Overview: Punjab has recently achieved remarkable strides in revenue collection for Goods and Services Tax (GST) and excise by the end of February. This achievement underscores the state’s commitment to fostering a robust economic environment and implementing effective revenue generation strategies, as stated by Finance
Finance Ministry Considers Deferment of Rule 43B (h) Enforcement In a recent development, sources have revealed that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, particularly concerning payments to micro, small, and medium enterprises
Section 43(b)(h) was introduced to help MSME. As per this provision the buyers were oblised to make payment to MSME’s in 45 days. In case of default they were supposed to pay more tax. As the amount not paid within 45 days will not be
Background: In a recent development, the Kerala High Court has issued a directive to Binoy Kodiyeri, the elder son of the late Kodiyeri Balakrishnan, former State secretary of the CPI(M), to file income tax returns for the assessment years 2015-16 to 2021-22. Court Proceedings: This
India’s Economic Thrust Driven by Strong GST Revenue Surge The Indian economy experienced a notable upswing in the December quarter, driven by robust tax collections and thriving manufacturing sectors. Record GST Revenue of ₹1.68 Trillion in February Central and state governments jointly amassed an impressive
ICAI Releases Handbook on Voluntary Liquidation Process In February 2024, the Institute of Chartered Accountants of India (ICAI) introduced a handbook to provide guidance on the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC). Evolution of the Insolvency and Bankruptcy Code The
Bihar Introduces ‘One-Time Settlement’ Initiative for Traders The NDA government in Bihar unveiled a ‘one-time settlement’ initiative on Thursday aimed at providing relief to traders with tax liabilities dating back to the pre-GST era. Introduction of Bihar Tax Disputes Settlement Bill, 2024 Deputy Chief Minister
Introduction: In recent months, India has experienced a notable acceleration in its economic growth, propelled by robust tax collections and a burgeoning momentum in manufacturing sectors. This article explores the significant role of tax revenue, particularly in goods and services tax (GST), alongside the
Strengthening GST Enforcement: A National Conference Inaugurated by Union Minister for Finance Nirmala Sitharaman, a pivotal event is set to unfold in New Delhi on March 4, 2024. The Department of Revenue is organizing the National Conference of Enforcement Chiefs from all State and Central
Introduction: The Finance Act of 2023 introduced Clause (h) under Section 43B of the Income Tax Act, aimed at addressing the issue of delayed payments encountered by Micro, Small, and Medium Enterprises (MSMEs) from their buyers. This clause, scheduled to take effect from April 1,
