A big reason for not being able to catch such tax evasion is due to the fact that the government has not, so far, implemented the invoice-matching feature of GST.
Both the firms wanted clarity on the applicability of GST on proceeds received from contract bottling units (CBUs). Sale of alcohol for human consumption is outside GST purview, and only state-specific taxes are levied on it
Jagdeep S Chhokar, one of founders of the Association for Democratic Reforms (ADR) and the former IIM Ahmedabad professor says that even though there are no real positive changes in the country’s democracy, there is hope fo
The GST Act saw several amendments last year, which included changes in discharge of tax liability from the existing input tax credit (ITC) in the electronic ledger of an assessee.
As GST revenue collections consistently missed the estimates by a wide margin, the government in the interim budget brought down FY19 estimate for central GST by Rs 1 lakh crore.
Since then, GST compliance has been curtailed to single summary return filing form although its expected that a comprehensive yet simplified system would be in place from July.
The proposed GST rate cut with denial of input tax credit to builders would come with a condition that builders must ensure 80% of the inputs are procured from GST-registered dealers.
While the states' overall GST ‘revenue shortfall’ against the assured level has come down from 20% last year (July-March) to about 10% in April-December period this fiscal, a curious picture has emerged of neighbouring De
The rates could vary from 1% to 5% with higher rates to be applied on more expensive houses along with absence of input tax credit (ITC) for the builders in case of all categories of houses.
If the historical mop-up trend serves any guidance, some 65% of the annual direct taxes get collected in the first nine months of a fiscal year and the balance in the fourth quarter.
The latest data, as revealed in Friday’s interim Budget, however, seem to suggest either a drop in new claims or withdrawal of cases made in the area of personal income tax (PIT).
Among a slew of tax concessions announced in the Interim Budget 2019 that will help home owners is the one where income tax that is levied on notional rent accruing from a second self-occupied house will be done away with.
Deposits worth a few lakh crore in the banks post-demonetisation are reckoned to be cash that had remained out of the banking system for long, with a sizeable chunk of this being presumably untaxed cash (SBI had estimated the
