248 ViewsCBIC notifies extension of exemption from Integrated Tax and Compensation Cess up to 30.06.2022 on goods imported against AA/EPCG authorizations
View information on compliance portal
396 ViewsAttention …………………..(PAN XXXXX……,X)Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2021-22 (relating to FY 2020-21). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance Portal. […]
GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23
96 ViewsThe GST and the VAT will be the biggest contributors to the Delhi government’s tax revenue which is estimated at Rs 47,700 crore for 2022-23, according to the budget presented in the Assembly by Deputy Chief Minister Manish Sisodia on Saturday. The budget for 2022-23 has pegged the total receipts at Rs 75,800 crore, […]
Delhi govt proposes tax amnesty scheme for traders
744 ViewsThe Delhi government is planning to implement a tax amnesty scheme in a bid to help traders from getting embroiled in unnecessary legal cases related to taxation and to recover pending demands which include outstanding tax, interest and penalty. Officials said the exact details on concessions will be ironed one once the scheme is […]
Government says Rs.95.86 crore recovered from 11 Cryptocurrency Exchanges for GST Evasion
108 ViewsGovernment on Monday said Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest. Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases. Others were […]
High Inflation to delay tax overhaul: States want revenue cover, GST hikes
297 ViewsEven as a sticky inflation is bothering the government and the central bank, an impending revenue shock has prompted some state governments to make a pitch for partial roll-back of a series of rate cuts since the roll out of the goods and services tax (GST). Besides, all Opposition-ruled states and some BJP-ruled ones […]
GST rules changing from April 1, to impact lakhs of companies in India
234 ViewsCentral Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 […]
Serious allegations of availing fraudulent GST ITC in Electronic Credit Ledger: Madras HC refuses refund of amount
286 ViewsThe Madras High Court bench of Justice C. Saravanan refused to grant a refund of the amount lying in the assessee’s electronic cash ledger on the grounds that there were serious allegations against the assessee for having an availed fraudulent input tax credit (ITC) in the electronic credit ledger on the strength of a […]
Cryptocurrency assets sold at a profit will be subject to a 30% tax from April 1, 2022
224 ViewsCryptocurrency gains will be taxed at 30 per cent beginning April 1, 2022. It’s the highest tax bracket and the rate is the same as earnings from a lottery. This would apply to all virtual digital assets (VDA) and their earnings, from Bitcoin to non-fungible tokens (NFTs). For example, if an investor purchases a […]
Rajasthan HC refuses bail to director of a company allegedly involved in GST Evasion
123 ViewsThe Rajasthan High Court bench of Justice Narendra Singh Dhaddha has refused to grant bail to the director of a company who was allegedly involved in goods and service tax (GST) evasion worth Rs. 869 crores. Counsel for Sohan Singh Rao/petitioner submitted that the petitioner was falsely implicated in the case of GST evasion. […]
