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Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
GST collection dropped to Rs 94,726 crore in December 2018 as compared to November’s collection of Rs 97,637 crore.
The tax officers will go and search for the businesses or companies who have been registered under the GST (Goods and Services Tax) but later disappeared and did not file the returns or paid any taxes.
According to a list of income-tax paying states released by the Central Board of Direct Taxation (CBDT), Maharashtra is the top income tax payer in the country.
In a unique way to persuade taxpayers into paying GST will be tried by the GST officers according to a newly ‘Nudge team’ formulation which would further develop strategies based on the behaviour of the taxpayer.
According to a national tax leader at a reputed financial service providing company, there is an increase in direct tax as Goods and Services Tax (GST) has not given returns as the way it was expected.
A Senior official stated that the tax department has been working to implement GST informant reward scheme to reduce the cases of tax evasion by unethical traders and businesses under the new indirect tax regime.
