Analytical Study Of Income Tax Assessment Gst Collection In India With Reference To Pre And Post Covid.

Abstract

Tax collection, decrease in corruption, and interstate movement of commodities are among the goals of the Indian Government’s implementation of the GST. Adding petroleum items to the GST is sensible since it brings the tax system in line. There should be no exceptions to the rule that all goods and services should be taxed. Indirect Taxes have made it feasible. With the concepts of income tax, Assesse means the person who are registered under the income tax act or person come under the definition of the income tax act and having permanent account number. The purpose of the assessment is to assure that proper tax has been collected by the department from the assesse or we can assure that no tax has been escaped from the collection. The study is taken over with two records of income tax and GST of a particular year. Also to determine the income tax payer’s performance and to check compliance of the tax payer increasing year on year. The tests of relationship for GST, ITR filling with pre and post COVID is tested. Government introduces income tax return form number 4 to the small and medium scale business or profession who are not required to maintain their books of accounts as required in the income tax act and person who opt this form and file their income tax return in FY 2019-20 nearly 1.54 crores and in FY 2020-21 nearly 1.99 and there is big change in assesse. Initially, the GST rates were fixed based on pre-GST tax incidence and revenue neutrality of the rates. Since the inception of GST, a number of rate rationalizations have been done on the recommendations of the GST Council, which has led to a shortfall in GST revenue.