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Central Board of Excise and Customs (CBEC) has given a new draft rule regarding the implication of popular taxation regime GST on Tuesday. The format on GST return and refunds required assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest, and fees.
The Central Board of Excise and Customs (CBEC) has released an extensive FAQs detailing taxability of e-commerce players and taxi aggregators under the new system. The (FAQ) booklet consists of 268-page frequently asked questions. It has been released by Finance Minister Arun Jaitley, who answered over 500 questions on 24 topics, including scope, valuation, registration, […]
GST is the biggest tax reform in India after the Independence. We have taken almost 60 years to pass a tax bill in which a uniform taxation system will be implied to all over the nation.
GST, a new era of indirect taxation law is all set to transform the current indirect taxation system which may propose to become applicable with effect from 1st April 2017. GST system is targeted to be simplified, transparent and efficient.
In order to engage with the stakeholders and invite comments from the public at large, it has been decided to make available the draft Business Processes of GST.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
The Income Tax refund was rejected without providing a chance to hear the Karnataka High Court ruled that. The Court held that the authority is required to consider the time available u/s 163(6) of the Income Tax Act,1961. The taxpayer Healthcare Global Enterprises Limited, contested the validity of the impugned Assessment Order computation sheet, and […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
