CA Online

  Goods and Service Tax collection in the month of March 2024 rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017. The rise of GST collection in March can be attributed to the 'significant rise in GST collection from domestic transactions at 17.6 per cent,' the Finance Ministry said in a press release on Monday. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore. Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.   TOP 5 GST COLLECTIONS AMOUNT APRIL 2023 Rs 1.87 lakh crore MARCH 2024 Rs 1.78 lakh crore JANUARY 2024 Rs 1.74 lakh crore OCTOBER 2023

  April 1, which marks the beginning of a new financial year, is when many income tax rules usually come into effect (unless stated otherwise). Even if income tax rules are announced in the Union Budget or the middle of a financial year, they mostly come into force when the new financial year starts. This year, the government announced no changes in the income tax laws for FY 2024-25 during the interim budget. Hence, all income tax rules of the previous financial year remain.   Here is a ready reckoner of the income tax rules that will remain applicable from April 1, 2024.   1. Choose between the old and new tax regimes:  For TDS (tax deducted at source) on salary, the employee is required to choose between the old and new tax regimes. Remember, the new tax regime is the default tax regime option. If you do not inform your employer that you want to opt for the old tax regime, your employer will deduct tax from salary income based on the new tax regime. Do it as soon as the employer ask