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Recovery has been seen in GST collection which has seen a severe decline due to lockdown this year. Therefore since April, it has grown over five times in the past three months, with the rise in 21.92% from June and July this year. Information collected by the Excise and Taxation department compiled the difference in […]
Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’. Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
Rs 87,422 crore GST revenue has been collected in July out of which SGST counts on Rs 21,418 crore, CGST is 16,147 crore, IGST is Rs 42,592 crore which includes Rs 20,324 crore that is negotiated on import of goods and Cess stood at Rs 7,265 crore which includes Rs 807 crore collected on goods […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
The Central Board of Direct Taxes (CBDT) has started an e-campaign for voluntary compliance of Income Tax rules on Monday, 20th July 2020. The campaign will be ending on 31st July 2020, after 11 days. The campaign has been started by the department for the convenience of the assesses and will be focused on the […]
An officer of the Central Goods and Service Tax (CGST) of Kolkata zone, informed that the GST revenue Collection from assessments, which are controlled by Central Administrator, in West Bengal has fallen a bit in June 2020, as compared to the collection of the same period in the previous year. As per the previous year’s […]
