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The indirect tax collection for FY24 has surpassed the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, supported by a record GST mop-up, a government official expressed. Praising the measures of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, expressed, “I am happy to inform that […]
Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]
The GST revenue collection for the month of April 2023 stood the highest ever at Rs 1.87 lakh cr, Rs 19,495 crore which is exceeding the following highest collection of Rs. 1,67,540 lakh crore, in April 2022. In the month of April, the gross GST revenue collected 2023 is Rs 1,87,035 crore where CGST is […]
The Rajasthan government will hire 2,000 ‘Tax Mitra’ to ease the collection of Goods and Services Tax (GST) and Value Added Tax (VAT). 2,000 ‘Tax Mitra’ shall get hired by the government in order to ease the petitioner in the procedure of application of GST and VAT. The same shall build it simpler to deposit […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
FM Nirmala Sitharaman mentioned that the trust relying on the taxation grounds made by the government would give an outcome in the rectification of the collections along with that it surged in furnishing the number of returns. On the 163rd income tax day, FM complimented the department for securing the highest revenue collection ever of […]
The central board of indirect taxes and customs CBIC is set to increase the scrutiny and departmental audits of the risky assessee to rectify the GST collections through the help of information and technology so as to provide the assurance that the decisions are transparent that the council opts. Towards the subject of union government […]
