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India’s Gross Goods and Services Tax (GST) revenue collection for the month of July 2023 has surpassed a whopping ₹1,65,105 crore, representing an outstanding 11% year-on-year rise. This significant milestone marks the fifth time that GST collection has topped the 1.6 lakh crore threshold since its implementation. The country’s economic resiliency and the successful implementation […]
The Indian government introduced the new GST regime six years ago and a recent statistical report by GSTN provides a comprehensive analysis of its implementation. The following is a list of the contents which is merged with the report: The report shows the total number of returns filed on a monthly basis since July 2017, […]
The Income Tax Department, in its next drive, handing over a target of 50 cases per Assessing Officer for a survey or online TDS verification. It has 16 parameters that could be followed to pick up these cases. These criteria include cases of sick units or units with negative operating margins, cases indicating a negative […]
Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed. As per the announcement […]
Last week, the Government included the Goods and Services Tax Network (GSTN), an IT branch that manages the GST Portal, with several agencies including the Financial Unit (FIU), an authority under the Prevention of Money Laundering Act (PMLA), to share information with. According to the list, the FIU, a national agency for receiving, processing, and […]
Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]
For setting the GST appellate tribunals and hiring the members post-approval via GST council the central govt shall provide the guidelines, CBIC official stated. Shashank Priya member of the Central Board of Indirect Taxes and Customs (CBIC) (GST) mentioned that the department would be rendering for growing the assessee base and performing the data triangulation […]
The GST would have given justice to the customers by reducing the rates corresponding with the former government, Union Finance Minister Nirmala Sitharaman mentioned. The GST would have surged the tax buoyancy for both states and the central government she added. By lowering the rates relative to the prior system, the GST has done the […]
The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
