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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 […]
GAIL chairman Sandeep Kumar Gupta mentioned that the government should consider more stringent policy interventions if the country wishes to achieve its objective of exceeding than doubling the share of natural gas in the energy mix to 15% by 2030. The government must mandate the use of natural gas in refineries and steelmaking, and make […]
The matter for re-adjudication is remanded by the Kerala High Court as the attachment of the bank account under Goods and Service Tax ( GST ) proceedings without regarding the taxpayer’s opinion. The applicant has approached the Court with the recovery notice demanding arrears of tax. A M Sainudheen, the applicant is a taxpayer under […]
The Delhi High Court ruled that the applicant, having unconditionally withdrawn the earlier petition and liberty being declined to the applicant, is prevented from filing the new petition asking for that relief that was before withdrawn by the applicant. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja laid on the judgment of the […]
In March 2024 Goods and Service Tax collection rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017. In March the rise of GST collection can be attributed to the rise in GST collection from domestic transactions at 17.6 per […]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 155(14) of the Income Tax Act, 1961 could not limit the Tax Deduction at Source ( TDS ) credit if the income is correctly shown in the Income-tax Returns. The ITAT bench noted that “once TDS is deducted and deposited […]
The past six years have seen more than 1,000 notifications, circulars, and instructions for assessees and adjudicating authorities, therefore opening up the GST law to interpretation by assessees and authorities identical. The same interpretation has furnished an increase to the rising case laws across different judiciaries and writ petitions being filed to various High Courts […]
A network of 232 fake money-changing companies has been excavated by the Income Tax Department and detected tax evasion amounting to ₹1,000 crore via fraudulently generated Input Tax Credits under the Goods and Services Tax (GST) regime. Furnishing the information of the bogus process, the Chairman of the Central Board of Indirect Taxes and Customs […]
Finance Minister Atishi stated the plan of the state to strengthen its Goods and Services Tax (GST) administration, aiming for a faceless system. “In the fiscal year 2023-24, the tax collection for GST and VAT until January 2024 witnessed a growth of 13.96 per cent, compared to the previous year (until January 2023), reaching Rs […]
