Taxation Newsletter [Direct & Indirect Taxes] December, 2023

• CBIC Extends Deadline For Filing FORM GSTR-3B For November 2023 Until December 27, 2023
  Published on: 2023-12-22

  The Central Board of Indirect Taxes And Customs (CBIC) has extended the deadline for filing FORM GSTR-3B for November 2023 until December 27, 2023. As suggested by the Council under section 39(1) and rule 61(1)(i) of the Central Goods and Services Tax Rules, 2017, the extension is applicable to registered individuals having their principal place of business in certain districts of Tamil Nadu (Chennai, Tiruvallur, Chengalpattu, Kancheepuram).

• Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions
  Published on: 2023-12-22

AD Category-I banks shall upload the LRS monthly return on or before fifth of the succeeding month commencing from the reporting month of December 2023, and LRS daily return from December 26, 2023 onwards on the next working day on CIMS portal (URL: https://sankalan.rbi.org.in). In case no data is to be furnished, AD Category-I banks shall upload a ‘NIL’ report.

• 69% of the total Loans sanctioned under Pradhan Mantri Mudra Yojana, have been sanctioned to women
  Published on: 2023-12-21

As on 24.11.2023, out of total 44.46 crore loans sanctioned under Pradhan Mantri Mudra Yojana (PMMY), 30.64 crore (69%) have been sanctioned to women. Further under Stand-up India (SUPI), as on 24.11.2023, out of 2.09 lakh loans sanctioned, 1.77 lakh (84%) have been sanctioned to women entrepreneurs.

• Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
  Published on: 2023-12-21

Net Direct Tax collections for FY 2023-24 grow at over 20.66% Advance Tax collections for the FY 2023-24 stand at Rs. 6,25,249 crore which shows a growth of 19.94% Refunds aggregating to Rs. 2,25,251 crore issued in the current fiscal

• PFRDA now allows NPS subscribers to deposit contributions through UPI QR code for D-Remit
  Published on: 2023-12-21

In a significant enhancement to the D-Remit process, the Pension Fund Regulatory and Development Authority (PFRDA) has now allowed National Pension System (NPS) subscribers to deposit their contributions through the convenience of the Unified Payments Interface (UPI) QR code. This advancement aims to simplify the contribution process, making it more accessible and efficient for NPS participants.

• Total Digital Payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45%
  Published on: 2023-12-20

Total digital payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 %: MoS Finance ‘Digital payments transactions reach 11,660 crore in current Financial year as on 11.12.2023’

• Gross Direct Tax collections FY2023-24 upto 9.11.2023 are Rs. 12.37 lakh crore; growth of 17.59% Y-o-Y
  Published on: 2023-11-11

Gross Direct Tax collections FY 2023-24 upto 9.11.2023 are Rs. 12.37 lakh crore; growth of 17.59% Y-o-Y Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore; growth of 21.82% Y-o-Y Net growth in Corporate Income Tax collections is 12.48% .and Personal Income Tax collections is 31.77% Y-o-Y respectively Refunds worth Rs. 1.77 lakh crore issued for FY2023-24 upto 09.11.2023