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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) […]
The end of February brought a downfall in the collections of the Indirect Tax- GST. The GST collected for the month of January, amounted to ₹ 1,10,828 crore (CGST- ₹ 20,944 crore SGST- ₹ 28,224 crore IGST- ₹ 53,013 crore Cess- ₹ 8,637 crore) whereas that for the month of February it was ₹ 1,05,366 […]
February’s Goods and Service Tax contribution to the national treasury stood at Rs. 1.05 lakh crore which is still less than the targets pre-assumed by the government. Though the GST collection was not up to the targets of the government (i.e. Rs. 1.15 lakh crore for Feb month), it was able to gross 8% more […]
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 […]
Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore […]
The government has recently revealed the GST late penalty collection revenues for the past 9 months which averages 200 crores for a month. As per the data of the Nine-month period of April to December 2019 the total GST late fees were INR 1898 crores. Apart from the late penalty, the government has also garnered […]
Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. According to the central board of indirect taxes and customs (CBIC) officials, central and state officers are soon going to share information of taxpayers with each other in order to […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
