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The first month of the fiscal year 2016-17, April has shown an increase of indirect tax collections by 41% to Rs. 64,394 crore. The major reason behind this hike is due to a sharp central excise gush. Last months’ records shot up the central excise collections by 70% to Rs. 28,252 as compared to Rs. […]
The Modi-led government has recently announced that it will sort out all the major issues or glitches in the new GST system, which was also the key reason for the decline in indirect tax revenue. At the time when the GST regime was launched, the government has promised that the full benefits of GST reform […]
The gross rate of direct tax collection during April-January is hiked by 11.38 per cent at Rs 5,78,715 crore such as the tax has been hiked on Rs. 5,19,588 crore during the same period last year. Apart from this, the gross rate of Corporate tax is increased by 11.04 per cent on Rs. 3,28,413 crore […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
An astonishing growth has been witnessed in the personal income tax collection in India over the past decade, exceeding the speed of corporate tax collections, as per the updated data released by the Central Board of Direct Taxes (CBDT). Personal income tax revenue surged by 294.3 per cent, increasing to Rs 10.45 lakh crore in […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
The Central Board of Indirect Taxes and Customs (CBIC) on October 8, 2024, via GST Notification No. 20/2024 – Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017. The very revision will come into force from 1st November 2024 and obligates a strict duration to issue the tax invoices […]
A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated […]
Within the specified six-month timeframe, the review of the Income Tax Act of 1961 is set to be completed CBDT Chairman Ravi Agrawal cited. In the Budget speech last month, Union Finance Minister Nirmala Sitharaman announced that the direct tax law of the country would be examined to make it easy, and the job would […]
