Powerd By SAG INFOTECH
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In a bid to adhere Goods and Services Tax (GST) Regime, an extensive drive has been launched by Delhi Government on 12 October 2018 which will help to keep an eye on tax defaulters those which are evading taxes under GST. Furthermore, it would help to increase revenue for the national capital.
These days businessman are looting both the government and the consumers in the name of GST as there is software present in the market taking the overall liability of GST at only 10% of the original.
Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.
Finally, it is suggested that the annual GST return form will be able to help the revenue department to find out any possible tax leakage and will keep an eye on all the financial transactions of the taxpayers.
As the construction of joint development agreement based properties grows in West Bengal, the Calcutta High Court expects to see a flood of suits being filed about the uncertainty of the goods and services tax applicability on these supplies.
Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit to Rs. 34,400 crores.
The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, firm partnership, foreign income or any agricultural income of more than Rs 5,000.
ITR-1 Sahaj Form is filed by the taxpayers and the individuals having the residential status of ordinary and not other than ordinary, accruing income from salaries or, one house property and other capital gain sources i.e. Interest etc. up to INR 50 lakh per annum.
The reports of tax evasion are not new. Taxpayers have even managed to find ways to evade taxes in the new Goods and Services Tax (GST) regime.
