Budget 2020: The government's budget focus on infrastructure development of Tier 2 and 3 cities was expected to trigger the next round of urbanisation in the country and create large scale employment

Budget 2020: With a few days to for the Union Budget 2020, India Inc expects finance minister Nirmala Sitharaman to strike a fair balance between falling consumption, revenue shortfall and high rate of unemployment

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In a circular issued on January 23, CBIC's GST policy wing asked its commissioners to inform all exporters whose scrolls had been kept in abeyance for verification to complete the verification formalities for release of funds

CBIC also said in its statement that more than 2 lakh GSTR-3B returns (for the tax month of December) were filed on January 21 (till 12 pm)

Department of Revenue has also sent alerts to around 40,000 companies for excess ITC, availing it fraudulently and other tax-related wrongful issues

Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current year

Centre asks GST data analytics wing to check all past and pending refund claims filed for inverted duty structure

The decision to the extend the deadline for availing late fee waiver on GSTR-1 was taken in view of enthusiastic response to the decision, Ministry of Finance said

Income Tax Department has also rolled back its decision to bar taxpayers who deposited more than Rs 1 crore, spent Rs 2 lakh on foreign travel, and paid electricity bills over Rs 1 lakh from filing ITR-1 Sahaj

ITR-1 Sahaj is used to file returns by ordinary resident individuals whose total income does not exceed Rs 50 lakh. Form ITR-4 Sugam is meant for resident individuals, HUFs and firms except LLPs with a total income of up to Rs 50 lakh and presumptive income from business and profession

Share Market Update : Domestic indices gained on Thursday on back of bullish global equities after remarks by US President suggested that US and Iran were refraining from further military action.

As per the tax notice issued by the taxman, the agency has invoked section 65 of the Central Goods and Services Tax (CGST) Act for an audit of accounts and records from July-March of 2017-18 or from the date of the last audit to FY18

The slew of measures include curbing fraud and evasion cases, checking fake or huge input tax credit claims, linking foreign exchange remittances with IGST refund and seeking bank account details of businesses to tally with their filings

Prescriptions from top experts in business, economics, politics and taxation

Cyrus Mistry says not returning as Tata Sons chairman, will protect minority shareholders' rightsCyrus Mistry has said that he is not pursuing the position of Tata Sons' executive chairman, the office he was unceremoniously terminated from in October 2016, or directorship of any of the Tata group companies. He added that he will, however, \"vigorously pursue all options to protect our rights as a minority shareholder\". Mistry's statement on Sunday came in the backdrop of an NCLAT...

The Central Board of Indirect Taxes and Customs reportedly used data analytics to tally data with the Income Tax Department, and under Goods and Services Tax regime and customs to nab the exporters who fraudulently claimed GST refunds

In wake of strong response of the taxpayers, the last date for the tax dispute resolution-cum-amnesty scheme has been extended for a period of fifteen days, till 15 January 2020

The meeting is being organised with the purpose of curbing fraud and evasion, checking fake or huge input tax credit claims, seeking bank account details of businesses to tally with their filings, misuse of refund

Chief Minister Pramod Sawant chaired a meeting of Finance and Commercial Taxes departments to review implementation of the Goods and Services Tax and revenue augmentation in Goa