Taxmen to give ‘reasonable time’ to business to explain reasons for mismatch in GSTR-1, 3B before recovery action

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Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B before initiating recovery action for short payment or non-payment of taxes. Apex indirect tax body CBIC has issued guidelines on recovery proceedings and said that taxmen would give a … Read more

Advance corporate tax mop-up jumps 49 per cent to Rs 1.09 lakh crore in Q3: CBDT source

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Further adding to the recovery signals, advance tax payment by companies has shown a massive 49 per cent growth to Rs 1,09,506 crore in the third quarter this fiscal, a CBDT source has said. The increase can primarily be attributed to the low-base last fiscal when the government had slashed corporation tax rates to a … Read more