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From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
After its launch, the GST rates have been modified multiple times, the latest being on 10 May 2023 where taxpayer with over ₹5 crore turnover in any financial year from 2017 to 2018 shall issue e-invoices w.e.f. 1 August 2023. [23] Members of the Congress boycotted the GST launch altogether. [24]
It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities, and regulation and control of narcotics through its attached/subordinate offices.
More than 163 million tax returns were received in 2024, a 0.9% increase compared to 2023, according to the IRS. The IRS said it expects more than 140 million individual tax returns for tax year ...
Read on to learn when you can file your 2024 tax return and get your refund. ... When can I start filing my taxes? The IRS started accepting tax returns on Jan. 27, although it also opened its ...
The IRS announced it will officially begin accepting 2023 tax returns on Monday, Jan. 29.. But although official processing won't begin until that date, the agency said, filers shouldn't wait to ...
The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]