Income Tax : Discover why paying taxes is crucial for national development and how it contributes to public services and infrastructure....
Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the ti...
Income Tax : As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable ...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : Analysis of tax collection and economic growth post corporate tax cuts. Includes year-wise revenue, benefits for industries, and i...
Income Tax : Corporate tax collections rose to 3.1% of GDP in FY 2023-24. Learn about tax rate reductions since 2019 and revenue foregone of â‚...
Income Tax : India's gross direct tax collection for FY 2024-25 grew by 19.94% as of January 12, 2025, with net collections increasing by 15.88...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per mo...
Goods and Services Tax : The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21...
Income Tax : The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is...
Income Tax : I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of ...
Income Tax : On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected...
Income Tax : Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for re...
The gross GST revenue collected in the month of January, 2020 is ₹ 1,10,828 crore of which CGST is ₹ 20,944 crore, SGST is ₹ 28,224 crore, IGST is ₹ 53,013 crore (including ₹ 23,481 crore collected on imports) and Cess is ₹ 8,637 crore (including ₹ 824 crore collected on imports). The total number of GSTR 3B Returns filed for the month of December up to 31st January, 2020 is 83 lakh (prov).
GST has been a major structural reform of the current government. Replacing multiple taxes of state and central governments into a single tax has given a major relief to trade and industry. However, since the introduction of GST in India in 2017, it has seen several changes. The current article covers some of such significant […]
The gross GST revenue collected in the month of December. 2039 is Rs. 1,03,184 crore of which CGST is Rs. 19,962 crore, SGST is Rs. 26,792 crore, IGST is Rs. 48,099 crore (including Rs. 21,295 erore collected on imports) and Cess is Rs. 8,331 crore (including Rs. 847 crore collected on imports). The total number […]
The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is Rs. 45,069 crore (including Rs.  22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs.  728 crore collected on imports). The total number of GSTR 3B Returns filed for the month of August up to 30th September, 2019 is 75.94 lakh.
The Vicious Circle of Setting up of Over-Ambitious Revenue Collection Targets – Revenue Authorities Over-Reaching Taxpayers- Withholding of Refunds!! With a view to provide the much needed stimulus and push to the falling GDP growth rate and the currently prevailing slow-down in economy, the Hon’ble Finance Minister (FM) Smt. Nirmala Sitharaman, in a press conference […]
GST Revenue collection for the month of June, 2019 stands at Rs.99,939 crore. Total number of GSTR 3B Returns filed for the month of May up to 30th June, 2019 stands at 74.38 lakh Total gross GST revenue collected in the month of June, 2019 is ₹ 99,939 crore of which CGST is ₹ 18,366 crore, SGST is ₹ […]
GST Revenue collection for March, 2019 crossed Rupees One Lakh Crore and recorded Highest Collections in the FY 2018-19 Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521 crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891 crore collected on imports). The […]
GST Revenue Collections for the month of January 2019 crosses Rupees One Lakh Crore Mark The total gross GST revenue collected in the month of January, 2019 is Rs 1,02,503 crore of which CGST is Rs 17,763crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore (including Rs 24,065 crore collected on imports) and Cess is Rs 8,690 crore (including Rs 902crore collected on imports). In FY 2018-2019, it is for the third time […]
Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically The […]
The provisional figures of Direct Tax collections up to December, 2018 show that gross collections are at Rs. 8.74 lakh crore which is 14.1% higher than the gross collections for the corresponding period of last year.
