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Almost every state is going through a tough time due to the Covid-19 pandemic and lockdowns, but the condition of Uttarakhand seems worst among all in the case of GST Collection In April and August of the current year, the Goods and Service Tax GST revenue sees a sharp decline of 30.4% in comparison to […]
The problem for criticizing the decisions for the bureaucratic opacity and ambiguous fiscal regulations has been seen at several times in India. But the country has improved business index from 134 in 2013 to 63 in 2020 owing to the e-governance which includes the initiation of electronic MOA and AOA, one program for communicating in […]
On August 25, 2020 the proposal of introducing the Punjab Goods and Services Tax (PGST) (Amendment) Bill 2020 was approved by the Punjab Cabinet. The cabinet is also simplifying the provisions and process to impose and collect the taxes as per the Punjab Goods and Services Tax (PGST). As per a source from the Chief […]
Chandigarh the union territory of India collects 83.10% of GST from April 2020 to July 2020. The city has exceeded the country for filing ITR in the lockdown phase and follows the union territories such as Gujarat with 81.44% and Punjab with 81.10% of GST collections. From the sources, it shows that the union territory […]
As per a recent update, the imposed ban on deemed approval for new GST registration has been lifted by the Goods and Service Tax (GST) Department. The ban was imposed by the authority during the lockdown period due to fear that the registration facility can be misused when the department is not functioning properly. Several […]
The Income Tax Appellate Tribunal (ITAT) recently come up with an order and allowed income tax deduction on payment to Employees come under the voluntary Retirement Scheme (VRS). This order has come in a case where a company Foseco India Limited is the appellant and it is in the business of manufacturing and sale of […]
The centre described the current abnormal situation as an “act of God” and also indicated that there was no insurance for the growth of 14% in the GST Collections during this situation. In July 2017 when the GST was introduced, the centre provided insurance to States against any “revenue loss”, if the growth of revenue […]
The Central Board of Indirect Taxes and Customs (CBIC) has declared that the Customs Department is going to commence a PAN-India faceless assessment by 31 Dec. The department has already tested the plan in five cities of the country. The initiative is supposed to curb corruption and bring transparency to the tax collection process. Last […]
February ended on a good note for the country and its economy as a total of 6.35 Crore Income Tax Returns were being filed electronically in mid-February. The number hiked from 6.28 Crore in 2018-19. Replying to the question of Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the numbers are constantly […]
