Goods and Services Tax (GST) collection may hit a record Rs 1.15 lakh crore in January, while the shortfall in gross direct tax collections may be only Rs 11,000 crore in the first 10 months of the current financial year as compared to same period last year, two government officials familiar with the matter said on condition of anonymity.
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.
Union Budget 2020 India: With persistent domestic and external headwinds in the last year, there is an expectation of strong and robust measures being announced in the upcoming budget to support economic revival, and boost sagging growth.
Budget 2020 India: Ease in GST filing will greatly benefit SMEs even as the GST council has taken several steps to simplify the process over the past couple of years.
NEW DELHI : When finance minister Nirmala Sitharaman presented her first budget on 5 July last year, one crucial word was missing from her 20,189-word speech: Exports. This led to talk of a probable turf war between the finance ministry and the commerce ministry.
It is generally believed and argued by most economists that a rapid growth of exports leads to higher economic expansion.