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September 2020 GST collections increase confirms Lockdown relaxations yields Sales

Though corona virus spread has increased and India become the world fastest cases per day in the global touching 6.4 million and ranks 2nd in the global list next to USA . But thanks to relax of lockdown and  gross GST revenue collected in the month of September rose sequentially to Rs 95,480 crore from Read More…

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High Value transactions in ITR not mandatory to reveal : IT Department

In the 2020-21 Budget, the government revised the format of Form 26AS, stating that all such information from different SFTs would be shown in the new Form 26AS. It is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their permanent account number (PAN).   This financial year Read More…

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Sushil Modi to head GoM to study GST revenue shortfall

Bihar Deputy Chief Minister Sushil Modi will head the seven-member committee to look into revenue shortfall being faced by the states after the GST roll-out, and suggest steps for augmenting collections, a GST Council notification said.   The GST Council, headed by Finance Minister Arun Jaitley and comprising state ministers, had on December 22, 2018, Read More…