A number of states have represented to the 15th Finance Commission that the Centre should pay them compensation for three years more to ensure that their GST revenue continues to grow 14% year-on-year, as guaranteed in the Co
In some instances, such high-value purchases are being made not in the name of the actual buyer but his close associates like relatives or those he employs, a chartered accountant said on condition of anonymity. He added that
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.