Not Filing GST Returns On Time Could Cost Businesses Their Assets, Government Considering Income Tax Cuts in Budget

Not filing GST returns on time could cost businesses their assets, tax registration. Finance Ministry considering income tax cuts and new tax slabs in upcoming Budget.

 

TAXES

Not filing GST returns on time could cost businesses their assets, tax registration.

Penal Action: As per government instructions to field officers, not filing GST returns on time could cost businesses their assets and their tax registration. The new guidelines were issued on Tuesday.

 

The move comes at a time when revenue collections and tax return filings remain way below expected levels. Against the total GST registrations of 12.2m as of June 2019, only 7.8m filed their returns for October, as per official data. Livemint

Finance Ministry considering income tax cuts and new tax slabs in upcoming Budget.

Cut It Down: As the country waits for the third Budget in 12 months, rumours are rife that the Finance Ministry is mulling over income tax cuts and new tax slabs to encourage Indians to spend more.  More details here.

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