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In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
The government seems to collect more GST in this fiscal year compared to the expectations with the continuous surge in the monthly mop-up recommending the Budget estimate for 2023-24 can be amended upwards if the Finance Minister Nirmala Sitharaman shows the Interim budget for 2024-25 dated 1st Feb 2024. In the initial 8 months of […]
Finance Minister Buggana Rajendranath Reddy inaugurated a GST Seva Kendram and unveiled the Vision and Mission of the Commercial Taxes Department. Additionally, he introduced a compendium comprising Standard Operating Procedures (SoP), circulars, and peer learning material linked to State tax matters. The event took place on Monday. The primary goal of the GST Seva Kendram […]
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
The revenue shall continue to surge from the Goods and services tax (GST) for October 2023 the revenue collection at Rs 1,72,003 cr was the second highest subsequent to April 2023. Rs 1.66 lakh cr is the average gross monthly GST collection in the FY 2023-24 till October. When the average monthly collections exceed for […]
In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable to individuals. The CBDT has issued the […]
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 […]
