Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Tax sleuths have planned a fresh crackdown on traders practising tax evasion of Goods and Services Tax (GST) by pursuing new registration for their businesses without dismissing a prior one.
After a steep downfall in GST Revenue collection in the month of February 2019, March has raised a flag to fetch an honour for the GST department and the Government as well by making a record collection in terms of revenue collection this month.
The e-way bill system in the coming time would be enabled to calculate the distance for movement of goods bases the postal PIN codes of the source and destination locations but, there would be a 10% variation allowed.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
The Delhi government has targeted GST collection of Rs 29,000 crore for the year 2019-20. The government made the announcement of targeting GST collection figures on the same day of introducing the annual budget.
The Income Tax department has highlighted the fact that people are showing bogus documents to claim ITR falsely and also there is an increment in cases where people are displaying less income then what they actually earned to evade tax.
Altered financial planning and targets for FY 2019 still aspires for changes in tax collection practice and rather make it more desirous, especially for GST as per the Goldman Sachs Economics Research.
