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Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

4Nov

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Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

As the nation's economy continues to evolve, so does the landscape of income tax compliance. The Income Tax Department has hit a remarkable milestone, setting new records in the filing of Income Tax Returns (ITRs) till the 31st of October, 2023. Let's delve into the significant details: A Landmark Achievement: Over 7.65 crore ITRs were filed for Assessment Year (AY) 2023-24 by the 31st of October, 2023, a remarkable 11.7% higher compared to the previous year when 6.85 crore ITRs were filed by the 7th of November, 2022, the deadline for the same in the preceding year. All-Time High Filing: The total number of ITRs filed in the financial year 2023-24 for all assessment years until the 31st of October, 2023, stands at a record-breaking 7.85 crore, a feat surpassing the 7.78 cr...

India’s Exports in September 2023: A Detailed Overview

27Oct

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India’s Exports in September 2023: A Detailed Overview

India's economic landscape is shaped by its trade performance, and the latest data on the country's exports in September 2023 provides insights into the nation's global trade standing. Let's delve into the figures and see what they reveal. Merchandise Exports and Imports In September 2023, India's merchandise exports amounted to USD 34.47 billion, slightly down from USD 35.39 billion in the same month of the previous year. Meanwhile, merchandise imports in September 2023 were USD 53.84 billion, showing a decrease from USD 63.37 billion in September 2022. This data suggests that India's merchandise trade deficit in September 2023 was USD 19.37 billion, reflecting a decline from the previous year. Key Growth Sectors While the overall exports recorded a marginal decline, some ...

CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

5Oct

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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

India's Financial Landscape is ever-evolving , shaped by amendments and innovations in tax laws. The Finance Act of 202 ushered in significant changes, particularly in the valuation of shares issued by unlisted companies to non-residents. This transformative step brings the consideration received for such shares within the purview of section 56(2)(viib) of the income-tax Act, 1961. The Amendment in Context The Finance Act, 2023, introduced a crucial amendment to the Income-tax Act, 1961, expanding the scope of section 56(2)(viib). This amendment pertains to the consideration received from non-residents for the issuance of shares by an unlisted company. If this consideration surpasses the Fair Market Value (FMV) of the shares, it becomes taxable under the heading 'Income from o...

3Aug

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Academia

Companies Risk Scoring Models

Last thing an organization wishes for is default by its customer or vendors. The fact is, it cannot be eliminated but can definitely be minimized, if tracked beforehand. To track the future uncertainty - Risk scoring model can be a very useful tool for organizations or any individuals wanting to minimize risk. In this article we will be talking about Risk scoring models, why to use them and most commonly used models. At the end, we will also discuss how you can know the risk score of your customer or vendors to determine the level of reliability. Table of Content What are Risk Scoring Models?Usage & Benefits of Risk Scoring Models?Types of Risk Scoring Models Piotroski's F Score Model Beneish's M-Score ModelAltman's Z Score ModelMontier's C Score Model How to calculat...

Webinar on Smart Search HSN- An Enhanced Search HSN Functionality for Taxpayers

21Mar

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Webinar on Smart Search HSN- An Enhanced Search HSN Functionality for Taxpayers

The Search HSN Code functionality has been enhanced, where taxpayers can search the HSN code and the applicable Technical description through common parlance / trade description of the goods/ services as they are known in the Trade. It helps the taxpayers to search HSN Code by providing description/ part of a description. For creating awareness amongst all the stakeholders, GSTN is holding webinars on the same functionality, as per details given below: Webinar TopicSmart Search HSN- An Enhanced search HSN functionality for taxpayersLanguage of webinarMarathiDate22.03.2022TuesdayTime1230 Hrs to 1300 HrsSpeakerSh. Bhagwan PatilVP, GSTNYouTube link to joinhttps://youtu.be/ZqP3Uwdo8Do During these sessions, viewers can post their Queries in LiveChat / Comments section which will be resp...

Enhanced Registration Application user Interface (UI)

21Mar

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Enhanced Registration Application user Interface (UI)

i. User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:- Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address.Once selected, the details will automatically fill in the various address input fields given in the application.Address fields have been linked so as to auto- fill other macro level address entry fields based on the entry in one of such fields particularly PIN Codes. For example; on entering the PIN code, the corresponding State and Districts will get auto- filled.The user can also directly fill-up the address input fields which are now aided with suggestive address input dropdowns from which the user can select the appropr...

9Mar

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Webinar on Smart Search HSN- An Enhanced Search HSN functionality for Taxpayers.

The Search HSN Code functionality has been enhanced, where taxpayers can search the HSN code and the applicable Technical description through common parlance / trade description of the goods/ services as they are known in the Trade. It helps the taxpayers to search HSN Code by providing description/ part of a description. For creating awareness amongst all the stakeholders, GSTN is holding webinars on the same functionality, as per details given below: Webinar TopicSmart Search HSN- An Enhanced search HSN functionality for taxpayersLanguage of webinarEnglishHindiTamilDate09.03.2022Wednesday10.03.2022Thursday14.03.2022MondayTime1530 Hrs to 1600 Hrs1530 Hrs to 1600 Hrs1230 Hrs to 1300 HrsSpeakerSh. Mohammad Saim AVP, GSTNSh. Vishal Pal Singh VP, GSTNSh. Rafi Ahmed Kidwai Manager, GSTNYou...

Auto-Population of E-Invoice Details into GSTR-1

4Mar

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Auto-Population of E-Invoice Details into GSTR-1

Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the Invoice Registration Portal (IRP). Invoices reported successfully on the IRP are given a unique Invoice Reference Number (IRN). The documents (invoices, debit notes, credit notes) reported on the IRP are then transmitted electronically to the GST system and are auto-populated in the respective tables of GSTR-1.For a detailed advisory regarding auto-population of e-invoice data into GSTR-1 tables, please click here.

28Feb

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Upcoming GSTR-1/IFF Enhancements

The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter. Continuous enhancements & technology improvements in GSTR-1/IFF have been made from time to time to enhance the performance & user-experience of GSTR-1/IFF, which has led to improvements in Summary Generation process, quicker response time, and enhanced user-experience for the taxpayers.The previous phase of GSTR-1/IFF enhancement was deployed on the GST Portal in November 2021. In that phase, new features like the revamped dashboard,...

Module wise new Functionalities Deployed on the GST Portal for Taxpayers

4Feb

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Module wise new Functionalities Deployed on the GST Portal for Taxpayers

Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for the benefit of the stakeholders. To view module wise functionalities deployed on the GST Portal and webinars conducted/ Videos posted on our YouTube channel, refer to table below: Sl. No.Taxpayer functionalities deployed on the GST Portal duringClick link below1January, 2022https://tutorial.gst.gov.in/downloads/news/new_%20functionalities_compilation_january_2022.pdf2December, 2021https://tu...