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The Central Board of Indirect Taxes and Customs has notified the Amnesty Scheme effective 1 November 2024 and has issued the clarification on interest and penalty or both in respect of demands under section 73 of the CGST Act pertaining to financial years 2017-18, 2018-19 and 2019-20.
The Quarterly Return Filing and Monthly Payment (QRMP) Scheme is a simplified compliance regime under the Goods and Services Tax (GST) in India. It is available to registered taxpayers whose aggregate annual turnover (PAN based) is up to ₹ 5 Crore in the current financial year and the preceding financial year (if applicable) and have already ...
The tax is to be paid by a registered trader within 40 days. As per the rules, every trader whose annual turnover of purchase and sales of the goods included in the taxable schedule is not less than ₹ 5000 and if the annual turnover of purchase and sales of all the goods is not less than ₹ 1,00,000 (one lakh) is supposed to be registered with the local civic body i.e. municipality.
Download as PDF; Printable version; ... Tax amnesty; Tax advantage; Tax incentive; ... the Government of Gujarat has vide notification no. GHN – 14/VAT-2006/S.1.(3 ...
In 2016, Indonesia had run one of the biggest Tax Amnesty scheme in the world and managed to gather around US$9.61 billion as taxes in 9 months. [3] [4] Introduction of amnesty in any fiscal year is to help a state treasury raise tax revenues, adding beneficiaries who have not declared their assets previously.
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
December 12, 2024 at 12:22 PM (Reuters) - U.S. President-elect Donald Trump in an interview published on Thursday said he will be talking to Robert F. Kennedy Jr., his nominee to run the ...
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.