NICAI UPDATES

 

1. Directorate of Income Tax (Systems) has issued F.No. DGIT(S)-ADG(S)-2/Profile View Access/Misc/FAQ/1242 regarding Insight Portal functionalities FAQs.

 

2. Advance tax collection for direct taxes has witnessed a remarkable uptick, showcasing a robust 19.76% growth compared to the figures recorded last year. The data for December 2023 reveals a staggering collection of Rs 6,24,329 lakh crore, a substantial increase from the previous year’s Rs 5,21,302 lakh crore.

3. Central Goods and Services Tax (Second Amendment) Bill, 2023 aims to raise the previous age limits of 67 and 65 years to 70 years for the president and members of the GST appellate tribunals (GSTAT).

4. The number of GST return filers rose about 65 per cent to 11.3 million in 5 years till April 2023 as compliance by taxpayers improved.Also, the number of active taxpayers registered under GST increased from 10.6 million as of April 2018, to 14 million.

5. Central Board of Indirect Taxes and Customs (GST Policy Wing) issued Instruction No. 05/2023-GST dated December 13, 2023, regarding the Judgment of the Honourable Supreme Court in the case of Northern Operating Systems Private Limited (NOS).

By CA Raj Chawla

6. The Supreme Court has quashed a petition filed by the authorities against a Calcutta High Court ruling that said that ITC to a buyer cannot be denied on the ground that a seller has not paid tax under the goods and services tax (GST) regime unless there was a proper investigation.