Income Tax department sends Rs 549 crore tax demand notice to AWS

The taxation department has approved a Rs 549 percent of the total tax summons to Amazon's corporation Amazon Web Service (AWS). Aws offers cloud storage. ...

source https://news.caclubindia.com/income-tax-department-sends-rs-549-crore-tax-demand-notice-to-aws-22108.asp

38.58 crore loans extended since inception of PMMY

26.35 crore loans (68%) extended to Women Entrepreneurs and 19.84 crore loans (51%) to SC/ST/OBC category of borrowers under PMMY...

source https://news.caclubindia.com/38-58-crore-loans-extended-since-inception-of-pmmy-22105.asp

GST Evasion of Rs 150 Crore discovered in TMT Bar Clearance

The Directorate General of GST Intelligence (DGGI), Chennai recently carried out coordinated search operations against three major taxpayers involved in the supply of TMT Bars. The investigation has revealed that these entities were engaged in the il...

source https://news.caclubindia.com/gst-evasion-of-rs-150-crore-discovered-in-tmt-bar-clearance-22104.asp

Gross Direct Tax collections rises 22.58% to Rs 16.68 lakh crore up to 10th March

The provisional figures of Direct Tax collections up to 10th March, 2023 continue to register steady growth. Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68 lakh crore...

source https://news.caclubindia.com/gross-direct-tax-collections-rises-22-58-percent-to-rs-16-68-lakh-crore-up-to-10th-march-22103.asp

Centre releases Rs 1.40 lakh crore tax devolution amount to states

Union Government releases 14th instalment of tax devolution to State Governments amounting to ₹1,40,318 crore to strengthen hands of States to accelerate their capital and developmental expenditure...

source https://news.caclubindia.com/centre-releases-rs-1-40-lakh-crore-tax-devolution-amount-to-states-22099.asp

Taxpayers to mention 6-digit HSN Codes for outward supplies if AATO exceeds Rs 5 Crores

A recent update issued by GST E-Invoice System dated March 09, 2023 stated that the E-Invoice System will not accept 4-digit HSN codes and the date for blocking e-Invoice generation having HSN code as 4-digits will be intimated Soon....

source https://news.caclubindia.com/taxpayers-to-mention-6-digit-hsn-codes-for-outward-supplies-if-aato-exceeds-rs-5-crores-22098.asp

E-way bill generation in Feb dropped to a 3-month low of over Rs. 8.18 crore

During fiscal year 2021-22, number of e-way bill generated in December was 7.16 crore which dropped to 6.88 crore in January but rose to 6.91 crore in February....

source https://news.caclubindia.com/e-way-bill-generation-in-feb-dropped-to-3-month-low-of-over-rs-8-18-crore-22096.asp

ICAI | Implementation Guide to SA 580 Written Representations

Implementation Guide to SA 580 Written Representations...

source https://news.caclubindia.com/icai-implementation-guide-to-sa-580-written-representations-22094.asp

RBI asks banks, NBFCs to promote digital payments

Launched in 2016, UPI has emerged as the most popular and preferred payment mode in India pioneering Person to Person (P2P) as well as Person to Merchant (P2M) transactions in India accounting for 75% of the total digital payments. ...

source https://news.caclubindia.com/rbi-asks-banks-nbfcs-to-promote-digital-payments-22093.asp

GSTN launches e-invoice registration services with private IRP

In another step towards further digitization of the business process flow, GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council....

source https://news.caclubindia.com/gstn-launches-e-invoice-registration-services-with-private-irp-22090.asp

CBDT notified Insolvency and Bankruptcy Board of India for exemption u/s 10(46)

CBDT vide Notification No. 09/2023 dated March 01, 2023 has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India ("the IBB") under section 10(46) of the Income-tax Act, 1961 ("the IT Act")...

source https://news.caclubindia.com/cbdt-notified-insolvency-and-bankruptcy-board-of-india-for-exemption-under-section-10-46-22089.asp

Mastermind in fake GST billing case arrested

The state GST department in Gujarat Tuesday said it has apprehended Irfan Sabbirhussain Kazi, the mastermind who set up 10 fake companies, made counterfeit bills worth Rs 83 crore and passed on tax reliefs worth Rs 15 crore to beneficiaries....

source https://news.caclubindia.com/mastermind-in-fake-gst-billing-case-arrested-22088.asp

RBI launches 2 surveys to gather useful inputs for monetary policy

The Reserve Bank of India on Wednesday launched two key surveys, results of which provide "useful inputs" for the central bank's bi-monthly monetary policy....

source https://news.caclubindia.com/rbi-launches-2-surveys-to-gather-useful-inputs-for-monetary-policy-22087.asp