Indirect Tax: Latest News and Updates, Top Stories, Videos, Photos About Indirect Tax

Taxpayers Can Now File Direct & Indirect Taxes Via Digital Platforms of This Bank

The Reserve Bank of India (RBI) has yesterday allowed IndusInd Bank to collect Direct and Indirect Taxes on the direction of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). "The authorization has ...

CBIC Notifies GST E-Invoicing For Businesses; Excludes SEZs

On Thursday, the Central Board of Indirect Taxes and Customs (CBIC) notified the e-invoicing system for businesses with turnover above Rs 500 crore. This will come as a relief to small businesses as earlier the turnover threshold for mandatory issuing of ...

Govt Will Gain Around Rs 1.6 Lakh Crore More From Steepest Hike In Excise Duty On Petrol, Diesel

Amid tax revenue loss from the ongoing lockdown, the central government will stand to gain close to Rs 1.6 lakh crore in additional income this fiscal year after a record increase in excise duty on petrol and diesel, a PTI report ...

Amid Covid19 GST Simplified: E-way Bill Validity Extended, 10% ITC Deferred

In the wake of ongoing nationwide lockdown to curb the spread of Covid 19 infection, businesses facing hardship with respect to supplies and movement of goods have been provided a leeway by the government by way of extension in validity of ...

GST Council Unlikely To Change GST Rates Today

As per a leading business daily report, GST Council, indirect tax body, is expected to keep GST rates steady with no changes at its meet today and instead will focus on maximizing revenue collection by checking tax evasion, three person privy ...

Direct Tax Collection Misses Budgetary Target In April-September Period

As of September 17, 2019, the direct tax collection of the government stood at Rs. 5.50 lakh crore, which is a higher mop-up by just 4.7% so far this year. In a year-ago period, the direct tax kitty was at Rs. ...

GST Council Meet Today: Nirmala Sitharaman To Chair It For The First Time

Since being elected as the Finance Minister, Nirmala Sitharaman, will for the first time chair the 35th GST Council meet, where she like the erstwhile FM will aim to make consensus-based decisions. And in its aim, the Union minister in the ...

Cabinet Approves Abolition Of Direct And Indirect Tax Ombudsman

On Wednesday, the Union Cabinet approved the proposal to abolish Ombudsman institutions for direct and indirect taxes. The decision comes in the backdrop of the public's preference to choose alternative online mechanisms for complaint redressal and the failure of the Ombudsman ...

Direct Tax Collection Grows 15.7% During April-November Of FY19

As per the official statement released, the government has garnered over half of the country's direct receipt target of Rs. 11.5 trillion i.e. Rs. 6.75 trillion during the first eight months of FY19. This means a straight increase in direct tax ...

GST Completes One Year: Few Of The Positives Seen Since Its Implementation

GST will complete one year and since its implementation way back one year there have been some ambiguities that have come to fore and the centre has taken steps to check these. Also, time and again, to make it friendly for ...

One Year Of GST: Government To Review Items In 28% Slab And Revise Rates Lower

As India is set to complete one year of GST that aimed to rationalize the indirect tax system in the country, the government will now review high tax items and the procedure may well begin with the construction material such ...

IT Companies Asked To Shell Out 18% GST On Early Exit Payment By Employees

It is well known that when employees in the Information technology sector do not wish to serve the complete notice period, they are required to compensate for it by payment of an early exit sum. As per the report in ...

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