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The central board of indirect taxes and customs CBIC is set to increase the scrutiny and departmental audits of the risky assessee to rectify the GST collections through the help of information and technology so as to provide the assurance that the decisions are transparent that the council opts. Towards the subject of union government […]
Puducherry has accepted the proposal of the center to borrow Rs 1.1 trillion to bridge the shortfall for goods and service tax (GST) collection INR 1 trillion GST has been collected for the very first time in the eight months in October post unlocking from September. Any month GST collection resembles the business received in […]
The Modi-led government has recently announced that it will sort out all the major issues or glitches in the new GST system, which was also the key reason for the decline in indirect tax revenue. At the time when the GST regime was launched, the government has promised that the full benefits of GST reform […]
Some of the reliable sources at income tax department have revealed that tax officials are likely to ask for a 6% reduction in GST return collection target in the full Union Budget for the FY 2019-20, in comparison to what has been announced during the Interim Budget earlier this year. The demand of 6% reduction […]
The gross rate of direct tax collection during April-January is hiked by 11.38 per cent at Rs 5,78,715 crore such as the tax has been hiked on Rs. 5,19,588 crore during the same period last year. Apart from this, the gross rate of Corporate tax is increased by 11.04 per cent on Rs. 3,28,413 crore […]
Taxpayers used to pay more than three-fourths of the income tax in the country having an income exceeding Rs 50 lakh at present, even as the tax load on those making less than Rs 20 lakh has drawn down in the last 10 years, showing the relief for the middle class, as per the senior […]
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second highest collection ever, on the pick up in domestic sales and rectified complaints. Rs 33,821 crore, was the Central GST collection, Rs 41,864 crore, was the State GST collection, Rs 99,111 crore was the integrated IGST collection and Rs 12,550 […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
