Sumit Jha
Car sales in slow lane, fall behind Indians’ income growth
The notion is that India’s tax data hardly match the ostentatious consumption being witnessed in several pockets of the country, especially the urban centres.
CBIC panel for integration of cargo tracking mechanisms
The cargo tracking mechanisms employed by different organisations need to be integrated for greater efficiency of the supply chain and better ease of doing business, a working group constituted under the Central Board of Indi
GST payment: Exporters favour online system of IGST refund
In terms of volume of exports, the split between exporters using IGST route to ITC mechanism was 15% and 85% at the start of GST regime.
GST: National Anti-profiteering Authority dying a natural death
Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or
Robust growth: E-filing of income tax returns rises 65% in Apr-Sept
Also, average tax paid by an individual filer came in at close to Rs 35,000 in H1, up from a little over Rs 27,000 in April-August
Tata Sons may get GST bill of Rs 1,600 crore, taxman reckons $1.2 billion payment to Docomo is ‘supply of services’
In a potentially controversial move that could extend the indirect tax department’s ambit to capital transactions and pit it against the income-tax wing, the former could soon ask the Tata Group to shell out some Rs 1,600 c
CBDT Data FY14-17: Crorepati taxpayers rise by nearly 70%, returns filed rise by 80%, gross income up by 67%
80% rise in returns filed, 67% increase in gross income reported, but lower growth in tax mop-up
Demonetisation Impact: Just 1.5 lakh tax returns vs 23.5 lakh notices sent
Twenty one months after the launch of Operation Clean Money (OCM) to find out how much of the demonetised currency that returned to the banking system during the November 9-December 2016 window is tax-compliant, the governmen
Number of Taxpayers goes up by 70%, collections down by 34% in April-August period – interesting details here
E-returns filed by individual taxpayers grew 70% annually to 5.4 crore in the April-August period of the current financial year.
Attention erring taxpayers! CBIC says administrative jurisdiction no bar for launching enforcement action
While the GST Act lays down the jurisdiction of state and Central tax officials over taxpayers, sources said ambiguity on the issue of initiating enforcement action was holding up progress in several cases where actionable in
Walmart faces taxman’s wrath? I-T asks retailer to explain tax evasion by shareholders
34 among 44 sellers of e-tailer’s shares sought cover under Section 9 (1) to avoid capital gains tax
GST worries: Rs 1 lakh cr collection shortfall for the year? Or, will other sources rescue finances
GST collections rose marginally to Rs 94,442 crore in September, but with average collections in the first six months of the year at around Rs 96,283 crore compared to the Rs 1,12,316-crore budgeted for FY19, the government c
This Subway franchisee is innocent, rules NAA after customer complained of overcharging post GST
The anti-profiteering watchdog under the goods and services tax (GST) has exonerated the Gujarat-based franchisee of fast food firm Subway India from allegation of profiteering.
GST relief for MSMEs: Disappointing news – Sector may not get more benefits before 2019 polls
A persistent shortfall in the goods and services tax (GST) collections has forced the GST Council to move slowly on the plans to give more sops to micro, small and medium enterprises (MSMEs).
GST refunds: Already late, e-wallet to miss October deadline
The roll-out of an e-wallet mechanism for exporters under the goods and services tax (GST) regime may be delayed again beyond the proposed date of October 1, as the required systems are not yet in place, according to trade an
From Rs 2 cr to Rs 10 cr – CBIC think-tank for raising revenue limit for GST returns
DGGST has raised reservations about some provisions in the new return filing system.
GST returns: Excess ITC inadvertently claimed can’t escape penalty
Several taxpayers who have admitted to invalid credit entries in their GST return forms made earlier, and have subsequently corrected their claims continue to receive notices from the tax department asking for interest paymen
Uttar Pradesh becomes 1st state to make RFID tag must for e-way bill
Uttar Pradesh has made it mandatory for vehicles operating in the state to use the radio frequency identification device (RFID) tag along with e-way bill from November 1.
Profiteering: NAA finds HUL dealer guilty
A Jaipur-based dealer of Hindustan Unilever (HUL) products has turned out to be the first business in India to have been held guilty of not passing on the benefit of reduced tax incidence to consumers in the foods and service
Flipkart deal: Walmart pays $2.5 bn withholding tax
Income tax rules require the buyer (Walmart) to discharge its tax liability within the first seven days of the subsequent month of closing the deal, which was approved by fair market regulator Competition Commission of India
Andhra Pradesh to punish tax officials for unreasonable assessment
In an attempt to minimise the harassment faced by taxpayers because of high-pitched or unreasonable assessments made by indirect tax officials, Andhra Pradesh has formed four nodal committees that will examine such grievances
Taxing times: Bombay HC pulls up Income Tax Department, says taxman losing cases deliberately
The Bombay High Court has pulled up the income tax department (ITD) saying that its approach to litigation in the higher courts was responsible for consistently losing cases, and that this “could be then termed as a deliber
Crores of new taxpayers turn up; more than demonetisation, GST boosts Income Tax base
I-T base up 60% in FY18, revenue increase not as sharp since most new assessees show little taxable income, larger tax net to yield future dividends.
GST returns: New system unlikely before next elections
The roll-out of the new simplified return-filing system for the goods and services tax (GST), which was to kick in from January 2019, may get delayed further and, most probably, beyond the tenure of the current government.
Flipkart deal: Walmart likely to approach I-T to ascertain tax liability
US-based retail giant Walmart is likely to approach the income tax department before September 7 to ascertain its tax liability after it bought 77% stake in Indian e-commerce player Flipkart for $16 billion in May.
Power connections of some manufacturers may be linked with GSTIN to monitor consumption
The measure will provide information about manufacturers in a way similar to the e-way bill system
GST: Slew of conflicting rulings by AAR threatens to hassle businesses
A clutch of recent rulings — many mutually contradictory — by the benches of the Authority for Advance Ruling (AAR) on the goods and services tax (GST) has raised questions on the how mature the fledgling state-wise set-u
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