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Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The Central Board of Indirect Taxes and Customs (CBIC) has declared that now TCS (Tax Collected at Source) would not be subsumed in the value of goods while calculating the GST (Goods & Service Tax).
Automobile dealers have anticipated the reduction in liquidity due to the modifications in GST laws. The Federation of Automobile Dealers Association (FADA) has written a letter to the Prime Minister’s Office, Finance Ministry and GST Council, expressing the resentful effect of the addition of section 49A to CGST law on their cash flow.
After the implementation of GST, the council have decreased taxes on multiple products in various meetings. But customers are unable to enjoy the full fruits of these deductions on taxes.
Maharashtra state government has come forward with new one-time amnesty schemes to get rid of the backlog of tax assessments which is pending from before the initiation of the goods and services tax regime.
Punjab cabinet at its meeting chaired by chief minister Amarinder Singh approved an amendment to the GST incentives notified under its Industrial and Business Development Policy-2017.
A leading Kashmir based news portal recently published its interview with the Vice president of National Conference where he says if the results of next assembly election handouts ruling authority to his party
Tax Advocates Association of Gujarat (TAAG) organized an Open House with tax professionals where they put forth various contention related to the late issue of refunds, registration and other issues with GST Network (GSTN).
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.