Dipping GST collections: States stare at losing revenue cover
Cess kitty may not suffice to offset shortfalls after December
Corporate tax: Small firms await clarity on MAT credit
MAT credit can be utilised only in years when the tax a firm is required to pay tax under normal provisions is higher than MAT. Such credit can be carried forward for up to 15 assessment years.
Income tax relief: Govt shelves big cuts due to huge revenue impact
The person added that the tax force reckoned that the loss of the revenue from its PIT reliefs could be made up for in three years by the resultant improvement in compliance.
GST relief for hotels, outdoor catering; hefty hike in rate for caffeinated drinks
The Council did away with the requirement of filing annual returns for taxpayers up to Rs 2 crore turnover, as part of the moves to reduce compliance burden.
Centre’s stand: Extension of GST aid to states not viable
A number of states have represented to the 15th Finance Commission that the Centre should pay them compensation for three years more to ensure that their GST revenue continues to grow 14% year-on-year, as guaranteed in the Co
Demonetisation effect: All-cash purchases of premium cars on decline, but still not rare
In some instances, such high-value purchases are being made not in the name of the actual buyer but his close associates like relatives or those he employs, a chartered accountant said on condition of anonymity. He added that
Income tax terror: Overzealous taxmen get court rap on ‘windfall gain’
I-T dept seeks to tax damages earned by foreign firm under arbitration as ‘windfall gains’, HC turns down move.
Hobson’s choice: GST cut for auto industry to cost Rs 30,000 crore to govt
Tax relief may push sales in short term, but to hit revenue hard; rate cuts may be limited to certain segments.
Less taxing: New legacy dispute resolution scheme may fetch government Rs 20,000 crore
The scheme, which was kicked off on Sept 1, will be valid till Dec 31 and will waive all interest, fine and penalty on the disputed amount
Curb on fake invoices may add Rs 50,000 crore to GST kitty
The fake invoices usually don’t have any corresponding supply of goods/services, nor do they involve payment of GST.
Doodles on Leadership | How socialist India perceived businessmen
A corporate leader reminisces on issues ranging from leadership to the economy
Income tax department performing random raids despite having data storehouse
In the last five years, the undisclosed income admitted as a result of search-and-seizure operations remained below 2% of the total direct tax collections (see chart).
Corporate tax cuts suggested by DTC panel can cost govt Rs 1.2 lakh crore in revenues
In the first four months of this fiscal, the direct tax mop-up is up by only about 9.7%, although tax officials say collections typically pick up at a faster pace in the second half of a fiscal and, if that happens, this init
GST losses: States want Finance Commission to recommend support for five more years
States have appealed to the 15th Finance Commission (FC) to recommend extending the time period for which they would be compensated up to 14% revenue growth in the event of a shortfall in GST collections.
GST update: Less than a fifth file returns as deadline looms
The deadline for filing the annual returns for FY18, the financial year in which the GST was launched (in July 2017), has already seen two extensions, the initial deadline being December last year.
GST trouble: Businesses reporting 20 per cent revenue fall receive notices
Although the GST system generates a lot of data to track evasion, the absence of a full-fledged return system means that there are areas prone to exploitation through fake invoices for claiming additional credit and bringing
Has National Anti-profiteering Authority outlived its utility?
It may be noted that since the GST’s July 2017 launch, tax rates on as many as 380 items were cut, in what could have given firms and dealers opportunity not to pass on the benefits to the consumers.
Budget 2019: HNIs look at ways to escape new impost
India Budget 2019: Tax consultants that FE spoke to said the government’s move has come as a dampener for many of their HNI clients, so much so that some of them are even considering moving abroad.
Stressed India Inc’s corporate tax outflows grow faster than profits
Several factors have been behind the government raking in higher taxes from a stressed Corporate India.
How legacy dispute resolution scheme will help taxpayers
CBIC member Sandeep Bhatnagar says the scheme provides taxpayers with relief of 60-70% of the amount under contention in certain cases
Budget 2019: Despite extra levies on auto fuels, super-rich surcharge targets too challenging to meet
Budget 2019-20: The Budget estimates a robust collection of `3 lakh crore from excise duty, thanks to the hike of `1/litre on high speed diesel and petrol. Excise collections in FY19 was `2.31 lakh crore.
Budget 2019: Exemptions provided to stressed firms would remove several pain points, explain experts
Budget 2019: The Budget said that any buyback of shares from a shareholder by a company listed on recognised stock exchange, on or after July 5 2019, will also be covered by the provision of Section 115QA of the Income-Tax A
GST completes two years: Fewer rates, wider net key to economic gains
In the place of a complex system that included multiple taxes at the Central, state and local levels, there is now a comprehensive tax subsuming most of the important indirect taxes.
Income Tax dept to share data on defaulters’assets with PSU banks
Central Board of Direct Taxes (CBDT) has directed zonal heads of the income tax department (ITD) to share information related to assets and liabilities of defaulters with banks on their request.
How Centre offsetting loss due to higher transfers to states
As most cesses applied on indirect taxes collapsed into GST, receipts shrank to Rs 71k cr in FY18.
Exporters’ wait for I-GST refunds may get even longer – Here’s why
In the online system, a firm offsets taxes paid on input from the IGST to be paid on export and then applies online for refund. The entire process of receipt of refund takes about two weeks or less.
Budget 2019: Acquirers of insolvent firms may get tax relief
Budget 2019-20: The special waiver from Section 56 (2)(x) of the Income Tax Act — in force since Finance Act 2017-18 — may be announced in the forthcoming Budget, according to a source.
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