After DGGI refused Instakart’s plea to allow appearance of its officials via video conference, the company filed a writ petition in the Delhi High Court earlier this month.
Under GST, a taxpayer can discharge any outstanding tax liability through a form called DRC-03. This is used by taxpayers to address short tax payment or for discharging liabilities in response to show cause notices from the
In addition to PLI scheme, the finance secretary counted corporate rate cuts, tax incentives to sovereign wealth and pension funds announced in the Budget this year and modified labour laws as measures towards attracting inve
In a bid to integrate export ecosystem with the wider domestic economy, the government may allow manufacturers who make goods for domestic supplies to operate within the special economic zones (SEZs), official sources said.
Pharmaceutical companies usually invest heavily on a manufacturing line for a new drug or vaccine in their export facility as the returns are attractive.
The Central government has also relied on attorney general’s (AG) opinion. The legal opinion held that states can borrow on the basis of future receipts of compensation and thus do not need Council’s recommendation to rai
State GST (S-GST) collections in the last fiscal were about Rs 5.17 lakh crore or Rs 1.65 lakh crore less than what the constitutionally guaranteed 14% compounded annual growth would require.
Finance ministry sources had earlier claimed that 21 states had agreed to the Option 1 mooted by the Centre, which involves the states borrowing from the market amounts equivalent to their estimated FY21 GST revenue shortfall
Overall direct tax collections (post-refunds but before devolution to states) came in at Rs 10.37 lakh crore in FY20, lower than Rs 11.25 lakh crore collected in FY19.
While six more states are likely to convey their borrowing preference sometime this week, many states, including Punjab, Kerala, Tamil Nadu, West Bengal and Delhi, have objected to the idea of states borrowing from the market
The proceeds of this tax could then be claimed by the central government as central GST component as opposed to compensation cess proceeds which are reserved solely for states, sources said.
Sources say that GST revenue crunch was faced by both Centre and states due to Covid -19 pandemic, and GST law puts no onus on Centre to find a solution for pandemic induced revenue crunch.
A tax official said GSTR-2B is also expected to help the department to effectively implement its policy of restricting credit availability to those taxpayers whose suppliers fail to upload invoices for the purchases otherwise
According to the GST law, aggregate turnover refers to the total value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of
However, before the clarification was issued, taxpayers had construed the missing July 2017 data as a sign that GSTN would start deleting any details older than three years.
During the lockdown period, many businesses had seen long delays in getting their GST registration confirmed, and found no help on raising the issues with the authorities.
“A lot of things would depend on the discretion of assessing officer in manual assessment. We have completely revamped it. Instead of territorial jurisdiction, we have brought in dynamic jurisdiction,” Mody said.
The HSBC account information was received by several governments, including India, the US, the UK, Canada and Australia, after a whistle-blower, an employee of HSBC Private Bank (Suisse) SA, Geneva, walked out with informatio
In its October 2017 meeting, the GST Council decided that the notifications, circulars and orders which are issued by the central government with the approval of the competent authority would be forwarded to the GST Council s
Last year (FY20), nominal GDP growth was around 7.5% but the domestic GST collection, leaving aside the import part as GDP growth can be compared only with tax growth from domestic consumption, was around 9%.
What has inflated the compensation requirement is a sharp fall in revenue in April-May due to the Covid lockdown: the gross GST collections shortfall during the two month was over 50%.
While the cause of delay wasn’t clear even to individual tax officials FE spoke with, a central tax official said the lack of manpower due to Covid-19 could be one the reasons, even though the number of applications drastic
The levy is often referred to as ‘Google tax’ and is applied at the rate of 6% on payments for digital advertisement services received by non-resident companies without a permanent establishment (PE) here if these exceede