I-T department refunds Rs 62,361 crore during lockdown: CBDT
Income tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period.
Fall in tax collections temporary, says CBDT
"It is a fact that the net direct tax collection for the FY 2019-20 was less than the net direct...
Gross tax collection falls 31% so far in June quarter
Gross tax collection fell 31 per cent till June 15 of the current fiscal, with advance ...
GST intelligence wing uncovers tax evasion by sanitiser makers, sounds all-India alert
The Director-General of GST Intelligence (DGGI) sourced information from online platforms such as Amazon, Flipkart, Snapdeal and PayTM and has circulated a list of 62 sellers after finding that manufacturers had paid 12% GST instead of 18%.
Income Tax dept issues refunds of Rs 26,242 crore since April
Income-tax refund of Rs 14,632 crore to 15,81,906 assesses and corporate tax refund amounting to Rs 11,610 crore to 1,02,392 assesses have been processed during this period, the CBDT said in a statement.
Missing old data makes online tax payment tough
Citizen groups, residents welfare associations and experts have raised questions about the old property tax data, which was gathered over the last 12 years, not being utilised in the new portal made by National Informatics Centre.
FM asks GST officers to proactively address issues faced by biz in tax compliance
In a message to tax officers on the third anniversary of Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs.
Singapore top source of FDI in FY20 with investments worth USD 14.67 bn
In the last financial year, India attracted USD 14.67 billion in FDI from Singapore, whereas it was USD 8.24 billion from Mauritius, according to the data of the Department for Promotion of Industry and Internal Trade (DPIIT). In 2018-19, Singapore's FDI aggregated at USD 16.22 billion, while that from Mauritius it was USD 8.08 billion.
India among Switzerland's top-3 partners for info exchange on tax matters: Global Forum
India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD's Global Forum on transparency and exchange of information for tax purposes.
Finance Commission discusses constitution of property tax board in states, fund devolution to RLBs
The ministry submitted that the Commission may consider to keep its award to the PRIs (Panchayati Raj Institutions) for the revised period 2021-2026 at Rs 10 lakh crore, an official statement said.
At 42.7 m, June e-way bills close to pre-Covid days
The E-way generation which used to be around 20 lakh a day, in regular times, had drastically come down after the enforcement of the lockdown. March witnessed the steepest fall in E-way bill generation plunging to a low of approximately 0.50 lakh on 25th March, the lowest figure on the first day of the nation-wide lockdown.
14% shortfall likely in direct tax mop-up
Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said.
Q1 advance tax mop-up down 79%
Economists said the reductions were in line with expectations for the full year with growth forecasts in the negative, more so due to the lockdown which almost obliterated demand, consumption and economic activity in the first quarter.
During lockdown, States disbursed Rs 4957 crore to two crore construction workers
Union labour ministry has directed all states on the start of the lockdown to frame a scheme under section 22 (1) (h) of the Act for transfer of adequate funds in the bank accounts of construction workers through direct benefit transfer (DBT) mode.
Indian companies pump $22 billion in US as FDI: CII Survey
According to the report titled ‘Indian Roots, American Soil’ which surveyed 155 Indian companies in the US, Texas came out as the top investment destination for Indian FDI, receiving $9.5 billion, followed by New Jersey’s $2.4 billion and $1.8 billion in New York.
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