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Comparing with the numerals of January 2019, a clear hike of 12% is witnessed in the gross collection of GST for January 2020 month. The administration was able to accumulate a total of Rs. 1,10,818 crore in the very first month of the year, as declared by Union Finance Ministry on Friday. It is for […]
The administration currently decided to reset Goods and Service Tax collection targets. The current targets set by the government are Rs. 1.15 lakh crore for February and Rs. 1.25 Lakh crore for March, which are higher than the GST collections of December The government finally crossed the 1 lakh crore mark of GST revenue from […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]
Sources from Finance Ministry unveil that the panel is currently stressing on income tax relief for the middle-class Indian residents. The amended norms are likely to get induced in the upcoming Union Budget 2020-21 Budget 2020 may bring good news for the taxpayers by announcing a flat tax rate without exemptions. Finance Minister Nirmala Sitharaman […]
Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop the leakages in revenue collection. Their goal is to make a targeted approach to counter the leakages. They want to ensure the process of red-flagging the tax evaders thereby making […]
The ongoing concerns of the startups are related to equalization levy and tax on employee stock ownership plans (esops). These budding businesses are now seeking clarifications from the government related to some key tax issues which will directly/indirectly affect their sales and profits. The issues came in the limelight when companies discussed the same in […]
It’s been more than two years that Goods and Service Tax (GST) is prevalent in India, since then there has been a series of amendments and modifications made by the government in the provision with the intention to achieve an ideal tax collection mechanism. GST tax rates have been amended which has a direct impact […]
Income Tax Appellate Tribunal (ITAT), Hyderabad recently stated that it was already settled that penalty on an addition made on an estimated basis is not attracted. It comes up after a case where the ITAT directed the AO to remove the penalty. It was an instant case in which the assessee is filling the ITR […]
Finance minister Nirmala Sitharaman told on Monday that the suggestions to cut down personal income tax rates, by lawmakers to encourage demand, has been presented to the board and she also assured that the Government of India (GOI) will “take action at an appropriate time”. FM also added that the rate cut would though-out for […]
