Search results for: direct tax collection

To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.

Under the new indirect tax regime, it is all set to cross 1 crore taxpayers in the coming two days which indicates a 25 percent increase in the number of taxpayers who were registered for the payment of multiple taxes such as VAT, excise duty and service tax.

Strict actions have been taken by the government against 17,527 alleged tax evaders first time in six months since the introduction of the Goods and Service Tax Regime (GST).

Contractors who accumulate royalty collection will charge royalty along with 18% GST from the truck owners who are loaded with limestone in the truck from 8 January 2018. This recovery will be based on unpaid revenue.

To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.

In the name of GST, the renowned 40 leading pharmaceutical companies in the country have not only looted the government within five months of GST implementation but also have not deposited tax to the treasury of the government.

The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.

According to the official sources, Those taxpayers failed to file returns under GST would get an official notification from the government very soon. The government is ready to issue notices to GST defaulters.

After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.