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Showing posts from July, 2019

Centre targets adding 1.3 crore tax filers during current fiscal year

The Government intends to add 1.3 crore new income tax filers during the current fiscal, the Finance Ministry informed the Lok Sabha on Monday. Minister of State for Finance Anurag Singh Thakur, in a written reply, said the new target is against 1.1 crore filers added during FY19. For achieving the new target, various measures are being taken including identification of potential non-filers through centralised Non-filer Monitoring System (NMS), formulation of region-specific strategies for identifying potential non-filers, issue of statutory notices to enforce compliance, holding of outreach programmes to encourage voluntary compliance, use of mass media for creating awareness, simplification in income-tax returns and filing process to encourage voluntary filing, etc. he said. The Government is also examining recommendations of a committee for granting certain privileges to some categories of taxpayers. These could be giving access to lounges at domestic and international airport...

Since GST rollout in July 2017, Rs 45,682.83 crore fraud detected

A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore have been detected in April-June, the first three months of this financial year. In a response to a question regarding tax frauds under GST, Minister of State for Finance Anurag Thakur said tax fraud worth Rs 37,946.41 crore was detected in 7368 cases in 2018-19. Also, in 2018-19, Rs 11,251 crore worth of cases of tax credit availment by issue of fake invoices were detected by the tax authorities and Rs 2,805 crore in April-June of the current fiscal, Thakur said in his written reply. Just five cases of tax credit availment by fake invoicing were detected by Central GST formations in the first year of the GST implementation (July 2017 to March 2018) involving an amount of Rs 12.67 cro...

Direct tax collection target fixed at Rs 13.35 lakh crore; is achievable: CBDT chairman

The government has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the CBDT chief said is difficult but achievable. He also said that the government can only think of further "lowering" corporate tax rates once the exemptions and deductions in this sector are phased out. "In the last revised estimates, our target (for 2019-20 financial year) was fixed as Rs 13.78 lakh crore which appeared to be rather unrealistic because it was showing an increase of almost 24 per cent year-on-year. This is the submission we made while budget deliberations were going on," CBDT Chairman Pramod Chandra Mody told PTI. "I am happy to say that the government in its wisdom was appreciative of that and they went by the actual collections which happened last year. And consequent to that the budget (collection target for direct taxes) has now been fixed at Rs 13.35 lakh crore," he said. This translates, ...