India collected Rs 1,51,718 crore gross GST revenue for October 2022

2 thoughts on “India collected Rs 1,51,718 crore gross GST revenue for October 2022”

1. CBDT releases draft Common Income Tax Return Form for public consultation

   DATE: 01 NOV 2022

   At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not, which increases the time taken to file the ITRs.

   The proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common ITR, at their convenience. The scheme of the proposed common ITR is as follows:

   1. Basic information (comprising parts A to E), Schedule for computation of total income (Schedule TI), Schedule for computation of tax (schedule TTI), Details of bank accounts, and a schedule for the tax payments (schedule TXP) is applicable for all taxpayers.
   2. The ITR is customized for taxpayers with applicable schedules based on certain questions answered by the taxpayers (wizard questions).
   3. The questions have been designed in such a manner and order that if the answer to any question is ‘no’, the other questions linked to this question will not be shown to the taxpayer.
   4. Instructions have been added to assist the filing of the return containing the directions regarding the applicable schedules.
   5. The proposed ITR has been designed in such a manner that each row contains one distinct value only. This will simplify the return filing process.
   6. The utility for the ITR will be rolled out in such a manner that only applicable fields of the schedule will be visible and wherever necessary, the set of fields will appear more than once.

    

   As evident from the above, the taxpayer will be required to answer questions which apply to it and fill the schedules linked to those questions where the answer has been given as ‘yes’. This will increase ease of compliance. Once the common ITR Form is notified, after taking into account the inputs received from stakeholders, the online utility will be released by the Income-tax Department.

   The draft common ITR, based on the above scheme, has been uploaded on http://www.incometaxindia.gov.in for inputs from stakeholders and general public https://incometaxindia.gov.in/news/common-itr.pdf. A sample ITR illustrating step by step approach for filing the ITR and two customised sample ITRs for firm and company have also been provided for illustration. The inputs on the draft ITR form may be sent electronically at the email address dirtpl4[at]nic[dot]in with a copy to dirtpl1[at]nic[dot]in, latest by 15th December, 2022.

2. Railways earns Rs 92345 Crores from Freight loading till October 2022 in current financial year

   Freight Earnings increases by 17% as compared to the same period of last year

   Railways achieve Freight Loading of 855.63 MT till October’ 22- an improvement of 9% over last year loading

   01 NOV 2022

   On mission mode, Indian Railways’ Freight loading for first seven months of this financial year 2022-23 has crossed last year’s loading and earnings for the same period.

   On cumulative basis from April – Oct. 22, freight loading of 855.63 MT has been achieved against last year’s loading of 786.2 MT, an improvement of about 9% over last year loading. Railways have earned Rs 92345 crore against Rs 78921 crore last year which is an improvement of 17%.

   During the month of October 22, Originating freight loading of 118.94 MT has been achieved against loading of 117.34 MT in Oct 21, which is an improvement of 1.4% over last year. Freight revenue of Rs. 13353 crore has been achieved against Rs 12313 crore freight earnings in October 21, thereby an improvement of 8% over last year.

   Following the Mantra, “Hungry For Cargo”, IR has made sustained efforts to improve the ease of doing business as well as improve the service delivery at competitive prices which has resulted in new traffic coming to railways from both conventional and non-conventional commodity streams. The customer centric approach and work of Business Development Units backed up by agile policy making helped Railways towards this landmark achievement.

Comments are closed.