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Search results for: direct tax collection

CBIC Verification Campaign to Check GST Number Display Rule

GST Verification Campaign: Be Ready to Pay INR 50K Fine If GSTIN Not Displayed

As per the Central Board of Indirect Taxes and Customs (CBIC), the enrolled businessmen on the GST network portal in Punjab’s Bathinda should show their GST number on their premises and if they do not follow then they need to pay a fine of Rs 50,000. For the GST verification, the CBIC is running the […]

Income Tax Dept Website Receives Notable Changes

New Significant Changes Make the I-T Dept Website Attractive

To rectify the experience of the assessee the income tax department would have opted a significant step through initiating the newly updated national website, www.incometaxindia.gov.in. The website secures an upgraded user interface, helpful additional features, and new modules to uphold growing technology. Nitin Gupta, the Chairman of the Central Board of Direct Taxes (CBDT), launched […]

Tamil Nadu & Karnataka Gets Top Place in GST Collection Among Nearby States

GST: TN & KA States Continue to Maintain Their Amazing Performance in the Southern Region

GST revenue in July of Tamil Nadu and Karnataka has outdone the other states in average GST collection. The states are doing well in their growth in GST collection in the first four months of this fiscal year. On the contrary, Telangana has shown a decline by a single digit in its year-on-year growth rate […]

GST Collection for July 2023

GST Dept. Collects INR 1,65,105 Crore Revenue for July 2023

India’s Gross Goods and Services Tax (GST) revenue collection for the month of July 2023 has surpassed a whopping ₹1,65,105 crore, representing an outstanding 11% year-on-year rise. This significant milestone marks the fifth time that GST collection has topped the 1.6 lakh crore threshold since its implementation. The country’s economic resiliency and the successful implementation […]

GST Offences Not Under PMLA, Says Tax Expert

Experts: GSTN Under Money Laundering Act Doesn’t Mean Also for GST Offences

Last week, the Government included the Goods and Services Tax Network (GSTN), an IT branch that manages the GST Portal, with several agencies including the Financial Unit (FIU), an authority under the Prevention of Money Laundering Act (PMLA), to share information with. According to the list, the FIU, a national agency for receiving, processing, and […]

TDS Eligibility Criteria of Post Office Investment Schemes

TDS Eligibility or Ineligibility of 8 Post Office Schemes

Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]

New Rules To Be Announced Soon for GST Appellate Tribunals

CBIC: Center Government Will Announce New Rules for Setting GSTAT

For setting the GST appellate tribunals and hiring the members post-approval via GST council the central govt shall provide the guidelines, CBIC official stated. Shashank Priya member of the Central Board of Indirect Taxes and Customs (CBIC) (GST) mentioned that the department would be rendering for growing the assessee base and performing the data triangulation […]

FM: Consumers Get Benefit From GST with Reduced Rates

FM: GST Has Given Justice to Consumers By Reducing Rates

The GST would have given justice to the customers by reducing the rates corresponding with the former government, Union Finance Minister Nirmala Sitharaman mentioned. The GST would have surged the tax buoyancy for both states and the central government she added. By lowering the rates relative to the prior system, the GST has done the […]

CBDT Extended Forms 26Q, 27Q, and 27EQ Due Date Until 30th Sept

CBDT Gives Extra 2 Months for Filing Form 26Q, 27Q and 27EQ

The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]

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