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Prime Minister of India has declared his intention to transform India into the world's third-largest economic powerhouse during the Government's upcoming tenure. Conversely, the International Monetary Fund (IMF) has cautioned that India's overall Government debt might surpass 100% of its Gross Domestic Product (GDP) in the medium term and that the country faces a significant risk to its long-term debt sustainability due to the substantial investment required to achieve India's climate change mitigation goals. Nevertheless, India perceives these risks as insignificant since most of its sovereign debt is denominated in the domestic currency and therefore carries limited exposure. The Lok Sabha, Parliament of India, has approved three new bills pertaining to criminal legislation, specifically bills aimed at replacing the Indian Penal Code (IPC), the Indian Evidence Act, and the Code of Criminal Procedure (CrPC). The newly enacted laws are known as the Bhartiya Nyaya Sanhi...

The Indian economy is seeing a sunny side up as the government gears up to outstrip its initial gross tax collection projections for the current fiscal year. Both direct tax and GST collections are painting a picture of potential surplus. Recent indicators suggest that the government might not just meet but exceed the aimed Rs 33 lakh crore mark, potentially hitting over Rs 34.5 lakh crore in gross taxes by the year-end. Reports highlight the stellar performance of both direct taxes and goods and services tax (GST) collections as the driving force behind this fiscal triumph. Preliminary data showcases a significant year-on-year surge of 20.66 per cent in net direct tax collections, showcasing an impressive achievement until December 17, 2023, in the ongoing financial year. Net collections, after factoring in refunds, hit Rs 13.7 lakh crore in FY24, marking a significant rise from the Rs 11.35 lakh crore reported in the corresponding period of the previous fiscal year. In a det...

The income tax department introduced the Tax Information Network (TIN 2.0) last year, aiming to enhance the taxpayer experience on the e-filing portal. Starting April 1, 2023, the entire tax payment system transitioned from the previous TIN-NSDL to TIN 2.0. TIN 2.0, the new e-Pay tax payment platform , is the official income tax department portal designed to offer taxpayers a unified platform for accessing various income tax services, including tax payments. This system replaces the OLTAS-based payment setup and is now integrated into the e-filing portal. A total of 26 banks along with the state-owned and private banks are on board as of now. The assessee of such banks shall be required to visit the income tax department e-filing portal for paying their direct taxes.  What is The Method And Where to Access It? The taxpayers need to log on to the income tax portal  https://www.incometax.gov.in/iec/foportal/ . He can find a pre-login section e-pay tax  https://eportal.incom...

The GST bill refers to the document that shows the tax information on certain transactions consisting of goods or services. GST is a complete indirect tax imposed on the supply of goods and services at every production and distribution chain phase. It acts as proof of tax paid on certain transactions and is an important document for businesses and people concerned with buying or selling goods and services. GST execution in various countries has eased the taxation regime, which makes it more clear and efficient. There is always a risk of bogus activities with any system along with the making and circulation of the bogus GST bills . Acknowledging and reporting these bogus bills is important to maintain the GST system's integrity. The GST bill elements comprised of- Understanding the GSTIN for Businesses: The GSTIN, a distinctive identifier for businesses under GST registration, aids in taxpayer identification and tracking. An Important Factor in Transaction Records for Invoice Numbe...