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The GST council took a significant step towards easing the input tax credit utilization mechanism by allowing the company to take credit of IGST paid to set off the liabilities of SGST and CGST in whichever proportion or the order they feel suitable. Earlier there were some restrictions on using the input tax credit under […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
It is a very arguable question by every taxpayer as to how his income tax paid is getting utilized by the government. It is well known that the government only receives income tax from 1-2 per cent of the population while it contributes to only 14 per cent of total expenditure done by the central government.
Expats, the people living outside their native country, have been benefited by ‘double taxation avoidance agreements’ and who claims for tax relief under this agreement are now supposed to furnish more information and would have to provide extensive disclosures like the tax identification number of their native country,
Gen GST is a complete and unique GST solution that has been developed by the leading tax solution provider-SAG Infotech Pvt. Ltd (Jaipur, Rajasthan, India)
Tax sleuths have planned a fresh crackdown on traders practising tax evasion of Goods and Services Tax (GST) by pursuing new registration for their businesses without dismissing a prior one.
The income tax department is all set to nab the income tax evaders with its pool of expertise and vast data of transactions caught by the officials through deep exploration.
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
Under section 80D of Income Tax Act, Tax deduction on Health Insurance Premium confirms the exemption on the premium paid for the health policy taken for himself or the children.
