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A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]
Micro and small enterprises worry a bit much about the suspension or rejection of GST registration amidst growing physical intervention by GST authorities. The industry organisation for small enterprises believes that the licence raj may come back as the GST officers are physically visiting locations to confirm addresses and detect fraudulent activities. The separate operation, […]
In a recent instance in which a car was seized on suspicion of fraudulent business operations and false ITC claims, the Orissa High Court ordered its release following payment of a penalty under Section 129(1) (b) of the GST Act, 2017. The directions would have been obtained by Sunil Mishra who is the Additional Standing […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
The government in its run to entirely curb tax evasion from Indian grounds is now going to put strict checks on refunds related to IGST on exports. Recently, many cases of fraud have been witnessed by the government related to credit or refunds claimed unethically on Integrated GST (exports). In order to put a halt […]
Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop the leakages in revenue collection. Their goal is to make a targeted approach to counter the leakages. They want to ensure the process of red-flagging the tax evaders thereby making […]
The Goods and services tax will be absolute in the matter of curbing tax evading practices as the invoice matching mechanism will be a significant tool in ascertaining the transaction details while matching it with the details furnished by the taxpayer.
