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The Income Tax Department has started sharing the list of all the bank accounts and properties of borrowers with the banks. It can be troublesome for those who deliberately avoided paying the debt. Going the extra mile, the I.T. Department is conveying the information about debt defaulter’s bank account, properties and guarantors, to the government […]
The Government of India (GOI) has swung into action the faceless income tax assessment and scrutiny, and this would all together transform the relationship between a taxpayer and income tax department and would surely lower down the corruption and tax malfeasance and quicken up the processing. Faceless tax assessment and scrutiny simply construe that now […]
The National Anti-profiteering Authority (NAA) has made a pitch for the Standard Operating Procedure (SOP) for Central and State Tax Officials and presented it before the 35th GST council meeting on June 21. According to the proposed SOP, all commissioners of CGST and SGST will single out the top 20 suppliers including distributors, manufacturers and […]
More than a hundred amendments, GST circulars and notifications issued by the government since the beginning of GST regime has made the GST act ambiguous and this led to the gripe regarding time limit by Tax and legal consultants. In addition to the crucial amendment in the GST Act in February 2019, more than 200 […]
In the upcoming 35th GST Council meeting, there is a possibility that electronic billing on a real-time basis will become mandatory for the large businessmen, wholesale businessmen are uncomfortable with the likelihood. Though it may become mandatory for the businesses whose turnover is 50-100 million or more, it will also be of great value to […]
In a bid to improvise the goods and services tax regime, the authorities are looking at every method to make it successful and more productive. Many of the industry experts have made some insights in the indirect tax regime and have come up with multiple suggestions ranging from GST evasion to future course. Let us […]
The government on encountering the deficit indirect tax revenue collections in comparison to the estimated targets antes up more stringent rules that administer the payment of an additional fee – to shun the income tax violations. The government kicks in new guidelines of more than 30 pages under direct tax laws, 2019 to restrict the […]
Consideration of All India Traders (CAIT) has urged curtailment in the tax rate from the current tax bracket to the relevant lower tax bracket for non-luxurious items. The CAIT has appealed the GOI to reduce the GST rates on different products like auto parts, aluminium utensils etc which does not come under the squad of […]
Time again to get resourceful information on Annual Return – Form GSTR 9A. Today on 12th June 2019, a webinar will be conducted on the topic “Removing difficulties in filing Annual Returns“. The webinar will start at 4 pm IST and will be conducted in the English Language. Latest Update 18th April 2022 “The CBIC […]