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Taxpayers used to pay more than three-fourths of the income tax in the country having an income exceeding Rs 50 lakh at present, even as the tax load on those making less than Rs 20 lakh has drawn down in the last 10 years, showing the relief for the middle class, as per the senior […]
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second highest collection ever, on the pick up in domestic sales and rectified complaints. Rs 33,821 crore, was the Central GST collection, Rs 41,864 crore, was the State GST collection, Rs 99,111 crore was the integrated IGST collection and Rs 12,550 […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form 12BAA specifically designed for the disclosure of non-salary income and the inclusion of information on Tax Collected at Source (TCS). What is the New Tax Form 12BAA? The Form 12BAA is the statement that depicts the particulars for the objective of sub-section […]
The Central Board of Indirect Taxes and Customs (CBIC) on October 8, 2024, via GST Notification No. 20/2024 – Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017. The very revision will come into force from 1st November 2024 and obligates a strict duration to issue the tax invoices […]
A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated […]
From Rs 1.73 lakh crore the Goods and services tax (GST) revenue growth rate has surged to 6.5% in September, even after the sluggish growth in collections from domestic transactions along with the imports. Over the past 40 months, it has been the most sluggish GST growth. It is also 1% lower than the GST […]
The updated Goods and Services Tax (GST) numbers for Andhra Pradesh and Telangana express a lacklustre scenario for the Telugu states. Both states have shown lower growth rates compared to other southern states as per GST collections in Aug 2024. Andhra Pradesh, for the first time (excluding pandemic years), exhibited negative (-4%) growth, while Telangana […]
Good and services tax (GST) collections in August surged to 10% from the same period of the previous year to Rs 1,74,962 crore, according to the government’s official statement. The same rise was noted in all categories- Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess. In the previous year, the gross GST […]
