NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed.
Giving positive signs of an economic revival, the Goods and Services Tax (GST) collection in January is expected to hit record-levels. Perhaps, the highest collection may contract the revenue shortfall, said a media report.
Last date for filing FY annual return is January 31
Finance Minister Nirmala Sitharaman hasrepeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability, said an official release on Tuesday.
“Employing more than 40% of India’s workforce, the MSME sector of India is one of the primary pillars of the Indian economy, contributing to nearly 30% of the country’s GDP.
Commerce & Industry Minister Piyush Goyal said that the agenda for WTO reforms should be balanced and inclusive, to address the historic asymmetries in the Uruguay Round Agreements.