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Haryana has created a benchmark by contributing the highest of 4.7 percent in the national GST collection. It is one of the 29 states in India owning just 1.8 percent of the geographical land of the country and accommodating the 2.9 percent of the national population. State’s finance and tax minister Captain Abhimanyu declared that […]
The income tax department is digging the records for the traders who come under the grid of GST but are not filing ITR. The information is also shared with the municipal co-operation of Madhya Pradesh and Chattisgarh (as it comes under the tax zone of MP). As a result of long scrutiny of the trader’s […]
Recently, the income tax department (ITD) has announced that it is working on the idea of creating a real-time pan processing centre (RTPC) for issuing E-PAN in less than 10 minutes. This announcement was made in Parliament last Monday by the Minister of State for Finance, Anurag Thakur. Shedding more light on this topic, Thakur […]
Breaking all the records, Goods and Services Tax (GST) made a remarkable collection of Rs. 1 Trillion for two successive months, but the June month was somehow ill-fated as the collection of Indirect Tax fell considerably to Rs. 99,936 Crores. On a good note, the average quarterly collection of April-June managed to reach Rs. 1.04 […]
Finance Commission Chairman NK Singh on Tuesday emphasized the need to have a conversation between finance commission and the Goods and Service Tax Council (GST) on various concerns related to taxation matter. He further stated that the commission has requested the Finance Minister (who is also the chairman of the GST Council) and has received […]
The government on encountering the deficit indirect tax revenue collections in comparison to the estimated targets antes up more stringent rules that administer the payment of an additional fee – to shun the income tax violations. The government kicks in new guidelines of more than 30 pages under direct tax laws, 2019 to restrict the […]
The central government had finally announced the revenues for May month under GST era reaching up to INR 95,610 crores. The amount will be divided into the central and the government of the state proportionately.
New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method which is “claiming rebate for the tax that was not paid in the first place”. These new forms will be rolled out soon and will start from […]
The CBDT (Central Board of Direct Taxes) will make an agreement with the GSTN (Goods and Services Tax Network) about the formal data exchange mechanism so that the Income Tax department and GST authorities can automatically share the information of the taxpayer between each other. As per the CBDT order that has been issued on […]
