361 ViewsCancellation of confirmed train tickets, too, will now attract GST, on cancellation charges for that particular class of travel, according to a circular issued by the Ministry of Finance on August 3. Why GST on cancellation? The circular – issued by the ministry’s Tax Research Unit (TRU), – explains that booking of tickets is […]
CBDT asks those who have won money in online games to pay taxes, file updated ITR
274 ViewsIf you have won money playing online games in the previous financial year, then as per the Central Board of Direct Taxes (CBDT), you must file an updated ITR (i.e., ITR-U) and pay taxes on the online game winnings accordingly. The CBDT chairman Nitin Gupta, in an interview with PTI, said that ITR-U could […]
Is GST not a simple tax?
324 ViewsIt has been a long time since GST was implemented in India and now the question is asked many times, is GST really a simple Tax? If we look at this question in another way, then the real meaning of this question is- “is GST not a simple Tax?” See, since the implementation of […]
Income tax dept collects Rs 28 cr in taxes from new ITR-U filing
160 ViewsThe Income-tax department has collected around Rs 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U, that was notified this year as part of the Budget 2022-23. CBDT Chairman Nitin Gupta said the scheme was brought by the Union government for […]
GST Council to take up proposal for issuance of circular related to removing IGST on ocean freight
125 ViewsThe GST Council, in its next meeting, is expected to take up a proposal to implement Supreme Court ruling regarding IGST (Integrated Goods & Service Tax) on ocean freight. The meeting is scheduled to take place in Madurai for which date is yet to be finalized. In its ruling the apex court upheld the […]
National Anti-profiteering Authority investigating 250 retailers for ‘profiteering’
236 ViewsThe National Anti-profiteering Authority (NAA) is “internally” investigating around 250 retailers following complaints that they raised prices of pre-packaged items, more than warranted, following the imposition of goods and services tax (GST) post the July 18 changes in rates. “We have received many complaints both from customers and field formulations about instances of jump […]
I-T Dept Going into New Areas to Check Tax Evasion: CBDT Chairman
248 ViewsThe income tax department is going into “new areas” of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said. The Central Board of Direct Taxes, the administrative body for the tax department, undertakes […]
New Income Tax Regime: Centre may lower tax rates to make scheme attractive, says report
268 ViewsWith an aim to make it more attractive for individual income taxpayers, the Centre is working to improve the two-year-old exceptions free income tax regime by providing lower tax rates, after the new system failed to gain traction. Further, the finance ministry is likely to terminate the old personal income tax regime, which offers […]
Ex-parte Order are violative of principles of natural justice
238 ViewsThe Hon’ble High Court, Patna in the matter ofM/s G. Power Solution v. State of Bihar [Civil Writ Jurisdiction Case No. 11384 of 2022 dated August 17, 2022] set aside the order passed by the revenue department for denying Input Tax Credit (“ITC”), raising demand, and direction given for freezing the bank account on […]
Finance Ministry approaches Supreme Court for additional 30 days for opening special window for transitional credit claim under GST
294 ViewsFinance Ministry has approached the Supreme Court for extension of time to open a special window for filing transitional credit claim by 30 days, as it feels GSTN has limited time to make changes in the portal to facilitate filing. GSTN, the IT backbone of GST, operates a portal for filing all the returns […]
