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The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
On Tuesday, 3rd March 2020, a parliamentary panel proposed a reduction in GST rates for the Automobile Sector of the country. It recommended that the GST rates imposed should be reduced at least until the Automobile Sector revives in full. It also said that uniform road taxes What is One Nation One Road Tax? One […]
The end of February brought a downfall in the collections of the Indirect Tax- GST. The GST collected for the month of January, amounted to ₹ 1,10,828 crore (CGST- ₹ 20,944 crore SGST- ₹ 28,224 crore IGST- ₹ 53,013 crore Cess- ₹ 8,637 crore) whereas that for the month of February it was ₹ 1,05,366 […]
In commemoration of 44th Civil Accounts Day, the Finance Minister Mrs Nirmala Sitharaman addressed the public saying that the introduction of new Indirect Tax GST What is GST and why it matters to you? Read out all impacts, including pros and cons of Goods and Services Tax on you and Indian government economy. Read More […]
The state is going to establish a new GST Audit Authority and Business intelligence Unit. It was announced in the 2020-21 State Budget that these two units are being formed for the effective and efficient management of commercial taxes in the state. Not only this, but the Commercial Tax Department is also decided to be […]
The Income Tax officials will not be able to file any criminal complaint against the tax evasion cases from now on. The government decided to set-up a commissioner collegium for this matter. Central Law Minister Mr. Ravi Shankar Prasad, while addressing the media reporters announced that before now all the procedures for the dealings of […]
A taxpayer is going to receive the advantage of the rebate if the taxable income calculated after the eligible tax exemptions and deductions results to be less than INR 5 Lakhs. Under the current provisions of the Income Tax Department, a taxpayer can enjoy a maximum rebate of INR 12,500 under section 87A of the […]
The Goods and Services Tax Network announced that it has successfully released a new help and customer care desk to solve and listen to the grievances of the general public related to the latest indirect tax GST. The line will be open for all days despite any holidays for both the taxpayers and the general […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]