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As anticipated the GST collections for the month of October the collection took turns for the INR 95,380 crores only which is less than the normal peak stable fo 1 lakh crore of targets. The same collections for the month of October from the previous year were 1,00,710 crore. The central GST was evaluated at […]
Post April-2020, the new Goods and Services Tax (GST) returns that require more information to be furnished, will become effective. This will inflict companies to alter their enterprise resource planning (ERP) systems as the workflow impelled mechanism will supersede the current supplier-impelled traffic. According to the tax experts and chartered accountants (CAS), much more details […]
The trial version of the New Returns Offline Tool has been released by GSTN. This is a trial version for Form GST ANX-1 and Form GST ANX-2 with an in-built matching tool and a Purchase Register template for the data import from purchase register for reconciliation. GSTN has released the trial version of Tool to […]
The first meeting of the GST review committee, exclusively formed for making the Goods and Services Tax (GST) recovery more effective, went inconclusive on Tuesday. The new meeting is proposed to be held in the next week. In the last meeting which was held on Tuesday, the committee reviewed the current situation of GST and […]
Income Tax officials of India spouted off their objection against the new faceless tax assessment programme launched by Prime Minister Narendra Modi to eliminate the corruption & increase the tax collection, a joint letter by tax unions showcases. Delegates of Income Tax Gazetted Officers’ Association & Income Tax Employees Federation wrote a joint letter to […]
Income Tax Department has released data on taxable income in India which states that more than 97,000 Indians have earned taxable income of above ₹1 crore in the financial year 2017-18, while more 1.7 lakh people have filed an Income Tax Return (ITR) for zero earning in the FY 2017-18 when only three super well-heeled […]
The new e-assessment scheme has been initiated by the Income Tax department and many e-notices have been sent to the assessees whose case has been selected by the IT officials for the scrutiny. The new e-assessment scheme 2019 is in its first phase and the notices were sent before 30th September 2019. So, the taxpayers […]
Government of India is striving for Oil & Gas related infrastructure to have a City Gas distribution network that will cover 70% of the inhabitants of the city. This will certainly resolve the availability problem with natural gas consumption but affordability issue will still be there. However, bringing oil & gas under the purview of […]
Discussion will be held in its 1st meeting among the centre & state official of GST review panel which formed last week, regarding the measures to heat up the administration against the Goods & Service Tax (GST) offenders caught by the software especially invented for detecting the deceitful acts such as tax evasion and false […]