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From time to time, the government has been making changes to avoid evasion of taxes and according to a recent update, the government will soon push the efficiency of the indirect tax system These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). […]
If you have accounts in many banks, You need to be careful now, because you can come under the radar of the Income tax department. It is a better option that If these accounts are not in use, then close them. As per a report, the income tax department believes that if someone has opened […]
The government officials have told that over 1,300 exporters have claimed false GST refunds Get to know about official GST refund process under GST regime as finalized by the GST Council. We have included terms and conditions of all aspects worth Rs. 1,875 Crores from different sources which are untraceable to their business. 7,516 other […]
After receiving the recommendations of the Advisory Committee for MSME Udyam Registration the central Government comes up with: The government introduced some specific criteria for classifying the enterprises as micro, small and medium enterprises. Also notified about the form and the process of filing the memorandum (Udyam Registration), w.e.f 1st day of July 2020 GST […]
The CBIC had issued a Standard Operating Procedure (SOP) on January 23, 2020, and it needs to be followed by such exporters, and on May 20, 2020 CBIC made some amendments in it regarding verification of IGST refunds and other related aspects. The Standard Operating Procedure (SOP) by CBIC was released to confirm the existence […]
The CBIC had early received some complaints from exporters that in some cases the Integrated Good and service tax (IGST) refunds are being held for over 6 months. In this matter, the Central Board of Indirect Taxes and Customs (CBIC) recently directed the GST risk management wing to identify risky suppliers to exporters and submit […]
The 21 days lockdown announced by the Prime Minister on 24 March 2020 has been extended now till 3 May 2020 looking at the increasing cases of corona positive patients in India. Not only India but the entire world is struggling with COVID-19 crises and the government of every country is coming up with possible […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
Income Tax Return filers need to be very alert as the bogus messages of Income-tax Department is becoming run of the mill. A company which invents protection software for the computer and mobile has informed that the fake messages of income tax department are summing up these days. Cybercriminals send these bogus messages to steal […]
