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Income tax return filing numbers are on a record high in the financial year 2018-19 as according to the statistics, the income tax filing in the current financial year till 30th December stood at 6.21 crores which are 43% higher.
The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The GST was introduced to boost tax revenue in India. But the first year of GST has been so far a mixed bag in terms of tax revenue. 31 out of the 34 Indian States/UT’s have reported revenue shortfall.
Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The GST Law and Procedures handbook for departmental officers provides a complete overview of GST law and simplifies its various aspects in an easy-to-understand manner. It is organized into 14 helpful chapters, each explaining the legal and procedural requirements of GST as a simple guide for government officers. The government departmental officers felt the need […]
Uttar Pradesh, Tamil Nadu, and Maharashtra lead in filing Goods and Services Tax (GST) returns monthly, demonstrating their economic prospect, showed by GSTN data, and the company processing tax returns. Monthly compared to Maharashtra, Uttar Pradesh, and Tamil Nadu file more returns. On the last month of every quarter, Maharashtra is ahead when smaller businesses […]
Certain relief to the fertilizer companies is on the cards as the GST council seems to suggest the issuance of the circular for releasing the refunds due to the inverted duty structure and subsidy. After the general elections, the council is anticipated to meet. Inverted Duty Structure (IDS) is directed to a higher duty on […]
Through approaching the President who has duly forwarded their representation to the Finance Ministry the ice cream companies have increased their efforts to lessen the GST rate. After that to reduce the tax they secure key Finance Ministry officials. There is an 18% GST rate on the ice cream that is sold via shops or […]
