While the GST amnesty scheme is a positive step towards improving taxpayer relations, its current form falls short of its potential
Since indirect tax figures are not being released, we are treating GST data in the same manner, he says
The Budget has taken up several welcome measures for their benefit and overall trade facilitation
Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime
One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated
18% GST on additional fees, other considerations on providing loans
The clarification forms part of the 16 circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), following the meeting of the GST Council on June 22
Reflecting growing confidence in GST, the survey found that about 84 per cent of respondents reported a positive perception of GST in 2024, up from 72 per cent in 2023 and 59 per cent in 2022
CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers
The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July
Generally, recovery proceedings are undertaken by the jurisdictional Deputy or Assistant Commissioner of Central Tax
Net mopup rises 15.5% on strong domestic activity
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%
The Union Budget, laid out on February 1 annually, is the financial roadmap that shapes the country's economy. Here are 10 key Budget terms for better insights into the key financial exercise
Contrary to belief, GST underperformed the old tax regime in its initial years but has now begun to exceed expectations, six years after implementation
Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23
The 15 per cent Y-o-Y growth in November came despite weak external conditions
It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities
ITR filing surges 90% during AY13-14 and AY2021-22