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GST department is soon going to come up with measures to duly verify the exports and are also planning to install a standard operating procedure (SOP) for on the stop verification of suspected taxpayers. This would prove to be an excellent step towards eradicating tax evasion from the country. In the National GST Conference of […]
The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
An income tax return can be filed online through the government website portal or any authorised software. In this post, taxpayers can get all the information to file an online income tax return via the Gen I-T software. Income Tax Laws are the list of provisions set by the government in order to maintain a […]
It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
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 […]
Recently there is an issuance of a strict rule which states that if the taxpayers do not file the goods and services tax returns, there will be an attachment of bank account and there may be registration cancellation too. This has been decided to be Standard Operating Procedure (SOP) as recognized by the Finance Ministry […]
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 […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
