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10 announcements for middle-class: New income tax slabs; No tax up to Rs 7 lakh and more
Finance Minister Nirmala Sitharaman on 1st February, 2023 presented the Narendra Modi government’s last full budget in parliament before a general election due next year. Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019. Sitharaman said the Budget for 2023-24 hopes to build on the foundation of the previous […]
Read moreSave Tax : Why do you need to submit investment proofs in last quarter of FY?
January is a good time to review the previous year and set goals for the new year. You must have set goals for health, career, relationships, finances, etc. An important part of financial goal setting is to make sure your investments are tax-efficient. You must have also received an email from your employer to submit the proofs […]
Read moreNew tax slab may be introduce at 8-10 lakh with 10-15% rate: Sources
India’s middle class population will have high expectations from Finance Minister Nirmala Sitharaman, who will present the Union Budget 2023 on February 1. Sources say a new tax slab rate between 8 to 10 lakh may be introduced with tax rate between 10-15 percent. The middle class, considered the central artery of the Indian economy, […]
Read moreGST wing told to identify tax defaulters : Officers
GST Wing Chandigarh: The Finance Secretary-cum–Secretary Excise & Taxation, UT, reviewed tax collection under GST and efforts made under the GST Act during an extensive review meeting on GST and Excise issues at Chandigarh. He applauded the GST wing for growth in GST collection by 23 per cent up to the month of December as compared […]
Read moreTo counter digital savvy evaders, GST to set up 5 forensic laboratories: CBIC
The Central Board of Indirect Taxes & Customs (CBIC) has got approval for setting up five inhouse digital forensic laboratories in Directorate General of GST intelligence. This inhouse mechanism aims to facilitate investigation in tax evasion. CBIC Chairman Vivek Johri confirmed this development in his communication to all the staff. He said, “As we move towards a […]
Read moreBudget 2023: Govt may announce PLI scheme for more sectors
The government is likely to extend fiscal incentives for the production of toys, bicycles, and leather and footwear in the forthcoming budget as it looks to expand the production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs […]
Read moreGST Department: Revamp of Kerala State GST dept completed
Chief Minister Pinarayi Vijayan of Kerala said that an attempt was being made to create the impression that Kerala was heavily dependent on financial assistance from the Centre. Announcing the completion of the reorganisation of the State Goods and Services Tax (GST) department, Mr. Vijayan said the Central share accounted for only 36% of the State’s revenue. […]
Read moreGST Rate on helmets: Road safety body IRF urges FM to waive GST on helmets
GST Rate on helmets: Road safety body International Road Federation (IRF) wrote a letter to Union Finance Minister Nirmala Sitharaman, demanding removal of GST on life saving device helmets for safety of the two-wheeler riders in the forthcoming Union Budget 2023-24. “India accounts for about 11 per cent of road accident deaths worldwide and the […]
Read moreBudget 2023: Strong outlook and hope for flat GST rate on online gifting industry
The Budget 2023 Session of Parliament will commence on January 31 and end on April 6. Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 at 11 am on Wednesday, the 1st February, 2023. Ahead of the Budget, India’s gifting industry on January 17 (Tuesday) urged the government to aid the growth of […]
Read moreGSTR-3B: GSTN advisory on taxpayers facing issue in filing GSTR-3B
Issue in filing GSTR-3B: According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022. It has been observed that, in the process of filing TRAN forms, few taxpayers have submitted their forms on the portal but did not finally File it within the specified time. After submitting the Tran Forms, […]
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