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February ended on a good note for the country and its economy as a total of 6.35 Crore Income Tax Returns were being filed electronically in mid-February. The number hiked from 6.28 Crore in 2018-19. Replying to the question of Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the numbers are constantly […]
For such companies that are demanding the Input Tax Credit even after the due date is over are receiving notices from the tax department saying that they (companies) need to reverse their transactions. ITC is the credit claimed by the companies in lieu of the GST paid on raw materials or input services. The credit […]
Budget 2020 recently introduced by Finance Minister Nirmala Sitharaman incorporates a law related to lowering the income tax rates. The law is imposed on a voluntary basis and can be exercised at the time of furnishing the Income Tax Return (ITR) Read the easy guide on e-filing of IT return online in India. Step by […]
The Madras High Court, while permitting the Writ Petition, has stated that the GST Department could be demanded interest only on the cash component of the tax remitted with delay, but not on ITC available. The judgment was passed by Dr. Justice Anita Sumanth, bench member, regarding the case between M/s. Refex Industries Limited Vs. […]
The Bengal State government introduced the amnesty scheme aimed at settling the taxes incurred in the pre-GST era i.e. under VAT, central sales tax and entry tax. The much similar phenomenon was seen in the Centre’s amnesty scheme namely ‘Vivad Se Vishwas’ that got its recognition in the Union Budget introduced on 1 Feb 2020. […]
Nashik division has witnessed a hike in its Good and Service Tax (GST) revenue collection. The considerable growth of 12.36% was seen in the Jan-April period of FY 2019-20 when compared to the same in FY 2018-19. The gross revenue GST collection Comparing with the numerals of January 2019, a clear hike of 12% is […]
The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
A couple of weeks has been given to the Punjab and Haryana High Court Bar Association by the UT excise and taxation department for the submission of details of the revenue that the bar generates from its business establishments including the shops and paid-parking being operated by it. Parking-lot services and rental income attracts a […]
The set of guidelines has been issued by the Central Board of Indirect Taxes and Customs (CBIC) related to errors while uploading Balance Sheet and Profit and Loss statement with GSTR 9C audit form. CBIC commanded that documents such as the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords that are used […]
