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The Latest from Krishna Gopal Varshney

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GST

Revised GST Returns From April 2025

To implement this, the GSTN (GST Network) plans to assign the task to the next technology vendor for the GST portal, as the current service provider, Infosys, has a contract that expires on September 30, 2024.
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Income tax

December 31 ITR Filing Process Penalties

Belated returns are filed under Section 139(4) of the Income-tax Act, 1961, while revised returns can be submitted under Section 139(5) of the Income Tax Act. The process for both is the same as filing an original ITR.
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GST

Upcoming GST Return Rectification Option

An official noted that enabling the revision of GST returns could streamline the filing process and contribute to a reduction in legal disputes.
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GST

GST Amnesty Scheme Deadline Extended January 31

This initiative allows specific GST taxpayers to file appeals against GST tax demand orders until January 31, 2024.
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Income tax

Filing Income Tax Returns Identifying Errors AIS

This statement is crucial for the tax department to validate the accuracy of the taxpayer's Income Tax Returns (ITR).
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RBI

Latest UPI Transaction Limit RS 5 Lakh Per Day News

The updated UPI transaction limit regulations now allow individuals to make payments via UPI up to Rs.5 lakh per day, compared to the previous cap of Rs.1 lakh.
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Income tax

Income Tax Department Witnesses Increase In ITR Submissions For Assessment Year 2023-2024

The Income Tax Department has seen a significant increase in the filing of Income Tax Returns (ITRs), reaching a new record of 8.18 crore ITRs for the Assessment Year 2023-2024 by December 31, 2023.
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GST

GST Collections Approach Rs1.65 Trillion in December 2023

In December 2023, gross revenue, reflecting business transactions from November, reached Rs 1,64,882 crore.
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Notice

LIC Receives GST Demand Notice Rs 806 Crore Plans to Appeal the Order

Life Insurance Corporation of India (LIC) has disclosed that it recently received a notice for GST payment, along with interest and penalty, totaling Rs 806 crore.
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