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
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
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
“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%.
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
Faced with the challenge of providing relief to migrant labourers stuck in other states during April — before transportation became available on May 1 — Bihar has developed a mobile application (app) which could perform b
Apart from the Centre and states which have raised their market borrowing plan for the current fiscal year amid a big revenue shortfall, the Goods and Services Tax (GST) Council may also take an unprecedented step by resolvin
Bihar has estimated that relief measures so far in the wake of Covid-19 stand at a minimum of Rs 5,000 crore, which includes direct cash transfers, transportation cost and expenditure involved in keeping returnees in isolatio