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The Apex court sought the revenue department to furnish the information on the total number of show cause notices furnished to claim the GST exemption for the cases in which the exports would have been done before the imports, and in which the high courts (HCs) have provided the interim orders. The information would have […]
The recent provision permitting the assessee to update their tax return would be seen nearly 5 lakh re-filing with approximately Rs 400 cr additional tax incurred. A new concept has been made for the updated returns by the Finance act of 2022 allowing the assessee to update their Income tax returns within 2 years of […]
The Central Board of Indirect Taxes and Customs (CBIC) published a thorough explanation on submitting information regarding the reversal ITC and ineligible ITC as well in August 2022. State GST authorities have asked assessees to furnish true and proper details of ineligible Input Tax Credits (ITC) and reversals. This is significant since the GST return […]
At the end of the next year, the centre would have intended to set the GST appellate tribunals (GSTATs) in the country with the principal bench in New Delhi to solve the issues concerning the indirect tax and facilitate doing business and increase the collection of taxes. Despite the launch of the GST, the country […]
The Finance Act 2020 inserted Sub Section (1H) in Section 206C for furnishing the tax collection via a seller through the amount obtained as consideration for the goods sale when the same would surpass Rs. 50.00 Lacs in any former year. With identical references, the Finance Act 2021 inserted a TDS section 194Q for furnishing […]
The GST wing of the Central Board of Indirect Taxes and Customs (CBIC) would have issued GST show-cause notices to various tax-evading entities underpaying taxes. Under reports, the department would provide more than 20,000 notices to the defaulters. For the concern of tax evasion in FY 2017-18, nearly 20,000 notices were issued post-scrutiny of the […]
E-way bill generation would have spotted a surge in the month of March in the current year, directing to the record-high GST collection Electronic permits for transporting goods within and across states (e-way bills) have attained the highest record of over 84 million in the month of September, which shows the growth of the economy […]
The Income-tax department has undertaken search operations at over 100 locations in various states such as Maharashtra, Delhi, Haryana, and Uttar Pradesh. They performed Income-tax surveys in different locations all over Delhi. As per the tax administrators, the held investigation was performed because of some alleged mismatches in funding these bodies. The searches were performed […]
GST council shall not change anything in the tax slabs in the present fiscal year. Higher inflation diminishes the actions taken on an urgent basis as the purpose of the revenue neutral rate (RNR) will inevitably direct to higher rates for a large number of items and lastly their prices hikes. GoM on the GST […]
