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Sumit Jha

Articles By Sumit Jha

552 Articles

GST: Notices to large number of firms declaring lower sales to avoid tax 

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

GSTN glitch leads to scramble among taxpayers to get data backup; vanished data being restored, says Network

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.

They said that that it appeared that GSTN may have taken the action for lack of storage space.

No more ban on deemed approval for GST registration

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.

The GST policy wing issued instructions last week that all registration applications as on June 30 that have remained pending till July 15 be granted deemed approval.

Faceless assessment a big success, to be future norm: CBDT chief

“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.

Faceless Income Tax Assessment

Money order: NRI asked to pay tax on Swiss bank account she denies owning

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

GST Council: Why some revenue department officials are disappointed with state finance ministers

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

This process also provides state representatives to record their objections but it hasn’t happened, the official said.

Major GST reforms likely this fiscal: Ajay Bhushan Pandey, Finance Secretary

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%.

Book Review | The Making of Hero — Account of a successful family business

The account of a successful family business also becomes a lesson in entrepreneurship.

Undue Protection? State GST ‘shortfall’ for March-May at a whopping Rs 80,000 crore

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%.

New GST registration approvals get delayed

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

gst, private companies, goods and services tax, GSTN, GST network

Govt firm on ‘equalisation levy’, CBDT empowers staff

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

Business picking up: GST compliance rise to half of usual level

CRISIL predicts India’s growth to fall off the cliff and contract 5% in fiscal 2021, mowed down by the Covid-19 pandemic.

Bihar, Jharkhand transfer via apps Rs 1,000 each to 21 lakh migrant workers

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

Jharkhand followed suit with a similar app, and both the states between them transferred Rs 1,000 each to nearly 21 lakh recipients.

GST Council to mull market borrowings to bridge shortfall in compensation cess collection

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

The borrowed funds could be repaid by extending collection of cess, which is now limited to the five years till 2022, to one or two subsequent years.

Covid crisis: Why Centre feels GST waiver could be a bad idea

However, some experts said instead of GST waiver across the board, an exemption on certain essential items could be implemented.

Demand for GST waiver a bad idea, say govt officials

Furthermore, keeping GST in abeyance would allow imports to gain an unfair advantage over domestically manufactured goods, they felt.

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Bihar claims to have spent Rs 5,000 crore to fight Covid-19

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

Rs 7,800-crore revenue loss on tax-related relief measures

The government has lost `7,800 crore in revenue due to tax-related relief measures announced since March 22 — when the lockdown began.

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GST on director salaries: Firms receive notices despite diverse AAR rulings

Even as authorities of advance rulings (AARs) differ on the liability to pay the GST on salaries paid by firms to directors, some states have already started issuing notices to companies.

GST, goods and services tax, indirect tax, tax cut, gst cut

Economic activities picking up? E-way bills on GST site double from April level

However, in March, which is otherwise the busiest month of the financial year, the average e-way bills generated dropped to 13.1 lakh/day due to lockdown imposed in the last week of month.

GST, goods and services tax, indirect tax, tax cut, gst cut

Tax collections to decline further in May, state’s fiscal deficit may touch 4% in FY21: Sushil Modi

The revenue situation will only get worse next month as the lockdown in the whole of April would be reflected in collections in May, said Bihar Deputy CM Sushil Kumar Modi.

We are looking at about 20% of “own tax” revenue collection in April compared with the collection in the same period a year ago.

Lockdown effect: States’ tax receipts shrink nearly 80% in April, May could be worse

State governments seem to have collected the lowest-ever inflation-adjusted monthly tax revenue in April.

Supposing the buoyancy in FY21 to be 0.5, the same level as in FY20, and nominal GDP growth at 8%, the shortfall from the budgeted gross tax receipts in FY21would be a massive Rs 2.2 lakh crore.

SEZ units may get I-GST waiver for DTA supplies

Additionally, the revenue department is also considering treating a section of MSMEs under the GST scheme for composition dealers, so that they are taxed at concessional rates till the Covid-19 crisis blows away.

Supplies from SEZ to DTA are considered to be imports and are levied with integrated GST (IGST), which is in addition to basic customs duty.

April GST collections seen down 40%, May mop-up too to be hit

The situation could persist in April too, hitting May collections. Currently, collections are only a fifth of normal, a state government functionary told FE.

Another source of GST revenue that is likely to be completely decimated is integrated GST on imports.

Double Whammy: Tax slump and Central funds cut hit states

The interim report of 15th Finance Commission for FY21 doesn’t provide for extra headroom over and above the mandated fiscal deficit ceiling of 3% of respective state GDP.

fiscal defcit

COVID-19 Fallout: Direct tax receipts decline after 20 years

The sluggish receipts also imply a fall in direct tax buoyancy to a multi-year low of (-)1 in FY20, a sharp slide from a creditable 1.6 in FY18 (thanks to demonetisation) and 1.2 in FY19.

The last time the Centre's direct tax receipts contracted was in FY99, when these were down 3.5%, on year.

Covid-19 impact: Centre’s FY21 fiscal deficit seen at 5% or higher

Actual combined government deficit — Centre and states — could even reach double digit level next fiscal, frustrating FRBM mandate

Covid-19 impact, fiscal deficit,FY21, GDP size, FY21 deficit, nomura, PSUs, FCI, GDP growth, ACTUAL DEFECIT, FRBM
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