In fiscal year 2016-17, 2.82 million people filed income tax returns. The tax department said on Monday that the number of filing of returns has increased by 25 percent after the ban.

The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017. Source: http://economictimes.indiatimes.com/articleshow/59845318.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The impact of the demonetization drive and the rollout of the goods and services tax will make it tough to deal in cash, leading to greater compliance, digitisation and widening of the tax base, Union finance minister Arun Jaitley said. The net impact of the demonetisation exercise coupled with the GST exercise… will certainly lead … Continue reading “Demonetisation and GST to Make Cash Dealings Tough”

A proposal to refund central goods and services tax on items made in formerly excise-free zones in Himachal Pradesh, Uttarakhand, and the North-East is set to be presented to cabinet. The move will benefit companies such as Cipla, Dabur, Dr. Reddy and TVS Motor that invested in those areas because of the tax break. Such … Continue reading “Proposal To Refund Central GST on Goods Made In Excise-Free Zones”

The Goods and Services Tax (GST) regime has reduced the tax rates of most commodities consumed by the weaker section of society.

Inderprastha Gas Ltd raised retail prices due to the impact of GST but the move is likely to prompt auto drivers and bus operators to demand fare hike.

Anti-Profiteering Authority, headed by a secretary-level officer, will be set up soon to keep a tab on businesses that have not passed on to consumers

The Delhi Congress will launch a week-long anti-GST campaign on July 30 at all the major markets of the city, intensifying its agitation against the “wrong implementation” of the new tax regime.

Three weeks into the new tax regime, the Goods and Services Tax Network (GSTN) has said that it will analyze the statistics of tax payers registered with GSTIN and give them ratings

Several steps are being taken after the ban on black money to tighten the currency. Now the Income Tax Department is engaged in identifying those who make changes in ITR after the ban, after which they will be examined.

Food supplies and consumer welfare department on Thursday conducted raids at some malls.

The government on Friday extended the deadline for small businesses to opt for the composition scheme in the goods and services tax (GST) regime by nearly four weeks to 16 August.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will meet on August 5 to review.

There has been a substantial confusion in the change of MRP (Maximum Retail Price) of the goods under GST. According to our sources, with respect to recently released Government regulations; the Businesses are prescribed to put revised rates along with the original rates as a sticker on the product with in next three months i.e. … Continue reading “Revised MRP Rates Released Under GST (Goods and Services Tax)”

The Union Cabinet on Wednesday approved a draft bill to replace ordinances that were promulgated to introduce the goods and services tax (GST) in Jammu and Kashmir, a senior government official said. The Central government had earlier this month promulgated ordinances to make the Central GST (CGST) and Integrated GST (IGST), which deals with interstate … Continue reading “Cabinet Clears Draft Bill to Replace GST Ordinances for J&K”