Robust Growth in Tax Returns and Collections Signals Success of New Income Tax Regime The government’s efforts to enhance tax collections, broaden the tax base, and increase taxpayer compliance appear to be gaining momentum with the implementation of the new income tax (IT) regime in the …
Asian Paints, a leading paints manufacturer, revealed on Monday that it has received a Goods and Services Tax (GST) demand notice of Rs 13.83 crore along with a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. The demand pertains to the …
The GSTN (Goods and Services Tax Network) has introduced two pivotal tables in GSTR-1, effective from January 2024 onwards. These tables, namely Table 14 and Table 15, are specifically crafted to streamline the reporting process for taxable outward supplies made through e-commerce operators and supplies falling …
Posting a growth rate of 12% Y-o-Y, Rs 14.97 lakh crore gross GST collection during April-December 2023 period Gross GST collection averages Rs 1.66 lakh crore in first 9 months of FY24 Rs 1,64,882 crore gross GST revenue collection for December, 2023 During the April-December 2023 …
Finance Minister Nirmala Sitharaman addressed the Lok Sabha on Tuesday, providing clarity on the application of the 28% Goods and Services Tax (GST) on entry-level bets on online gaming platforms. Sitharaman emphasized that the valuation rules for excluding winnings from the tax are prospective, alleviating potential …
Uttarakhand GST Department Unravels Massive ₹18 Crore GST Theft in Illegal Timber Trade: Mastermind Charged The Special Investigation Bureau (SIB) of the Uttarakhand GST department has recently filed a comprehensive 3,500-page charge sheet against Shahnawaz Hussain, the alleged mastermind behind a large-scale illegal timber trade operation. …
FM Nirmala Sitharaman addressed the Lok Sabha on December 19, 2023, shedding light on crucial amendments to the central Goods and Services Tax (GST) law and related bills. GST Appellate Tribunals: A Path to Expedited Resolutions Minister Sitharaman announced that taxpayers now have the option to …
UltraTech Cement Faces GST Challenges: Receives Orders Totaling Rs 18.3 Crore in Demand, Interest and Penalties In a recent development, UltraTech Cement, a leading player in the cement industry, has encountered legal challenges in the form of Goods and Services Tax (GST) demands issued by the …
Surge in GST Compliance: Filers Increase by 65% Over 5 Years, Reaching 11.3 Million in April 2023 Finance ministry reported a remarkable 65% surge in the number of Goods and Services Tax (GST) return filers over the past five years, reaching a substantial 11.3 million as …
