TAX

GST collections in November 2023 witness the highest growth rate of 15 per cent YoY to Rs 1,67,929 crore

A staggering 87 per cent of the individuals and 89 per cent of firms feel that the process of claiming income tax refund is convenient, the survey said.

The due date for furnishing the audit report in Form no. 10B/10BB has been extended from September 30, 2023 to October 31, 2023.

This is a change from the earlier age limit of 67 and 65 years, respectively, for the President and members of GSTAT.

Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961

GST collection in September 2023: It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24

GST revenues during June 2023 quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3

Income tax department urges those who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last-minute rush

Misreporting of income in ITR may lead to an interest payment at 12 per cent a year, penalty at 200 per cent of taxes, prosecution which may entail imprisonment

There is a 28 per cent GST on cement, and the fitment committee is working on the proposal of reducing the tax rate

Income Tax: Some of the penalties are mandatory and a few are at the discretion of the tax authorities.

The income tax changes announced by Finance Minister Nirmala Sitharaman in the Budget 2023 have also become effective from today, April 1

The e-verification scheme was notified on December 13, 2021, and pilot was launched in September 2022.

GST profiteering involves not passing on GST rate cut benefits by companies to consumers

The due date to file ITR will be November 30, 2022, for companies which are subject to transfer pricing norms

Pulses, cereals like rice, wheat, flour and other such items, weighing below 25 kg or 25 litres, will attract GST at the rate of 5 per cent from today.