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In June the gross GST collection surged 8% to Rs 1.74 lakh crore. The government has stopped the official release of monthly GST collection data. Till now the gross Goods and Services Tax (GST) collection this fiscal (April-June) stood at ₹ 5.57 lakh crore, as per the report. The June collection is more compared to […]
The finance ministry reported the GST collection of May stood at Rs 1.73 lakh crore. It was less compared to Rs 2.10 lakh crore in April but is more than Rs 1.57 lakh crore in May, of the previous year. The May collection has corresponded with the consumption of goods and services claimed in April. […]
FM Nirmala Sitharaman dismissed the fact that increasing goods and services tax (GST) collections only provides an advantage before the Centre. She elaborated that the indirect tax system increases the revenue of the state by nearly Rs 9 trillion between 2018-19 and 2022-23 compared to the amounts that have been collected via the before subsumed […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assesses who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
The Allahabad High Court in a judgment for the case of Hawkins Cookers Limited Vs State Of U.P. And 2 Others has underscored the principle of equitable and non-intrusive tax collection by government authorities. In its ruling on February 14, 2020, the Court suppressed a penalty order against Hawkins Cookers Limited, underlining that governments must […]
For January 2024 GST collection has achieved the 2nd highest monthly collection. As per the finance ministry, the Year-on-year rise for the first 10 months was 11.6% but the growth in January arrived at 10.4%. The gross GST revenue obtained is Rs 1,72,129 crore in January 2024 showing a notable 10.4% year-on-year rise compared to […]
Delhi High Court in a significant development rendered that the National Board of Examinations ( NBE ) refund the Goods and Services Tax ( GST ) collected from candidates, citing the erroneous imposition of GST on course fees. The legal dispute emerged from notifications issued via the NBE dated January 15, 2021, February 15, 2021, […]
On February 1, the Budget for the fiscal year 2024-25 will be presented in Lok Sabha by Union Finance Minister Nirmala Sitharaman. This Union Budget is considered interim due to the upcoming Lok Sabha elections early next year. The complete budget is expected to be formulated after the establishment of a new government. Experts in […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
