Union Budget 2021 India: The Budget estimates for the next fiscal have pegged gross tax revenue growth at 16.7% with buoyancy of 1.2. The collections have contracted in the last two years – by 3.4% in FY20 and a likely 5.5%
Under GST, a taxpayer can discharge any outstanding tax liability through a form called DRC-03. This is used by taxpayers to address short tax payment or for discharging liabilities in response to show cause notices from the
In addition to PLI scheme, the finance secretary counted corporate rate cuts, tax incentives to sovereign wealth and pension funds announced in the Budget this year and modified labour laws as measures towards attracting inve
In a bid to integrate export ecosystem with the wider domestic economy, the government may allow manufacturers who make goods for domestic supplies to operate within the special economic zones (SEZs), official sources said.
The Central government has also relied on attorney general’s (AG) opinion. The legal opinion held that states can borrow on the basis of future receipts of compensation and thus do not need Council’s recommendation to rai
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%.