FINANCE

Many taxpayers are complaining on social media that they filed income tax returns (ITRs) around 4-5 months ago but are yet to get refunds. The Central Board of Direct Taxes (CBDT) tweeted on Wednesday that it has issued refunds worth  ₹ 1,73,139 crore to more than 15.7 million taxpayers between 1 April 2020 to 11 January 2021. Income tax refunds of  ₹ 57,139 crore have been issued in 15,455,577 cases and corporate tax refunds of  ₹ 1,15,999 crore have been issued in 210,150 cases. However, many taxpayers are complaining on social media that they filed income tax returns (ITRs) around 4-5 months ago but are yet to get refunds. However, we reported in December that some taxpayers are getting refunds within a week’s time. We reported that the ITRs are being processed faster and refunds are being issued within a week’s time. Tarun Kumar, a Delhi-based chartered accountant, told  Mint  in December, “We have seen people getting refunds in a week’s time. Something we h...

Following new functionalities have been made available to taxpayer on GST Portal: GSTR-2 Offline Version 2.1 - New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions like accept, reject and modify. Form GST CMP-02 - Intimation to pay tax under Section 10 (Composition Levy) under Rule 3(2) of CGST Rules, to be furnished by the person for opting to pay tax under Composition Levy, (Refer Notification No. 45/2017 Central Tax Dated 13/10/2017 issued by CBEC). Form GST CMP-03 - Intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised. Now this form can be filed electronically on GST portal by 30th November 2017, by virtue of Order No. 5/2017-GST Dated 28/10/2017 issued by CBEC. Form GST ITC-04 – Quarterly Statement to be furnished by taxpayer having deta...