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In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
The government seems to collect more GST in this fiscal year compared to the expectations with the continuous surge in the monthly mop-up recommending the Budget estimate for 2023-24 can be amended upwards if the Finance Minister Nirmala Sitharaman shows the Interim budget for 2024-25 dated 1st Feb 2024. In the initial 8 months of […]
The collection of Goods and Services Tax (GST) has been exhibiting an upward trajectory yearly since its implementation on July 1, 2017, and the average total monthly collection in the current financial year so far is Rs 1.66 lakh crore, as stated by Finance Minister Nirmala Sitharaman on Monday. In a written response to a […]
Finance Minister Buggana Rajendranath Reddy inaugurated a GST Seva Kendram and unveiled the Vision and Mission of the Commercial Taxes Department. Additionally, he introduced a compendium comprising Standard Operating Procedures (SoP), circulars, and peer learning material linked to State tax matters. The event took place on Monday. The primary goal of the GST Seva Kendram […]
GST revenue in November month for Jammu and Kashmir has seen a big rise of 9% against the identical duration last year. As per the Union finance ministry’s data, J&K’s GST collection in November 2023 hit Rs 469 crore, notably up from Rs 430 crore in the same period last year. A senior official emphasized […]
A remarkable rise of 100.77% in State GST with a collection of Rs 2791.45 crore in November 2023 is registered by Odisha compared to the collection of Rs 1390.36 crore in the identical month last year, as per the official. The refined collection of State GST (OGST+IGST Settlement) up to November’23 is Rs 14,913.16 crore […]
According to the Ministry of Finance’s announcement on December 1, the government’s Goods and Services Tax (GST) collections surged by 15 per cent year-on-year in November, reaching Rs 1.68 lakh crore. The November GST collections, standing at Rs 1.68 lakh crore, depict a 2 per cent decrease compared to October’s GST collection of Rs 1.72 […]
