Sumit Jha

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 government says it doesn’t have centralised information as yet on prosecutions launched against persons identified for suspicious cash deposits.
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 intelligence existed.
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 could be looking at a GST shortfall of at least around Rs 1 lakh crore for the year.
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 and official sources.
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 payments.
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 services tax (GST) regime.
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 (CCI) last month.
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 and upload reports online within 60 days from receipt of a petition. The circular issued by the state government last month also […]
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 deliberate or intentional act”.
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-up is and is threatening to inflate the tax and compliance costs of a cross-section of Indian industry.
Cheering numbers: GST imparts a big push to Income Tax base

A spectacular 53% increase in the number of income-tax returns filed electronically till July 31 has given the government renewed hope of continued high-paced growth in compliance and taxpayer base, even 21 months after demonetisation.
Lok Sabha approves changes: GST cess surplus can now be shared

In a move that would partly address the goods and services tax (GST) revenue deficit for the Centre and come in aid of states worried over stagnant growth in their own tax (non-GST) revenue, the Lok Sabha on Thursday approved changes to the relevant law to allow both to dip into the surplus in the GST Compensation Fund at any time during a financial year.
Revenue Base: About 45% of GST paid by 0.07% of assessees

Some 6,700 firms or a minuscule 0.07% of the over 96 lakh registered for the goods and services tax (GST) under its regular scheme contribute nearly 45% of the GST revenue collected by the Centre and states.
GST Council meet today to ease tax burden on MSMEs

The 29th meeting of the GST Council on Saturday is likely to approve measures for easing tax burden on micro, small and medium enterprises (MSME) which fall below the annual turnover of Rs 1.5 crore.
MSMEs may get GST refunds

The GST Council will, however, have to factor in the possible shortfall in GST revenue collection because of the proposal.
GST: Half of taxpayer base had the option to stay out, but chose otherwise

Over half of the 96 lakh regular taxpayers registered for the goods and services tax (GST) have an annual revenue below the Rs 20-lakh threshold where the tax kicks in, confirming the ability of the year-old regime to promote compliance.

Horoscope: By Peter Vidal

Today ( 24 Oct )This Week ( 21 Oct - 27 Oct )

Sumit Jha

latest News

Industry Sectors

FROM THE PRINT

MORE