Profiteering cases crop up against Subway franchisees
Fast-food franchisees get NAA notices for “cornering GST benefits”
GST shortfall: Tamil Nadu and Telangana may also agree to borrow
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
Direct taxes: Receipts fell in FY20, but refunds rose
Overall direct tax collections (post-refunds but before devolution to states) came in at Rs 10.37 lakh crore in FY20, lower than Rs 11.25 lakh crore collected in FY19.
GST shortfall: States willing to borrow want process to start soon
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
GST shortfall: Centre’s formula signals states to take hit from Covid
Both the estimated amounts of shortfall are adjusted for the estimated cess collection of about Rs 68,000 crore in the current fiscal.
Extension of compensation cess fund to hit Centre’s revenue
The proceeds of this tax could then be claimed by the central government as central GST component as opposed to compensation cess proceeds which are reserved solely for states, sources said.
GST meeting: Central govt facing revenue crunch too, sources say pandemic a force majeure situation
Sources say that GST revenue crunch was faced by both Centre and states due to Covid -19 pandemic, and GST law puts no onus on Centre to find a solution for pandemic induced revenue crunch.
No GST returns’ overhaul; input tax credit loopholes to be plugged
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
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.
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.
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.
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
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
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
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
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.
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.
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.
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