Now Income Tax Officers may be rewarded by the Central Government for settling all impending issues related to non-payment of direct taxes.
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Now Income Tax Officers may be rewarded by the Central Government for settling all impending issues related to non-payment of direct taxes.
According to the Indian tax department’s understanding, India-based back offices of multinationals are just brokers and commission agents just rendering services while not coming into the definition of exporters.
As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
The government is ready to convey the surveys and searches for the businesses who haven’t paid the taxes yet and will try to bring more of companies under the umbrella of GST net.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.