Revenue Department News

Two-year tax holiday for corona pandemic suffers businesses. A delegation of the industry chamber meets Revenue Department for tax exemption. This budget is being presented at a crucial juncture of geo-political uncertainties: PHDCCI

Revenue dept has shared a list of over two dozens offshore online betting apps. Most offshore betting businesses operate from Malta, Curacao, Belize, Gibraltar and Isle of Man that have loose tax regulations. Games of skill are taxed at 18% GST on the platform fee, while games of chance at 28% GST on contest entry amount.

Harsh Rameshkumar Sanghavi has been given the charge of Revenue Ministry as Minister of State (MoS) while Jagdish Ishwar Panchal has been given the charge of Road and Building ministry as Minister of State (MoS).

There has been a terrorist attack in Budgam, Jammu and Kashmir where terrorists shot dead Revenue Department employee Rahul Bhatt.

The Revenue Department through a notification withdrew the GST exemption available to auto-rickshaws. The amendment shall have a direct impact in the case of e-commerce industry players. The new rule will come into effect from January 1, 2022.

Mismatches were also noticed for the financial year 2016-17, for which data is being shared with the field offices.

Businesses, on the other hand, could get a cashback based on the quantum of turnover through the digital mode.

The revenue department has analysed the GST returns data filed by over 51.96 lakh businesses during July-December, 2017.

Sisodia got the additional charge from Social Welfare Minister Rajendra Pal Gautam, who was handed the additional charge of Registrar of Cooperative Societies. 

Revenue department officials said the same principal will apply on sale of old cars or two-wheelers and no GST will be payable even though the supply would be for a consideration.

With just over a month left for GST implementation, the revenue department on Sunday started a new twitter handle to answer industry queries related to the new indirect tax regime.

The Revenue Department on Friday said it has detected evasion of more than Rs 1.37 lakh crore in both direct and indirect taxes and identified over 1,000 shell companies which indulged in bogus transactions worth Rs 13,300 crore in the last three financial years.

The Revenue Department has expressed "serious concern" over delay in migration of excise and service tax assessees to the new GST regime and asked field officers to complete the process by March 31.

Tightening reporting norms, the tax officers have been asked to submit self appraisal reports to the Revenue Department and explain reasons for the "poor performance" in doing e-scrutiny of tax returns.

The government on Thursday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year.

Revenue department on Wednesday asked duty free shops at airports to display prices of goods in Indian currency as well as the exchange rate.

The Finance Ministry Sunday listed out steps taken by the Revenue Department to boost growth and employment by giving relief to small tax payers, businesses and professionals.

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The Centre has ordered 33 senior officials of the revenue department to take premature retirement, apparently due to non-performance, as per a media report.

Government is looking to further simplify Income Tax return forms to help taxpayers fill them without seeking help from experts and the Revenue Department has set up a committee in this regard.