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<ul><li>India’s Central Board of Direct Taxes (CBDT) wants 12.5 million fresh tax filers under its umbrella by the end of FY19. </li><li>More than bringing new ‘tax payers’ into the system, it’s about bringing new ‘tax filers’ under the purview of the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Department (ITD) so that individual incomes are disclosed. </li><li>The biggest ask is from the states of Punjab, Haryana, Himachal Pradesh and Jammu &amp; Kashmir who have been asked to get 1.2 million new tax filers into the system before closing.</li></ul>Over <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">7.5 million</a> new tax filers have emerged in India for the current financial year so far, but country’s Income Tax Department (ITD) wants to break the previous year’s record of 10.6 million. In order to so, the Central Board of Direct Taxes (CBDT) has issued directives to widen the tax base further with the target of bringing <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">12.5 million</a> fresh tax filers under its purview. ITD officials <a href="https://www.businesstoday.in/current/economy-politics/around-75-lakh-new-tax-filers-added-to-it-list-this-year-cbdt/story/288294.html">believe</a> that the reason for such great numbers is the policies and enforcement measures undertaken to keep a check on the tax evasion. In its Central Action Plan (CAP), the ITD reiterates that awareness seminars and outreach programmes should be conducted to promote voluntary compliance, especially when it comes to Tier 2 and Tier 3 cities. Are you a new taxpayer or a new tax filer? Just because you file an income tax return, doesn’t necessarily mean that you’re a new taxpayer. A person can file legitimate returns, but still not come into the taxable bracket if your income is below the minimum threshold. So, in order to be a new taxpayer, not only do you have to file your returns but your income also has be taxable. But, in this case, the ITD is only looking for new tax filers, regardless of their salaries. Because once an individual becomes a part of the ITD’s database, it’s <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">unlikely</a> that their income will remain anonymous. The CAP is published by the CBDT annually acting as a vision document describing the future state and prospects for the ITD. Rather than an arbitrary number left to linger on its own, the CBDT has specified targets for states across the country. Punjab, Haryana, Himachal Pradesh and Jammu &amp; Kashmir have the highest target of getting 1.2 million new tax filers. The ITD says this target has been set taking the increase in economic activities into consideration. Pune and Tamil Nadu region are supposed to get 1.1 million and 1 million new tax filers, respectively. The Andhra Pradesh and Telangana regions have to get 1 million new filers while Gujarat, Karnataka and Goa regions follow the tally apart from 12 other I-T regions in the country.

India already has 7.5 million new tax filers, but it’s aiming for 12.5 million by the end of this financial year

Brought into effect by the biggest ever tax reform in India, GST has highly eased how businesses are done in the country. The essence of GST is creating a single system of tax collection across the nation to increase the taxpayer base and avoid the tax complexities. It has integrated multiple taxes into a single system. Why go for GST registration? Registering under GST is incumbent in India for individuals and entities supplying goods or services. GST becomes mandatory when the aggregate value of the supply can exceed over Rs. 20 lakhs per annum. In case of the entity doing business in a state classified under special category, GST registration is mandatory when the total value of the supplies might cross 10 lakhs per annum. Irrespective of the turnover, a person or entity can also choose to go for GST registration. Initially the GST guidelines made it not possible to surrender a voluntary GST registration for a period of one year. Eventually this was modified and the new regulations permit the surrendering of voluntary GST registration by the applicant anytime. Here we discuss the step by step procedure of registering under <keyword id="3612537" type="PERSON" weightage="20" keywordseo="gst-in-india">GST in India</keyword>. <keyword id="7261268" type="UNKNOWN" weightage="20" keywordseo="GST-registration-process">GST Registration Process</keyword> <ul><li>The Central Government of India maintains an online portal to facilitate GST registration online. Here are the steps to register under GST.</li><li>Either through a Facilitation Center or on the GSTN portal, the applicant will have to submit his PAN, mobile number and email id in Part A of Form GST REG–01. </li><li>The GST portal verifies the PAN and also sends a one-time password (OTP) for verifying the mobile number and email id. After verification, the portal sends a reference number for the application submitted on the registered mobile number and email id of the applicant. An electronic acknowledgement will be issued to the applicant in FORM GST REG-02. </li><li>The applicant has to fill in Part- B of Form GST REG-01 by inputting the application reference number. Following this, the form has to be submitted with the necessary documents attached.</li><li>In case the portal will need any additional information from the candidate, Form GST REG-03 will be issued. From the date of receipt of Form GST REG-03, the applicant must furnish the information asked by responding through Form GST REG-04 within 7 working days.</li><li>The registration certificate in Form GST REG –06 is issued to the applicant both for the principal place of business and also for every additional place of business. If an individual or entity operates multiple businesses within a state, separate application must be submitted for GST registration for each of the businesses. </li></ul>Other useful information on GST registration In case the GSTN registration portal is not satisfied with the details submitted by the candidate, the GST registration application will be rejected using Form GST REG-05. The applicant who needs to deduct TDS or collect TCS is expected to register by submitting an application in Form GST REG – 07. If the authorities find that the entity or individual is no longer liable to deduct TDS or collect TCS, the applicant will be notified of it and the registration will be cancelled in such a case.

What you need to know about the GST registration process

India is soon going to follow the one-nation, one-tax principle after the implementation of the <keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">goods and services tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword>) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the <keyword id="65338" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Department">Income Tax Department</keyword>. The department might take a path-breaking initiative of jurisdiction-free assessment of incomes, which would mean that a Delhi-based taxpayer could be assessed by an <keyword id="140564" type="POSITION" weightage="100" keywordseo="Income-tax-officer">income tax officer</keyword> based in Lucknow. If taken, this would be a significant leap toward eradicating corruption because of lesser need for face-to-face contact between citizens and tax officials to the absolute minimum. It would also speed up the processing because of least requirement of interactions. The step would involve amending the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">income tax</keyword> law and would also end the relevance of various geographic locations presently divided in wards and circles. The move was suggested by a high-level internal report of the <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>), and is being considered enthusiastically for being implemented in the next financial year. "We are looking at it," a CBDT official told <a href="http://economictimes.indiatimes.com/news/economy/policy/one-nation-one-tax-department-i-t-takes-cue-from-gst/articleshow/59026099.cms">ET</a>.

Income Tax department might follow the GST path

New Delhi, Dec 20 () In a bid to meet ambitious tax target amid economic slowdown, the Finance Ministry on Friday held a review meeting with tax officials and directed them to make special efforts to identify and book tax evaders through data analytics and information sharing.
The meeting chaired by Revenue Secretary Ajay Bhushan Pandey deliberated on sharing information between GST and income tax departments about all such taxpayers who have taken high input tax credit (ITC) but the information does not match with their personal income tax return submitted to I-T department, sources said. 
Also, the GST information would be made available to income tax departments to identify the cases of suppression of personal income or tax evasion by showing lower GST turnover or taking refund from GST fraudulently. 
The officials were told to get into a campaign mode to recover past arrears, sources said.
In furtherance of its concerted efforts to augment tax collection in the coming four months, the Department of Revenue conducted this meeting with senior income tax officials including all its Principal Chief Commissioners and Chief Commissioners to strategise and achieve direct tax collection target of Rs 13.5 lakh crore despite recently announced corporate tax relief of Rs 1.45 lakh crore by the government. 
 Directions were given to the taxmen to put forward special efforts to identify and book tax evaders through data analytics and information sharing and also share findings with GST officials to initiate stern actions against wilful tax evaders or those using fake invoices or inflated or fake e-way bills, source said. 
 However, officials were asked to ensure that the genuine taxpayers shall not be troubled but none of the tax evaders should go scot free. 
 Officials were also told to communicate with taxpayers that they must genuinely file their taxes before the taxman/notice of the tax department reaches them, sources said.
It may be noted that the government is taking all possible careful measures to curb tax evasion and leakages in its anti-evasion drive. 
Earlier this week, the GST Council in its 38th meeting decided to lower the limit of ITC outgo from 20 per cent to 10 per cent before invoices are loaded. 
To genuine taxpayers who have mistakenly missed out some information in their tax return, tax authorities have provided them an opportunity to submit their revised returns as well, sources said.
It may be recalled that earlier this week, the finance ministry put its GST tax collection targets to Rs 4.45 lakh crore for the remaining period of this financial year with targeting of Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month. DP MKJ

Finmin asks tax officials to identify, book tax evaders through data analytics

New Delhi, Feb 6 () Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. "CBIC launches application for sharing information between Centre and State for targeted enforcement action against GST evasion. A big leap in intelligence sharing and cooperative federalism #GST," the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet. Currently, state tax officials administer and control 90 per cent of the assessees below Rs 1.5 crore annual turnover, and the remaining 10 per cent is with the central tax officers.For those assessees with an annual turnover of over Rs 1.5 crore, the Centre and states share control in 50:50 ratio.To plug leakage, the central and state government officials had last month decided to scrutinise goods and services tax (GST) refund claims more diligently, compulsorily investigate all fake claims and step up coordination between income-tax and GST authorities. It was also decided that GST Network, CBIC and Central Board of Direct Taxes (CBDT) will share data on a quarterly basis for early identification and checking of fraud cases. Following delay in payment of GST compensation to states by the Centre due to lower-than-expected revenue collection the authorities have decided to step up enforcement actions and data exchange. JDMKJ

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

New Delhi, Dec 20 () Former Chief Economic Adviser Arvind Subramanian on Friday said there is no space for expansionary fiscal policy and opined against reducing personal income tax rate.
 "...no space to have expansionary fiscal policy. There's a lot of talk about personal income tax cut and raising GST rates, and I would be categorically against the both, we do not have the space," he said at an event here.
 Subramanian further said that he thinks personal income tax cuts motivated by desired increased consumption are highly inequitable.
 Any cut in personal income tax, he said, will benefit the only top 5-7 per cent people, who are actual taxpayers.
 "So if you want to boost consumption it has to be something much more, which actually reaches much poorer people. It has to be some kind of DBT (direct benefit transfer) or universal basic income (UBI)," he said.
 Reminding that all the countries that are developed have more number of tax payers in their respective systems, he said adding that it is beneficial in the long term.
 While on the other hand opposing GST rates hike, the former CEA said that it will affect the consumption and a slowdown or a recession is not the time to be embarking on (such options).
 "You can't have too much expansionary fiscal policy but equally you can't be crunching government demand at a time when the economy is weak and in stress," he added.
 India's economic growth fell to the lowest in more than 6 years at 4.5 per cent during the second quarter ended September of the current fiscal due to slowing demand as well as fall in output, exports among others. In the first quarter ended June of 2019-20, the economy grew by 5 per cent, which was the lowest in six years.
 On the GST front, the government earlier this week fixed a uniform tax rate of 28 per cent on both state and private lotteries, which is to come to effect from March 2020.
 In the previous various meetings of the GST Council, the government has cut the rates on various services and goods, amidst GST collections remaining below expectations, with an aim to boost demand.
 Amid concerns that the government may fall short of tax collection target in a slowing economy, the government has set an ambitious Rs 1.1 trillion monthly GST target for the remaining four months of the current fiscal and asked taxmen to step up efforts to achieve the goal. KPM MKJ

No space for expansionary fiscal policy: Ex-CEA Arvind Subramanian

New Delhi, Nov 25 () The Central GST collection so far this fiscal stood at Rs 3.26 lakh crore, which is around half the government's target for 2019-20, Parliament was informed on Monday.
 "The Budget Estimates for Central Goods and Services Tax (GST) for 2019-20 has been fixed at Rs 6,63,343 crore. The actual net GST collection for the Centre till October 2019 in current fiscal year is Rs 3,26,490 crore," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha.
 He said the shortfall or excess in collection of GST with respect to budget estimate, if any, is calculated after completion of financial year.
 The minister was responding to a question on details of the shortfall in GST collections of indirect taxes until October this fiscal against the budgetary projections.
 On direct taxes, the minister said that for 2019-20, the budget estimate is Rs 13,35,000 crore.
 Between April-October, 2019 the net collection of direct taxes is Rs 5,18,084 crore.
 When asked about the details of the revenue loss to the government on account of corporate tax rate reduction, Thakur said:"The likely revenue forgone due to the reduction in corporate tax rates has been estimated to be Rs 1,45,000 crore."
On reasons for not cutting personal income tax rates, the minister said over the past years, the government has provided personal income tax relief to taxpayers taking into account the overall needs of the economy.
In reply to a separate question on the effect of slowdown on tax collection and fiscal deficit, Thakur said the revised estimates of tax collection and fiscal deficit are decided at the time of preparation of the budget estimate for the next year.
 "The exercise for preparation of budget estimate for 2020-21 and revised estimates for 2019-20 is underway. At this stage, it may be premature to assess the revised estimate against the budget estimate for 2019-20 with respect to taxes," he said.
 The expected central taxes revenue for 2019-20 will be re-assessed and presented as revised estimate in the general budget, 2020-21, the minister said. 
 The recent initiatives undertaken by the government include basic tax exemption limit enhancement from Rs 2 lakh to Rs 2.5 lakh; increase in the limit for claiming deduction under section 80C of the Income Tax Act from Rs 1 lakh to Rs 1.5 lakh and standard deduction of Rs 40,000 for salaried taxpayers as well as pensioners. KPM KPM ANU
ANU

Central GST collection at Rs 3.26 lakh cr in FY'20: Thakur

H&amp;R Block is one of the largest companies offering tax services worldwide. The company opened up its operations in India in 2012 with an objective of providing easy to use tax paying services to millions of individuals in the country. Some of the different services provided by H&amp;R Block include Individual <keyword id="2450498" type="PERSON" weightage="20" keywordseo="income-tax-filing">Income Tax Filing</keyword>, U.S. Expat Tax Filing, Business Tax preparation and GST managed services. <keyword id="7873850" type="UNKNOWN" weightage="20" keywordseo="tax-filing-support">Tax filing support</keyword> to individuals H&amp;R Block provides tax filing services via two modes namely Income Tax e-Filing by Experts, and Self e-Filing of Income Tax Returns. In the former method, the individual registering for the services is allotted a dedicated tax expert who will guide the person with the entire process of tax filing. They can assist in helping the individual understand the modalities of the taxation, prepare the tax returns and file the ITR online. Alternatively, the individuals can also choose to pay the taxes themselves by using a highly intuitive online tax paying tool offered by their exclusive website. This is a wonderful tool that can extract the data from the individual’s Form 16 automatically enabling an easy filing of taxes online in just 3 easy steps. Tax filing support to businesses H&amp;R Block also provides tax filing services to businesses in two ways – firstly through personal interaction and secondly through the online filing services via ITR 3 and ITR 4. The GST managed services offered by the company is a comprehensive solution available to ensure compliance with GST. The portal takes care of all the needs related to GST including registration, reconciliation and return filing. In addition, businesses and individuals can benefit from the tools provided by the site including Income Tax Calculator, Advance Tax Calculator and a Ready Reckoner for Income tax that you can download from the site. Free tax fling with H&amp;R Block The dedicated website administered by H&amp;R Block offers free e-filing option in the online mode. In this connection, the individuals can also benefit from the expert tax preparation help provided by the experts working with the company. <keyword id="7873853" type="UNKNOWN" weightage="20" keywordseo="Electronic-tax-filing">Electronic tax filing</keyword> Electronic tax filing is the process that enables individuals submit their tax returns to the IRS online. This is a highly desired process since this method significantly reduces the processing time for tax returns and also enables the individuals get a return quickly. Most times, it is not possible to find a free e-filing option. H&amp;R Block provides a range of tax filing options among which free e-filing is possible. How to use the free e-filing option? Individuals desiring to file their ITR free of cost online can benefit from the tax software offered by the site and the online tax filing mode offered by the company. The tax payers can get a free e-file credit provided by the organization. Majority of tax filing companies charge a lump sum fee for tax filing services. H&amp;R Block helps individuals avoid paying additional fee for completing the taxes online. If you can work properly with the several options provided by the site, you can explore ways to save a significant amount of fee on your tax filing.

Can I file my taxes free with H&R Block?

If you are earning Rs 20 lakh annually from renting or leasing commercial property, you’ll have to pay tax. Under the new norms, GST will be levied on commercial rental income beyond Rs 20 lakh. Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. "Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent," said Adhia. The taxpayers will have to register themselves with the GST Network and pay taxes. So far, nearly 69.32 lakh registered excise, service tax and VAT payers have migrated to the GSTN portal. There are over 80 lakh such assessees in the earlier indirect taxation regime. GSTN Chief Executive Prakash Kumar said out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certicate is being issued to them. The remaining 30.8 lakh taxpayers are being sent SMS and emails by GSTN so that they complete the registration process by giving the details of the business like main place of business, additional place of business, promoters details. Besides, over 4.5 lakh new assessees have registered on the GSTN portal since June 25. Adhia further said that the facility to amend the details of businesses provided to the GSTN portal at the time of registration will open on July 17. Also, registration for GST practioners will open on the same day. Besides, cancellation of registration can be done online.

Earning income by renting commercial properties? Be ready to shell out GST. Here are the details

<ul><li>The <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> forms now require additional details </li><li>There are changes in the <keyword id="3690072" type="PERSON" weightage="20" keywordseo="LTCG-tax">LTCG tax</keyword>, surcharge on total income, tax on income from house property and tax slabs </li><li> The deadline to file the returns is 31 July. </li></ul> The 2017 <a href="https://www.indiabudget.gov.in/">Budget</a> made a lot of changes in the filing of <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">Income Tax Returns</keyword>. It is important to take care of these <a href="https://www.moneycontrol.com/news/business/personal-finance/here-are-some-important-changes-in-itr-filing-process-that-you-should-not-ignore-as-you-file-your-returns-2764231-7.html">changes </a>so that you can save yourself the effort and time of filing a revised return in case you commit any errors. The deadline to file the returns is 31 July. Tax slab decreases Income is categorised into different groups based on its amount and each such group is known as tax slab. Tax is charged at different rates for different slabs. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> slab rates have changed for the Annual Year 2019. For individuals with taxable income between ₹2.5 - 5 lakh, the tax has been reduced from 10% to 5%. The tax slab for individuals earning ₹5 - 10 lakh, and for those with income above ₹ 10 lakh, remain 20% and 30% respectively. Modification in tax on income from house property Section 24B allows you, as an individual, to make certain deductions from the net annual value of your house property. In the previous year, the entire amount was allowed to be deducted under Section 24B on the interest paid on home loan. However, it has now been restrict to ₹2 lakh. Furthermore, earlier a complete loss set-off from your house property was allowed. There was no ceiling on the amount. However, now the loss has been restricted to ₹2 lakh in one financial year. The remaining loss can get carried forward for the next eight years. Amendments in LTCG tax Earlier, long-term capital gains (LTCG) tax was claimed on an immovable property with the holding period of three years. It has now been reduced to two years, from AY19. Furthermore, the base year for tax indexing for determining the LTCG tax has been revised from <a href="https://economictimes.indiatimes.com/wealth/tax/budget-2017-shifted-indexation-calculation-base-to-2001-who-gains/articleshow/57034487.cms">1981 </a>to 2001. This means that the purchase price of an asset bought before 1 April 1981 could be calculated on the basis of the fair market value of 1981, however, from now onwards, the purchase price will be calculated based on the fair market value of 2001. New surcharge on total income Earlier the surcharge was 15% of income tax, only if the total income exceeds ₹1 crore. From AY19 a 10% surcharge will be applicable if the total income is between ₹50 lakh and ₹1 crore. If the income exceeds ₹1 crore, a surcharge of 15% would be required. Also, Section 87A earlier provided a rebate up to ₹5,000, but the same has been lowered down to half the amount, that is, upto ₹2,500. Need of additional details in ITR forms Sahaj or ITR-1 form, used by most of the salaried class, will now require additional details related to the break-up of your salary, such as details of perquisites, allowances etc. It would also require detail of income from your property including rental income, tax given to local authority, etc. Also, in the new ITR form, details of the exemption of capital under section 54 of the Income Tax Act need to be mentioned separately in relevant columns. Furthermore, the old ITR-4S tax form, mostly for businesses, has been renamed ITR-4 and would now need additional details such as secured/unsecured loan details, fixed assets, capital account, etc. Turnover details and GST declaration Taxpayers have to specify the exact turnover details while filing Goods &amp; Services Tax (GST) and would further need to mention the GST detail while filing their ITR. General advice <ul><li>You should keep all important documents in one place before you begin to file your returns. It will save time and reduce errors. </li></ul><ul><li>You must also claim all tax benefits and deductions properly, even if you forgot to mention them in your tax declaration. </li></ul><ul><li>You must note whether the interest you earn from your recurring deposits (RD) and fixed deposits (FD) are fully taxable at the applicable slab rates or not. Interest earned up to ₹10,000 from savings bank account is exempt under Section 80TTA.</li></ul>

Keep these changes in mind while filing your ITR to prevent errors

New Delhi, Dec 18 () In an unprecedented move, GST Council - the highest decision making body of the new indirect tax regime - on Wednesday witnessed first-ever voting on the issue of levying tax on lotteries as states expressed divergent opinions. 
Decisions in the previous 37 meetings of the GST Council, headed by Union Finance Minister and comprising of representatives of all states and UTs, had been taken unanimously. These included fixing of tax rates on dozens of goods and services but never had voting done to decide on the issue.
However, when the issue of levy of GST on lottery came up at the 38th meeting of the Council, consensus eluded, sources said. This led to a vote being taken to decide on the issue by a majority.
Sources said a uniform rate of 28 per cent GST rate will now be applicable on lotteries from March 1.
Currently, dual GST rates are imposed on lotteries.
As many as 21 states voted in favour of 28 per cent GST rates as opposed to 7 against it, they said.
The lottery industry has been pressing for a uniform GST rate of 12 per cent and removal of tax on the prize money, saying the existing dual rate is hampering the growth of the business.
Currently, a GST of 12 per cent is levied on state lotteries sold within a state and 28 per cent on those sold outside that state.
To sort out differences in the views among states, the GST Council had earlier constituted an eight-member group of ministers under the chairmanship of Maharashtra Finance Minister Sudhir Mungantiwar.
The Council in its July meeting had also decided to seek a legal opinion from the Attorney General on the issue.
In a representation made to Finance Minister Nirmala Sitharaman, All India Federation of Lottery Trade &amp; Allied Industries suggested that the GST Council could consider imposing GST on lotteries after abating the prize money component of the lottery ticket since the said amount never forms part of the income in the lottery trade. DP ANZ
BAL

Voting at GST Council to decide on tax on lottery

(Eds: Adding details) New Delhi, Mar 24 () The government on Tuesday extended the deadline for filing income tax and GST returns, raised threshold of default that could trigger insolvency of a company and waived charges on cash withdrawals from ATM of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.The last date for filing income tax returns for 2018-19 as well as that for linking PAN with biometric ID Aadhaar has been extended by three months to June 30. The last date for filing GST annual returns for last fiscal, which is due on March 31, has also been extended till the last week of June. As the outbreak of the Covid-19 pandemic and the lockdowns across cities create large scale economic disruption, Finance Minister Nirmala Sitharaman announced that the threshold of loan default that could trigger insolvency proceedings has been raised to Rs 1 crore from the existing Rs 1 lakh now. "This will by and large prevent triggering of insolvency proceedings against small, micro and medium enterprises (MSMEs)," she said at a news conference. "If the current situation continues beyond April 30, 2020, we may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) 2016 for a period of 6 months so as to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default." With lockdowns restricting movements, the government waived a minimum balance fee on the savings bank account as well as allow charge-free withdrawals from any bank ATM for three months. Also, bank charges for digital trade transactions for all trade finance consumers have been reduced. For companies, it relaxed mandatory requirement of holding meetings of the board of directors by 60 days and waived the fee for late filings during the moratorium period. Stating that the announcements done on Tuesday were to ease the burden of compliance on citizens during the lockdown period, Sitharaman said an economic relief package was in works and it will be announced "sooner rather than later". "Every attention is being given to the economy. The Prime Minister himself is closely monitoring the situation," she said adding multi-layered composition of the Covid-19 Economic Task Force, announced by the Prime Minister last week, is already working. Inputs from sub-groups of the task force on various sectors of the economy are being analysed in detail. "And as I said, the economic package is being worked out. And as I said earlier, sooner we shall come with an announcement on that," she said. "The work of the task force which is multi-layered is already almost intensively nearing a conclusion. So, the task force based report and the action following the task force's report are almost at its peak. And that is why I have said, we will announce the economic package sooner rather than later." "Work is going on we are very close to announcing economic package," she said.The measures announced included an extension of the deadline for the tax settlement scheme, Vivad se Vishwas, to June 30, 2020, along with some other income tax filing requirements. The extension of timelines for GST returns for three months -- March to May, to the end of June without any late fees, penalty and interest for enterprises with turnover less than Rs 5 crore will provide significant relief for SMEs who are likely to be subject to intense liquidity pressures. While the extension of default threshold for IBC applicability from Rs 1 lakh to Rs 1 crore will act as a protection for MSMEs in the current crisis period and further, the intent to suspend creditor rights on corporate insolvency for a temporary 6-month period was also hinted by the finance minister. This will arrest any possible move by lenders to proceed under IBC in a scenario where corporate asset quality has already seen stress due to the continuing economic slowdown and is being further aggravated by the Covid-19 led lockdown. Also, due dates for notices as well as investment in saving instruments or investments for rollover benefit of capital gains under the Income Tax Act were extended to June 30. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS and STT, a reduced interest rate of 9 per cent instead of 12/18 per cent will be charged for this period. No late fee/penalty shall be charged for the delay. Goods and Services Tax (GST) returns for the month of March, April and May can now be filed by last week of June with no interest, late fee and a penalty for companies with less than Rs 5 crore turnover. Others can file GST returns for these months by last week of June but the same would attract a reduced rate of interest of 9 per cent per annum from 15 days after the due date (current interest rate is 18 per cent per annum). No late fee and penalty to be charged, if complied before June 30. Also, the date for opting for the composition scheme has been extended till the last week of June. DP ANZ ANZ ANUANU

You Searched For "income tax and GST" and got 12 results

India already has 7.5 million new tax filers, but it’s aiming for 12.5 million by the end of this financial year

BI India Bureau

What you need to know about the GST registration process

BI India Bureau

Income Tax department might follow the GST path

BI India Bureau

Finmin asks tax officials to identify, book tax evaders through data analytics

PTI

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

PTI

No space for expansionary fiscal policy: Ex-CEA Arvind Subramanian

PTI

Central GST collection at Rs 3.26 lakh cr in FY'20: Thakur

PTI

Can I file my taxes free with H&R Block?

BI India Bureau

Earning income by renting commercial properties? Be ready to shell out GST. Here are the details

BI India Bureau

Keep these changes in mind while filing your ITR to prevent errors

BI India Bureau

Voting at GST Council to decide on tax on lottery

PTI

Govt extends tax deadlines, waives ATM charges, relaxes insolvency norm ahead of eco stimulus

PTI

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