152 ViewsDecriminalisation of the Goods and Services Tax Act is on the cards, which would give a big reprieve to small businesses in India, sources told businessline. In what could be a major overhaul of the GST Act in nearly six years after it came into effect, the government is likely to raise the threshold […]
Re-focus efforts on revenue mobilization: CBIC to officials
123 ViewsThe Central Board of Indirect Taxes and Customs (CBIC) expects officials to pay special attention to key areas of work improving tax compliance and revenue augmentation in the second half of the financial year, according to an official update. CBIC chairperson Vivek Johri in a communication to officers posted on the tax authority’s website […]
GST rate rationalisation hopes start to recede
91 ViewsAs inflation continues to soar and the poll climate hots up, the window of opportunity to rationalise the GST rates are getting narrower even as the GST Council continues to wait for a report on the rates headed by Karnataka chief minister Basavaraj Bommai. The GST Council is likely to meet in the first […]
DGGI promises monetary reward to informers aiding in tax recovery
115 ViewsThe Directorate General of GST Intelligence (DGGI) has promised rewards to those who share the information which leads to recovery of taxes, as per a message from the probe agency. The apex intelligence and investigating agency for matters relating to violation of Goods and Services Tax (GST), central excise duty and service tax, said […]
GST collection expected to cross Rs 1.5 lakh crore in October
156 ViewsBuoyed by fest season consumption, the revenue collection from the goods and services tax (GST) for the month of October may once again surpass Rs 1.5 lakh crore. “The festive season of October has resulted in buoyancy in consumption patterns, hinting at greater economic recovery. In the past few months, the government has also […]
Pre-deposit to appeal under old excise, service tax laws to be only in cash: CBIC
145 ViewsThe Central Board of Indirect Taxes and Customs (CBIC) has said that pre-deposits for appeals in cases related to the erstwhile Central Excise Duty and Service Tax can be made only in cash and not through Electronic Cash Ledger (ECL). Experts feel such a move is to nullify rulings by various High Courts in […]
Input Tax Credit of F.Y. 2021-22 to be claimed in October 2022 GSTR-3B
260 ViewsThe time limit to claim Input tax credit on invoices or debit note pertaining to previous year 2021-22 is 31.10.2022 as the amended provision states that the taxpayer can claim input tax credit till the compliances to be done before 30th November. The return to be filed before 30th November is the return viz […]
GST slabs rejig unlikely before 2024 general elections
91 ViewsWith inflation likely to remain elevated for a longer period and key state elections due in 2023, the Narendra Modi 2.0 government may choose not to restructure the Goods and Services Tax (GST) slabs before it demits office in May 2024, according to official sources. After state assemblies elections in Himachal Pradesh in November […]
FAQ’s for Form 3CEB
215 ViewsThe Income Tax Department has issued “FAQ’s regarding the filing of Form 3CEB on the Income Tax e-filing portal. Question 1: What are the prerequisites for filing of Form 3CEB? Resolution: The following are the prerequisites for filing of Form 3CEB: Taxpayer and CA are registered on the e-Filing portal with valid user ID and password […]
Fly ash brick entrepreneurs in Andhra Pradesh seek clarity from Union Finance Minister on decision to reduce GST
128 ViewsThere is distortion between the decision taken on fly ash bricks and blocks at the 47th GST Council Meeting held in June this year and the subsequent notifications issued by the government, say N. Bhanumathidas and N. Kalidas, fly ash brick entrepreneurs. In a letter addressed to Finance Minister Nirmala Sitharaman on the eve […]