Now, exporters can file LUT online through their respective GST Portal account easily by following the steps below. Eligibility for Export under LUT All GST registered goo...

  The Directorate General of GST Intelligence (DGGI), Central Board of Indirect Taxes and Customs (CBIC) has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to the taxpayers who may or may not be under investigation by the DGGI. The fake summons that are being sent out might look real because they have a Document Identification Number (DIN), but these DIN numbers are not issued by DGGI in the case of these entities. To deal with this issue, DGGI has been taking serious steps by informing and filing complaint with the Police against those involved in creating and sending fake and fraudulent summons. CBIC has issued Circular No. 122/41/2019-GST dated 05th November 2019 regarding generation and quoting of DIN on communications sent by CBIC officers to taxpayers. For the awareness of the taxpayers, it is reminded that taxpayers can verify the genuineness of any communication (including Summons) from the Department by using the ‘VERI...

Introduction:  The Finance Act, 2023, introduces significant changes with the insertion of clause h in section 43B of the Income Tax Act, strengthening the enforcement of MSME payment regulations. This analysis dives into the implications for small businesses, examining the provisions of the Income Tax Act, 1961, and the MSMED Act, 2006. Particularly, section 43B(h) is explored, addressing the disallowance of expenses for payments not made within the specified time limit. The article delves into the definitions of micro, small, and medium enterprises (MSMEs) and the crucial payment periods outlined in the MSMED Act.   Section 43B (h):  “any sum payable by the assessee to a MICRO or SMALL enterprise beyond the time limit specified in 15 of the Micro, Small and Medium Enterprises Development Act, 2006,” The enterprise category as Micro, Small & Medium as described in the Micro, Small and Medium Enterprises Development Act, 2006 is made for your reference: Micro Enterpri...