New Delhi, Jan 23 (KNN) The Central government has issued internal instructions to block Input Tax Credit (ITC) on GSTN portal in all cases where there are ongoing investigations or if there is a mere allegation against a taxpayer of credits taken on the basis of bogus bills.
The budget is expected to announce several direct and indirect tax reforms including further simplification of income-tax laws to encourage voluntary compliance and widening the tax base, and which involve more use of technology, people aware of the development said on condition of anonymity.
Madurai: Reduction in income tax (IT) and GST rates are among the key demands put forward by the Tamil Nadu Chamber of Commerce and Industry (TNCCI) in their pre-budget memorandum to the finance ministry.
New Delhi: The government is likely to provide Rs 1,000 crore for two funds for the micro, small and medium enterprises (MSMEs) in the upcoming Budget.
There is high anticipation from Union Budget 2020-21. The industry is expecting the Government to bring in reforms and implement schemes that makes doing business with ease.
Surat: State commissioner for micro, small and medium enterprises (MSME), Ranjeeth Kumar J, said the department has not received a single file from MSME entrepreneurs for upgradation of projects in the last one decade.