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As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
The Income Tax laws in India are very complex. In the last couple of years, passive incomes from freelancing jobs have gained momentum.
In a mass movement strategy, now most of the reputed FMCG and IT firms are likely to file petitions in the court of Mumbai and Delhi to seek more clarity on the anti-profiteering clause of the GST.
The Union Cabinet gave its consent for establishing a National Anti-Profiteering Authority under GST regime as it wants to make sure that the benefits of slashed prices under GST regime reach to common men.
The government is ready to convey the surveys and searches for the businesses who haven’t paid the taxes yet and will try to bring more of companies under the umbrella of GST net.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
For the smooth functioning of GST Regime from 1st July, PK Sinha Cabinet Secretary said to all the ministries and departments to establish a GST facilitation cell to solve the problems of the industry.
Arun Jaitley again assured the general public to not to panic while the income tax department is concerned for those who are exchanging their petty cash in the banks. As the imminent news service interviewed Mr. Arun Jaitley, he himself said that “Small deposits which are made, nobody will face any questions or harassment of […]
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous […]
