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Sources recently revealed the progress of Vivad Se Vishwas Scheme that was introduced in Budget 2020 aimed at clearing all the pending disputes on the tax levy. The tax officials are just waiting to hear from the president. CBIC has also alerted its officials on the commencement of the scheme and directed them to be […]
As per the current analysis, 27 thousand returns and 28,000 crore refund claims were found guilty of being fraudulent. These shocking figures have been revealed by the government saying that several unscrupulous assesses claimed ITC on false invoices At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved […]
The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
Here comes another addition to the Budget 2020 wishlist which seeks GST rate cut on BS-VI vehicles to 18% and behests for the announcement of an incentive-based scrappage policy, by the Society of Indian Automobile Manufacturers (SIAM), an industry body for automobiles. Further, pleas have been made by the industry body from the Finance Minister […]
Besides, the extension of FAME-II advantages to e-bicycles was also sought by the Hero Cycles. “The budget must focus on reviving slumping demand across the country through a series of measures including re-adjusting GST slab rate to put more disposable income into the hands of people,” stated Pankaj M Munjal, Chairman, Hero Motors Company (HMC). […]
Goods and Services Tax (GST) rate cut has been sought for the white goods by the concerned sector from the Budget 2020 along with the incentives for manufacturing goods locally from the same. “Make in India” incentives are sought for the consumer durable from 1st February i.e. with the application of the Budget in order […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
New discussions will take place by the Central and State government to fiddle with the goods and services tax (GST) after the presentation of Union Budget on 1 February 2020, told by a government official having direct knowledge about the matter. Finance ministers of central government along with that of state governments will dig out […]
Budget 2020 may bring good news for the taxpayers by announcing a flat tax rate without exemptions. Finance Minister Nirmala Sitharaman may announce a reduction in Income tax slab and new Income tax slab for individuals with the high-income bracket in the budget 2020-21. Personal income tax may reduce in consonance with the reduction in […]
