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Central Board of Excise and Customs (CBEC) has declared first-month revenue data after the implementation of the Goods and Services Tax Regime.
Under the indirect taxation regime, all other indirect taxes such as VAT, excise duty and service tax will be replaced and the buyer will have to pay a single 12 percent tax, excluding stamp duty on the purchase of house or apartments.
CBDT Chairman Ravi Agrawal has directed the Income Tax Department to adopt a proactive stance in preparation for the upcoming transition to the new direct tax law. With implementation slated for April 1, the Chairman urged officials to execute their duties with ‘clarity and purpose’ to ensure a seamless shift for taxpayers and the administration […]
The Karnataka High Court has condoned the delay concerning a 60‑year‑old farmer’s application asking for a refund of tax deducted at source (TDS), holding that an incorrect TDS paid under the Income Tax Act due to ignorance of earlier deduction by the Karnataka Mineral Development Corporation (KMDC) cannot be retained by the Revenue. Murigeppa Kashappa […]
The Supreme Court of India has rejected a request from the Union of India regarding the refund of unused taxes related to a system where higher tax rates apply to goods that are typically bought rather than sold. The Court pointed out that this matter had already been resolved in a past decision. Furthermore, the […]
A message has been expressed by the Apex court to the Income Tax Department, quashing prosecution proceedings against taxpayer Vijay Krishnaswami and charging a Rs 2 lakh on the Revenue for acting in “blatant disregard” of binding Central Board of Direct Taxes (CBDT) circulars. For “wilful non-compliance”, a bench of Justices J.K. Maheshwari and Vijay […]
The recent report from the Comptroller and Auditor General (CAG) about Karnataka’s finances reveals some important issues. It showed that there were problems with how taxes were managed and enforced in various government departments. These issues led to a significant loss of revenue, totalling ₹1,260.41 crore. The findings of the report were shared in the […]
To bring more businesses under GST, the West Bengal Finance Department is initiating a one-year campaign during this financial year. To increase the total tax revenue collection through GST is the main objective, commercial tax officials claim. The GST collection in FY 2024-25 grew by only 2% points more than the national average. In FY […]
N. Chandrababu Naidu, the Chief Minister of Andhra Pradesh, announced that a new artificial intelligence tool used for issuing occupancy certificates has identified about 1,000 builders who have not registered for the Goods and Services Tax (GST). At the time of a tax review meeting with revenue-earning departments on 9th April, Naidu highlighted leveraging AI […]
