Coimbatore (Tamil Nadu) [India], Jan 28 (ANI): With union budget all set to be presented in Parliament later this week, South India Mills Association (SIMA) on Tuesday expressed concern over the challenges being faced by the textile industry while elaborating on their expectations with the annual budget.
NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed.
Giving positive signs of an economic revival, the Goods and Services Tax (GST) collection in January is expected to hit record-levels. Perhaps, the highest collection may contract the revenue shortfall, said a media report.
Commerce & Industry Minister Piyush Goyal said that the agenda for WTO reforms should be balanced and inclusive, to address the historic asymmetries in the Uruguay Round Agreements.
Finance Minister Nirmala Sitharaman hasrepeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability, said an official release on Tuesday.
Last date for filing FY annual return is January 31