Latest - Taxcharcha

₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth

Team Taxcharcha02/06/202306/10/2023

by Team Taxcharcha02/06/202306/10/202301621

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST...

Income Tax Latest

Income Tax Update – Changes in the definition of strategic disinvestment

Team Taxcharcha02/06/2023

by Team Taxcharcha02/06/20230726

In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of section 56 read with section 295...

GST GST Latest

GST Update – Extension of due dates of GSTR 1, GSTR 3B and GSTR 7 for April 2023 in the state of Manipur

Team Taxcharcha02/06/202304/10/2023

by Team Taxcharcha02/06/202304/10/20230734

The CBIC vide Notification No. 11,12,13 – Central Tax have extended the due dates of furnishing the GSTR1, GSTR 3B and GSTR 7 respectively for...

GST Latest

GST Update – Implementation of e-invoicing for taxpayers having ATO exceeding Rs. 5 Crores

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230570

The CBIC vide Notification No. 10/2023-Central Tax has notified that the e-invoicing shall be applicable on the taxpayers having Aggregate Turnover exceeding Rs. 5 Crores...

GST Latest

GST Update – Extension of time limit for issuance of order u/s. 73 of the Act

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230480

The CBIC vide Notification No. 9/2023-Central tax has extended the time limit for the issuance of the Notice u/s. 73 of the Act. Financial Year...

GST Latest

GST Update – Amnesty to GSTR-10 non-filers

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230474

The CBIC vide Notification No. 8/2023-Central Tax has provided the amnesty to the non filers of GSTR 10. The maximum late fee for filing the...

GST Latest

GST Update – Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers

Team Taxcharcha01/06/202301/06/2023

by Team Taxcharcha01/06/202301/06/20230408

In the Notification No. 07/2023-Central tax, the CBIC has notified that from FY 2022-23 onwards, the late fee in respect of the filing of GSTR...

GST Latest

GST Update – Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230317

The CBIC vide Notification no. 6/2023-Central tax dated 31st March 2023 has notified the Amnesty scheme for deemed withdrawal of assessment order issued under Section...

GST Latest

Standard Operating Procedure for Scrutiny of Returns for FY 2019-20

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230536

The Central Board of Indirect Taxes and Customs (CBIC) has issued the Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 on 26th May...

GST Latest

GST Update – Guidelines for Special All-India Drive against fake registrations

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230416

The CBIC has issued the guidelines for Special All India Drive against fake registrations which will take place between 16th May 2023 to 15th July...

GST Latest

GST Update – Aadhar authentication and Bio metric verification of Application for the GST registration

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230294

In the Notification No. 4/2023 – Central Tax and Notification No. 5/2023-Central Tax, it has been laid down that the provision related to the Aadhar...

Income Tax Latest

Income Tax Update – Regarding date of approval of Section 80G

Team Taxcharcha01/06/2023

by Team Taxcharcha01/06/20230646

The Central Board of Direct Taxes (CBDT) have notified the Notification No. 34/2023 dated 30th May 2023 in which it has been specified that the...

Income Tax Latest Uncategorized

Income Tax update – CBDT introduces E-appeal scheme

Team Taxcharcha01/06/202301/06/2023

by Team Taxcharcha01/06/202301/06/20230608

The Central Board of Direct Taxes (CBDT) has notified the E-appeal scheme 2023 in which the Joint Commissioner (Appeals) have been made the designated authority....

Income Tax Latest

Income Tax Update – Filing of SFT extended for few days

Team Taxcharcha01/06/202303/03/2024

by Team Taxcharcha01/06/202303/03/20240647

In the twitter notification by the Income tax department, the department has notified that due to the heavy traffic while filing the SFT, some taxpayers...

Income Tax Latest

Draft rules on Angel tax provisions on consideration received from Non Resident investors by Closely Held Companies

Team Taxcharcha30/05/2023

by Team Taxcharcha30/05/20230377

The Central Board of Direct Taxes (CBDT) has published the Draft rules for valuation of unquoted equity shares. The said rules have been taken as...

Income Tax Latest

Income Tax Update – Clarification regarding provisions relating to charitable and religious trust

Team Taxcharcha30/05/2023

by Team Taxcharcha30/05/20230365

The Central Board of Direct Taxes (CBDT) has issued the clarification regarding provisions relating to charitable and religious trusts vide Circular No. 6 of 2023...

Income Tax Latest

Income Tax Update – Treatment of TDS on online gaming, amendment in section 194N and amendment in Form 16 for AY 2024-25

Team Taxcharcha30/05/202330/05/2023

by Team Taxcharcha30/05/202330/05/20230350

The Central Board of Direct Taxes (CBDT) has notified the Notification No. 28/2023 in which there has been an amendment in Section 194N, prescribing the...

Income Tax Latest

Income tax Update – CBDT enlists 3 categories of persons not covered under the Angel tax provisions

Team Taxcharcha30/05/2023

by Team Taxcharcha30/05/20230323

The CBDT has notified the 3 categories of persons whose investments in the Closely Held Companies shall not be covered within the ambit of Angel...

Income Tax Latest

Income Tax Update – Amendment in Section 56(2)(viib) for receipt of consideration from any person

Team Taxcharcha29/05/202330/05/2023

by Team Taxcharcha29/05/202330/05/20230467

In the Notification No. 30/2023, the CBDT has notified that the consideration received by Companies for share capital exceeding the face value received from any...

Income Tax Latest

Income Tax Update : Limit of Leave Encashment extended for Non Government Employees

Team Taxcharcha29/05/2023

by Team Taxcharcha29/05/20230370

The Central Board of Direct Taxes (CBDT) has extended the limit of Leave Encashment for the Non Government employees from Rs. 3,00,000/- to Rs. 25,00,000/- ...

Income Tax Latest

CA, CS and CMA brought under the PMLA net

Team Taxcharcha04/05/202304/05/2023

by Team Taxcharcha04/05/202304/05/20230631

On 3rd May 2023, the Ministry of Finance has issued the notification in which the CA, CS and CMA have been brought under the definition...

GST Latest

Notification No. 03/2023 – Central Tax – Extension of time limit for filing of Revocation of cancellation of GST registration

Team Taxcharcha01/04/202301/04/2023

by Team Taxcharcha01/04/202301/04/202303642

On 31st March 2023, the CBIC has issued the Notification in which it has been stated that the time limit for filing the revocation of...

GST Latest

Notification No. 02/2023 – Central Tax – Waiver of late fee for filing GSTR 4 from July 2017 to March 2019 and FY 2019-20 to FY 2021-22

Team Taxcharcha01/04/202301/04/2023

by Team Taxcharcha01/04/202301/04/202301508

In the Notification no. 02/2023-Central Tax dated 31st March 2023, The Department has decided to waive off the late fee in filing the GSTR 4...

Income Tax Latest

The President of India assents Finance Act 2023

Team Taxcharcha01/04/2023

by Team Taxcharcha01/04/20230728

On 31st March 2023, the President of India gives the assent to the Finance Act 2023. To download the Finance Act, click here Finance Act...

GST Latest

GSTN launches e-invoice registration services with private IRPs

Team Taxcharcha05/03/2023

by Team Taxcharcha05/03/20230835

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...