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Budget 2023:&nbsp;There are multiple terminologies that are used in the Budget. But commoners are unable to relate to those words. Tax is the most talked about the topic ahead of the budget as people expect some announcements.

Budget 2023: What is Direct Tax and Indirect Tax? Explained 

Already stressed due to huge NPAs, commercial banks now find themselves in a situation where they might have to end free services for the common man.&nbsp;

Your free bank ATM cash withdrawal, cheque, deposit, locker visits face this big threat; here's why

According to the sources, preliminary scrutiny indicated that several newly created LLPs and HUFs as well as proprietary firms have claimed transitional credit for which they were not eligible. The CBEC has already asked chief commissioners to scrutinise all transitional credit claims of over Rs 1 crore.&nbsp;As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-GST regime.

Tax evasion crackdown: Proprietors, LLPs, HUFs under CBEC scanner now

"It can be seen that only 8.87%&nbsp;of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

Govt recovered less than 9% service tax arrears in FY17: CAG

The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said.

First post-GST budget likely on Feb 1

Top domain experts and officials from the GST Intelligence and the Central Board of Excise and Customs (CBEC) briefed judges about the new tax system recently, according to documents available in the public domain.

High Court judges, experts brainstorm on likely GST litigations

Hotel, restaurants body meets GST Council over tax rates

Just few months after the introduction of the GST, the new tax regime has seen several teething troubles and compliance issues.

Govt says GST rates may be rejigged to reduce burden on SMEs

However, GST, as accepted by the Government, is going to see some hiccups in the beginning as is the case with any disruption. Past few weeks has seen companies destocking their products at a rate faster than expected. Industry experts believe that normalisation may return to the Indian economy only by the third quarter (Q3FY18) of the current fiscal, i.e. September to December 2017 period.&nbsp;

GST: The transition issues and what it means for India 

Fast forward; GST set to transform face of Indian logistics industry

Sooner or later states will have to bring petroleum under GST, says Arun Jaitley

On Sunday, Finance Minister Arun Jaitley in 17th meeting said that GST on restaurants in five-star hotels was reduced to 18% from 28%, bringing it at par with standalone air-conditioned restaurants.

GST rollout: Be ready to pay 18% service tax even at non-AC restaurants

GST implementation may increase expense ratio of fund houses

The collections of excise duty may take hit&nbsp;as dealers are refraining from purchasing goods from manufacturers as they are not sure about tax credits and rates under GST, which is slated for July 1 launch.

GST cloud hangs over excise mop-up as dealers hold up tight

The government will try to finalise the rates of tax for each item at the earliest, the Revenue Secretary said.

GST will not bring major hike in tax burden: Official

<strong style="margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; font-size: 15px; font-family: &quot;Open Sans&quot;, Arial, sans-serif; color: rgb(59, 59, 59); background-color: rgb(242, 242, 242);">The Central Government has issued new guidelines on ‘Service Charges’ in hotels. While the guidelines make mandatory collection of service charge an unfair trade practice, the success of this move is still doubtful. &nbsp;

Government issues new guidelines on Service Charge in Hotels, but doubts still remain

In January, the Department of Consumer Affairs stated that service charge on food bills is not compulsory and a customer can choose to have it waived if not satisfied with experience.

Restaurants cannot decide service charge, Govt says

"Our Department's view is that imposing service charge is an unfair trade practice and consumers need not pay," Paswan had said in January.

Centre to issue advisory against service charge on food bills

Service tax on a restaurant bill has been laid down in the Service Tax Act.&nbsp;

Here's what Service tax, service charge and service tax number mean for your food bill

The ministry said, "As against the Revised Estimate, the provisional figure of tax collection is&nbsp;Rs 17.10 lakh crore, which is a growth of around&nbsp;18%&nbsp;compared to last."&nbsp;

India's FY17 tax collection reaches Rs 17.10 lakh crore

service-tax

Budget 2023: There are multiple terminologies that are used in the Budget. But commoners are unable to relate to those words. Tax is the most talked about the topic ahead of the budget as people expect some announcements.

Already stressed due to huge NPAs, commercial banks now find themselves in a situation where they might have to end free services for the common man. 

According to the sources, preliminary scrutiny indicated that several newly created LLPs and HUFs as well as proprietary firms have claimed transitional credit for which they were not eligible. The CBEC has already asked chief commissioners to scrutinise all transitional credit claims of over Rs 1 crore. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-GST regime.

"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said.

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Service Tax

Budget 2023: What is Direct Tax and Indirect Tax? Explained

Your free bank ATM cash withdrawal, cheque, deposit, locker visits face this big threat; here's why

Tax evasion crackdown: Proprietors, LLPs, HUFs under CBEC scanner now

Govt recovered less than 9% service tax arrears in FY17: CAG

First post-GST budget likely on Feb 1

High Court judges, experts brainstorm on likely GST litigations

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