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The Goods and Services Tax (GST) which was rolled out on 1 July 2017 is a consumption tax which is charged on the supply of goods and services in India. The collection under GST is not able to touch the targets and are falling short of it.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
The Pune Cantonment Board (PCB) sent a delegation of elected members to Mumbai to meet Chief Minister Devendra Fadnavis on Tuesday. The mission behind this meeting was to urge the Chief Minister to help the Board by offering them a share in the collection of the Goods and Services Tax.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
GST collection dropped to Rs 94,726 crore in December 2018 as compared to November’s collection of Rs 97,637 crore.
The tax officers will go and search for the businesses or companies who have been registered under the GST (Goods and Services Tax) but later disappeared and did not file the returns or paid any taxes.
Income Tax Return (ITR) filing is mandatory for all Indian nationals whose annual earning is over Rs 2,50,000/- in a Financial Year. The criteria are revised from time to time for accurate listing and record maintenance.
According to a list of income-tax paying states released by the Central Board of Direct Taxation (CBDT), Maharashtra is the top income tax payer in the country.
