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The Income Tax Department, taking a move to make sure companies do not adjourn their tax liabilities for the financial year, so it has been decided to monitor advance tax payments by assessing India Inc’s annual and quarterly balance sheets along with sectoral growth trends. As per the IT department’s central action plan for 2023-24, […]
A rise of 22% in the GST collection of the state of Haryana has been enrolled in the month of April this year compared to April 2022, the GST collection of the state would have surged to Rs 10,035 cr in April which is more than the to Rs 8,197 crore in April 2022, Union […]
Nirmala Sitharaman, the finance minister, gave the Central Board of Indirect Taxes & Customs (CBIC) instructions on Saturday to undertake to automate the review of GST returns by the following week. Also to execute an action plan to expand the taxpayer base through advanced use of technology. In a review meeting of the CBIC, she […]
To evaluate the GSTN portals operation and the GST systems and procedures, the finance ministry on April 4 would have called for a meeting as the GST collection in March stands out to be the second highest. The officials stated that “The April 4 meeting will be chaired by Revenue Secretary Sanjay Malhotra. Members of […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
CBIC Chairman, Vivek Johri, for surging the base of goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) shall utilize the information on electric meters and property tax. The GST tax base was between Rs 45 and 50 lacks when it was first introduced, but it is now Rs 1.4 […]
According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month. According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be […]
A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
As per data released by the Finance Ministry on Tuesday, GST collections for October 2022 (for sales in September 2022) rose to Rs 1,51,718 crore, the second highest since the indirect tax regime was implemented in 1st July 2017. There were 1,51,718 crores of gross GST collected in October 2022, of which 26,039 crore was […]
