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The scrap steel sector, which obtains its raw materials mostly from unorganized scrap dealers, has requested that the GST structure be rationalized through the use of a “reverse charge mechanism,” in which manufacturers would be responsible for paying taxes. The GST Council was encouraged on Thursday by the All India Induction Furnaces Association (AIIFA), a […]
A top tax official said on Thursday that the Center intends to expand the scope of the goods and services tax (GST) in order to include more mom-and-pop businesses in the tax net. The Center has been attempting to increase its tax income by including more of these activities because India has a sizable informal […]
For the assessment year (AY) 2024–2025, the Central Board of Direct Taxes (CBDT) has made some changes in income tax return forms (ITR-1, 2, 3, and 4). In the past, the Centre would announce the ITR forms after the fiscal year or the beginning of the next. All the parties would have plenty of time […]
With the start of the year 2023, we have arrived at an artificially intelligent bang. The rise of ChatGPT is dynamic in current times therefore it is the right time for you to adopt the same platform. People are not taking full advantage of this new AI sensation which is been increasing at a devastating […]
To put it briefly, PAN is a ten-digit identification number assigned to individuals who have applied for it. The purpose of introducing PAN was to keep track of financial transactions that are taxable. PAN card acts as a form of identification and helps prevent tax evasion. Companies, banks, and other business commodities can verify an […]
Tuesday, the government’s Finance Minister Nirmala Sitharaman said it will investigate lowering cement’s 28% Goods and Service Tax (GST) rate. In the midst of the present global unrest, she added, the nation has been able to get petroleum at comparatively reduced rates because of good leadership. She asked India Inc. for unconventional suggestions that would […]
The Center has been encouraged by the consulting and services industry to review the Goods and Services Tax (GST) collection regime. The service industry and consultants now pay their taxes as responsible professionals and businesses and are absolutely upset by the requirement to deposit GST on an accrual and due basis. According to K.K. Kapila, […]
Punjab’s furnace industry has petitioned the state and federal finance ministers to reduce the GST on scrap from 18% to 5%. Businessmen assert that this would halt the harassment of legitimate businessmen and put a complete end to the fraudulent invoicing and tax evasion of several thousand crores that are being carried out by fraudsters. […]
According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month. According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be […]
