Out of the 215 arrests so far, there are 71 masterminds, 81 proprietors, 36 director/managing directors, 15 partners, 3 CEOs, 6 chartered accountants and one each of company secretary, broker, and GST practitioner

Traders' body FAIVM advocated levying income tax on partnership firms and limited liability partnerships at 22 per cent instead of the present 30 per cent, bringing it at par with corporate tax rate

The income tax return (ITR) filing deadline for FY 2019-20 has been further extended to January 10, 2021, for most individual taxpayers, from the earlier deadline of December 31, 2020

Factoring in bank charges, conversion rate and taxes, the real rate of return on your overall investments may not be as attractive as it appears on the paper

CBIC says new rule will help control those who issue fake invoices and show high turnovers but have no financial credibility; CAIT urges Finance Minister Nirmala Sitharaman to defer its implementation and terms it a \"counter-productive\" measure

CAIT, in a letter to Sitharaman, has drawn her attention towards Section 86B, saying that \"it is a counter-productive step which will load the traders further with burden of compliance and also much financial obligation\"

The Central Board of Indirect Taxes and Customs (CBIC) has notified certain changes to the Goods and Services Tax (GST) Rules, bringing in stringent conditions for getting GST registration as well as for businesses to settle tax liability using input tax credit

The government has notified on Tuesday the recommendations of the Law Committee of the GST Council in order to control the menace of GST fake invoice frauds

Finance Secretary Ajay Bhushan Pandey said the generation of e-way bills has gone up 21 per cent in October, while the number of e-invoice generation has touched 29 lakh IRNs a day

Out of 1.27 lakh crore refunds, Rs 34,532 crore were issued as refunds to Individual taxpayers in about 37.22 lakh cases while Rs 92,376 crore were issued as refunds to 1,92,409 in corporate tax cases

LTC Cash Voucher scheme: The payment of cash allowance, subject to maximum of Rs 36,000 per person as deemed LTC fare per person (round trip) to non-central government employees, will be allowed income-tax exemption subject to fulfillment of specified conditions

The central government to use artificial intelligence (AI) and Aadhaar registration to track fake firms claiming GST refunds without actually conducting business

While refunds for 'risky' exporters have been a contentious issue, tax consultants with sizeable client base said that technical glitches are also being cited for pending GST refunds

Abu Dhabi's sovereign investor Mubadala Investment Company will invest Rs 6,247.5 crore in Reliance Retail Ventures Limited, the retail arm of Reliance Industries; The Unified Payments Interface (UPI) transactions stood at Rs 3.29 lakh crore in September with number of transactions at 180 crore, NPCI data showed on Thursday; Full refund will be provided by airlines for tickets booked during the coronavirus lockdown for domestic or international travel upto May 24, the Supreme Court ordered on Thursday. Watch this and more on News Blast.Also Read: Reliance Industries to buy 2 million barrels of Canadian heavy crude to offset Venezuelan decline

Mubadala to invest Rs 6,247 crore in Reliance RetailAbu Dhabi's sovereign investor Mubadala Investment Company will invest Rs 6,247.5 crore in Reliance Retail Ventures Limited, the retail arm of Reliance Industries. This marks the second significant investment by the sovereign investment company in a Reliance Industries subsidiary after $1.2 billion investment in Jio Platforms earlier this year. This investment will translate into 1.40 per cent equity stake in the Mukesh Ambani-led retail ma...

The suspension on commercial international passenger flight services to or from India has been extended till October 31; The fifth phase of the opening up of the economy, that is Unlock 5.0, is set to begin from October 1; The chief executive of GlaxoSmithKline, the world's largest maker of vaccines, said she was optimistic the industry would be able to make an immunisation against COVID-19 widely available next year. Watch this and more on News Blast.Also Read: SC orders full refund for cancelled flight tickets during lockdown

This is Part I of two-part article revisiting critical economic decisions that eventually led to minus 23.9% growth in Q1 of FY21. Blaming exogenous factors (pandemic) or intense lockdown is merely an excuse to divert attention from government's ineptitude and thwart meaningful debate

Gross mismanagement of the economy, starting with demonetisation in November 2016 and continued with untimely, unplanned and sudden nation-wide lockdown has compounded the GST problem. Centre's refusal to pay compensation to states now may derail it completely

Finance Ministry said that despite the lobbying against the crackdown, the government is planning to take stern action against the risky exporters, who have claimed IGST refunds worth Rs 2,020 crore and now are untraceable

The tax department has so far suspended IGST refund/drawback worth Rs 1,363 crore related to 2,830 risky exporters