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Income Tax Return filing on 31st August 2019 (the last day of filing ITR returns) broke all previous records by filing 196 returns in a second. With this, it has set a benchmark for future return filing rates. This commendable hike is due to the tax department which brought inline the tax liable public and […]
India, homing the policy of ‘One Nation One Tax‘ has announced the results of the Goods and Service Tax (GST) collection in August 2019 which was aggregated at Rs. 98,202 Crore. The sum this year was 4.51% more than the previous year (Rs. 93,960 Crore) but is still a concern for the government as its […]
Seeing it to be a ‘Red Alert‘ in GST Regime, West Bengal Finance Minister Amit Mishra wrote to FM Nirmala Sitharaman about cases of GST Frauds and the urgent need to call for a thorough check on detecting any fraudulent tax transactions. Mitra expressing his worries on GST frauds told in his letter that apart […]
A glance on the latest scrutiny reveals that 15% of Indore dwellers are filing annual GST return while rest in the city are still struggling to understand new tax compliance legislature. Taxpayers in the city are worried about the fast-approaching due date as well as other complexities of the new tax regime are requesting the […]
The panel headed by CBDT member Akhilesh Ranjan proposed amendments in the Income Tax Act on Monday. This was the act of relief for the taxpayers. Reforms included a 25% tax rate for domestic as well as foreign companies and reforms in other income tax slabs to benefit the middle class and upper-middle-class Indian residents. […]
Maharashtra is ahead in the league in terms of GST collections in the country. It is estimated by the officials that, the state has managed to gather Rs. 1.70 crore as GST which is 15% of the aggregate GST collection of the nation. The contribution is titled as the highest GST collection in India. Finance […]
Jammu and Kashmir may now come under the premises of equalization levy. With the abolishment of Article 370 in the Parliament, e-commerce companies advertising on global social media, which were earlier immune from Google taxes on their operations in Jammu & Kashmir, will now have to furnish tax up at 6 per cent. As per […]
Micro Small and Medium Enterprises (MSME) is surely hidden from the limelight but is the core of economic growth in the nation. The sector lacks recognition by financial governance. As per the statistics, with the GDP over $3 trillion currently, India constitutes approx 63 million MSMEs which includes 45% of manufacturing industries and 31% of […]
Recently the Government of India (GOI) has notified that 18 per cent GST would be leviable on Information Technology (IT) and Information Technology enabled Services (ITES) companies that provide broker and intermediary services to the offshore clients.In this regard, many outsourcing units and BPOs have questioned the government’s regulation and challenged its constitutional validity. Back […]