In the first four months of this fiscal, the direct tax mop-up is up by only about 9.7%, although tax officials say collections typically pick up at a faster pace in the second half of a fiscal and, if that happens, this init
States have appealed to the 15th Finance Commission (FC) to recommend extending the time period for which they would be compensated up to 14% revenue growth in the event of a shortfall in GST collections.
Although the GST system generates a lot of data to track evasion, the absence of a full-fledged return system means that there are areas prone to exploitation through fake invoices for claiming additional credit and bringing
Budget 2019-20: The Budget estimates a robust collection of `3 lakh crore from excise duty, thanks to the hike of `1/litre on high speed diesel and petrol. Excise collections in FY19 was `2.31 lakh crore.
Budget 2019: The Budget said that any buyback of shares from a shareholder by a company listed on recognised stock exchange, on or after July 5 2019, will also be covered by the provision of Section 115QA of the Income-Tax A
Once real-time reporting of transactions to a central portal starts, it will be practically difficult for the businesses concerned to reduce their tax liability by inflating the claims for input tax credits.
FE has juxtaposed the I-T data for FY16 with the Household Survey on India’s Citizen Environment & Consumer Economy (ICE 360° Survey), conducted by the People Research on India’s Consumer Economy (PRICE) for the referenc
Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said.