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Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
According to Central Board of Indirect Taxes and Customs (CBIC) official Sanjay Kumar Agarwal, the increase in Goods and Services Tax (GST) collections in October is due to economic activity rather than the issuance of notices by tax authorities. Advisories will be issued to businesses that are not practising generating GST e-invoices for their B2B […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
A senior government official has indicated that the government is poised to conduct a sequence of meetings in November. The purpose is to meticulously assess and enhance various aspects of indirect taxation, especially concerning the GST. These forthcoming meetings will encompass a comprehensive review not only of the Goods and Services Tax (GST) but also […]
In October, the combined revenue from Goods and Services Tax (GST) collected by central and state governments reached ₹1.72 trillion, marking a notable 13% surge compared to the previous year. This figure represents the second-highest monthly collection since the implementation of the new tax system in 2017. The cumulative GST earnings for this year align […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
Hon’ble Delhi High Court for the case of Delhi Metro Rail Corporation Limited vs. The Additional Commissioner, Central Goods and Services Tax Appeals and Others [W.P. (C) 6793/2023 dated September 18, 2023] ruled that the limitation duration of two years under Section 54(1) of the Central Goods and Service Tax Act, 2017 (“the CGST Act”) […]
GST revenue growth in India has slowed to the 27-month low of 10.2% in September from nearly 10.8% in the past two months. While a 2.3% improvement in collections is there in the revenues of August to touch Rs 1,62,712 cr. In September 2022, revenues generated from domestic transactions, including service imports, exceeded tax collections […]
According to SANJAY KUMAR AGARWAL, the Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the buoyancy in goods and services tax (GST) collections will persist throughout the rest of the year. In a conversation with Shrimi Choudhary at his office in North Block, Agarwal credits the increased collections to improved compliance. Having […]
