The Ministry of Finance said on Sunday that so far, more than 30 million income tax returns have been submitted in the 2020-21 fiscal year, and it is recommended that taxpayers who have not yet submitted their returns do so as soon as possible. An official statement stated that with the expiration date of the extension on December 31 approaches, the number of ITRs submitted every day exceeds 400,000 and is increasing every day.
Since January 2022, the government has grown the GST on manufactured goods such as garments, textiles, and footwear from 5% to 12%. The Central Indirect Tax and Customs Commission (CBIC) announced the news on November 18. From January 2022, the goods and services tax rate for fabrics will be increased from 5% to 12%, and the goods and services tax rate for clothing of any value has been increased to 12%, while the previous price does not exceed 1,000 rupees. And the service tax rate is 5%.
Following the continuous rise in the past five months, the Goods and Services Tax (GST) imposed in October increased to 1.3 trillion rupees, which is 24% higher than the same period last year and 36% higher than the same period last year. This corresponds to the month of 2019-20, which is before the pandemic. This is the second-highest income since the introduction of the new indirect system in 2017, reflecting the strong economic recovery in the second half of the fiscal year.