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On 22nd June, the 53rd meeting of the GST council was conducted. To refine the tax rates and service exemptions under the GST regime, various recommendations were made in the meeting. Union Finance Minister Nirmala Sitharaman addressed the meeting and deliberated on distinct proposals to facilitate GST applicability for goods and services. Key Updates on […]
Certain relief to the fertilizer companies is on the cards as the GST council seems to suggest the issuance of the circular for releasing the refunds due to the inverted duty structure and subsidy. After the general elections, the council is anticipated to meet. Inverted Duty Structure (IDS) is directed to a higher duty on […]
In a measure to stringent the Goods and Services Tax ( GST ) net, India’s Revenue Secretary, Sanjay Malhotra, is taking the helm in a measure complying with a rise in the tax collections. The same conduct is towards the rise in a record-breaking Rs 2.10 lakh crore collected through GST collection in April 2024, […]
Gross Goods and Services Tax collections of India attained a record high of Rs 2.10 lakh crore in April, increasing 12.4 per cent on a year-on-year basis, the Finance Ministry stated. In March the GST collection stood at Rs 1.78 lakh crore. Earlier Rs 1.87 lakh crore in April 2023 is the highest-ever GST collection […]
There might have been chances when you came across instances of the DGGI (Directorate General of GST Intelligence), issuing notices and alleging tax evasion. You might have questioned yourself what this organization is all about. In what way does it operate? In what way does the same discover the instances of tax evasion? Latest Updates […]
The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses […]
It is important to buy a house and is a long-term investment of money. This article gives information on different GST rates and how they apply when buying flats that are either under construction or ready to use. In these transactions, GST needs to be acknowledged. Knowing whether or not GST is applicable will affect […]
Rs 73,500 crore has been successfully recovered by the income tax department in the pending dues for the FY 2023-24 up to March 15. The same recovery shows a rise as compared to the former fiscal year’s collection of Rs 52,000 cr. The corporate tax dues amounted to Rs 56,000 crore, and personal income tax […]
In February the e-way bill generation has been increased to 9.73 crores. In 4 months it is the highest and indeed the all-time high generation for the second time. In March it is anticipated to secure a positive impact on GST collection. Since February is just 29 months, numbers for the month are also crucial. […]
