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Government earned GST of Rs 4,792 crore on education services in FY24; only these services are exempt
Goods and Services tax: Pankaj Chaudhary, minister of state in the ministry of finance said in Lok Sabha that the government has earned Rs 4792.4 crore on taxing various education services which are currently not exemtp from GST. However certain education services still attract nil GST, read below to find what the minister said.
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NFRA’s new LLP audit standards to boost governance; small firms face rising costs, consolidation, says Atul Gala, Partner – Audit, Bhuta Shah & Co.
Gala cautioned that the reforms could concentrate audit work among larger firms, disadvantaged smaller players. "We could see more mergers and collaborations between smaller audit firms to form larger entities," he noted.
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SA 600: NFRA says can reconsider remedial measures if ICAI provides strong evidence of concentration risks
NFRA is firm on its revised auditing standards, particularly SA 600, but remains open to reconsidering the approach if ICAI or any other regulatory body presents compelling evidence of audit concentration risks. However NFRA holds a strong view that currently no substantial evidence to suggest that the changes will lead to an undue concentration of…
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Byju’s faces new probe over financial, accounting practices
Indian authorities have launched an investigation into Byju’s financial practices, including potential misreporting and fund diversion. This follows a previous probe that revealed corporate governance issues at the struggling edtech giant, currently battling insolvency proceedings and facing significant investor losses.
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NFRA recommends 40 Auditing Standards for LLP audits
The NFRA has recommended 40 new auditing standards for LLPs, though the ICAI expressed reservations about certain aspects, including the Standards on Quality Management (SQMs). The proposed standards are expected to take effect on 1 April 2026, pending approval from the Central Government.
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Choose correct income tax returns to report foreign assets: CBDT
As many as two lakh income tax returns (ITRs) containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department.
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Yes Bank faces ₹63 Crore GST demand for FY 2017-19
Yes Bank received two orders from the Goods and Services Tax Department, Maharashtra, demanding a total of ₹ 63,26,98,888/- for FY 2017-18 and FY 2018-19. The bank plans to appeal, believing it has sufficient grounds to support its position and stating that it anticipates no significant impact on its operations.
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Gujarat’s GST dept finds tax evasion of Rs 3.53 cr after searches at seven firms
These firms were concealing actual revenues, selling without invoice and underreporting tax liability, he added. An official release said searches were conducted on November 16 at seven premises to keep a check on possible evasion of Goods and Service Tax (GST) by ‘Business to Consumer (B2C)’ sector entities in the state.
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Wockhardt chairman seeks GST exemption for antibiotics discovered in India
Wockhardt founder sought GST exemption for antibiotics discovered in India. He said this will make the drugs more affordable. The statement was made at an event to celebrate the scientific completion of the first indigenously developed antibiotic Nafithromycin. Nafithromycin is the first macrolide antibiotic in 30 years for community-acquired bacterial pneumonia.
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Biometric authentication to begin at 46 GST service centres to check registration fraud
Experts said unscrupulous taxpayers exploit the online system to generate GST registrations and engage in fraudulent transactions, but biometric-based Aadhaar authentication is perceived as maintaining vigilance on such spurious registrations. In MP, of the total five GST service centres will be operated by the CGST at Indore, Ujjain, Bhopal, Jabalpur, and Gwalior, whilst other centres…