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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 […]
According to the Goods and Services Tax Act of 2017, the Delhi High Court’s Division Bench recently ordered the return of the money the GST officers had taken into their possession, along with interest. The authorities discovered and seized custody of cash totalling Rs 1,22,87,000 during the course of the search at the petitioners’ home. […]
The total income from GST, comprising CGST, SGST, IGST, and cess, was Rs 1,55,922 crore as of 5:00 p.m. on January 31, 2023. Of this amount, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore, IGST was Rs 79,599 crore, and cess was Rs 10,630 crore (including Rs 768 crore collected on import of […]
Approximately 73% of respondents think that the forthcoming Union Budget of 2023 must address the “reduction in costs of basic commodities like soap, detergent, cooking oil, etc.,” while 54% think that it should consider the GST exemption of important items. These results are from the Pre-Budget CSI Survey conducted by Axis My India. According to […]
According to the Delhi Bench of the Income Tax Appellate Tribunal (ITAT), the assessing officer was not justified in taking severe measures and rejecting audited books of accounts based only on general observations that photocopies of the bills had been supplied in place of the original bills. Anubhav Sharma, a judge, and Pradip Kumar Khedia, […]
A unified national market for goods and services was intended to be created by the Goods and Services Tax (GST), which was established with the claimed goal of rationalizing India’s indirect tax environment. The three pillars of this “one nation-one tax” strategy were ‘ease of doing business’, economic expansion and pricing rationalization. A strong dispute […]
As most of us are aware, India’s tax year runs from April to March. Salaried taxpayers must submit their first return of income by the 31st of July following the relevant tax year, but they also have a further five months to do so in order to comply with the law or revise their initial […]
2% TDS is deductible on common area maintenance charges, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) stated. The two-member bench of C.M. Garg (Judicial Member) and Pradip Kumar Khedia (Accountant Member) revealed that the common area maintenance charges were not counted under the actual rent filed to the owner through the taxpayer […]
