As per the government reports, the central government has till now collected a staggering amount of INR 4,172.44 crore as late fees for missing GST return filings by the taxpayers.
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As per the government reports, the central government has till now collected a staggering amount of INR 4,172.44 crore as late fees for missing GST return filings by the taxpayers.
The GST Council is providing an alternative to the traders and businesses of all states regarding the threshold limit of GST.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
To help the government to check the GST evasion and track the goods, the GST e-way bill system will mostly associate with the FASTag mechanism of National Highways Authority of India (NHAI) from April.
Income tax return filing numbers are on a record high in the financial year 2018-19 as according to the statistics, the income tax filing in the current financial year till 30th December stood at 6.21 crores which are 43% higher.
Petrol and diesel will not be included under GST (Goods and Services Tax) until and unless the income under the GST reign strengthens said the former chief economic adviser Arvind Subramanian.
The reserve bank of India got a new governor namely Shaktikanta Das, who was also a former economic affairs secretary and also the member of finance commision currently.
In a move that promises landscape changes to India’s logistics landscape, the revenue department plans to integrate e-way bill with DMICDC’s Logistics Data Bank (LDB) services and NHAI’s FASTag mechanism.
From October 1, under GST law, E-commerce aggregators like Amazon, Flipkart and others need to deduct 1% tax for each of their transactions.