Sumit Jha

Equalisation levy: ‘Google tax’ revenue goes past Rs 1,000 crore

The “equalisation levy” on online advertising fees paid by Indian customers to foreign companies like Google and Facebook is netting the government a tidy sum of money.
Tax department sends notices to GST non-filers

After months of large scale non-compliance in filing of the summary return (GSTR-3B) by taxpayers under Goods and Services Tax (GST), the tax department has started sending reminder notices to such assessees.
Rs 450-crore Input Tax Credit: Intelligence unit unearths fake GST bills business

The intelligence unit for the GST has unearthed a nexus among businesses that use fake bills to claim input tax credit.
GST adaptation under lens: Rajasthan depts deduct TDS from contractors, unlawfully

A few departments of the Rajasthan government have been deducting tax at source (TDS) from contractors, though this provision has remained suspended since the rollout of the new indirect tax regime in July last year.
E-rickshaw tyres to attract 28% GST, says Maharashtra AAR

Tax experts said the ruling would hurt e-rickshaw operators, who are often small businesses with no scope to utilise the input tax credit (ITC) in lieu of taxes paid on tyres.
Flipkart deal: Income Tax writes to Walmart on tax; ‘will comply’, says the firm

Currently, India taxes short-term (held for less than two years) capital gains from unlisted shares at 15%, while similar long-term (over two years) is taxed at 20% with indexation.
SoftBank may have to shell out ~Rs 2,000 crore as tax

Loss of the tax shield is something Walmart, as the buyer, has to worry about and this also makes the case stronger for a delay in sale of stake by SoftBank.
AAR order: All businesses covered by RCM to register for GST

This type of tax collection where the liability to deposit tax shifts from the supplier of goods and services (GTA and advocate) to the recipient (business) is called RCM. RCM is an effective tool to track transactions and curb evasion.
GST: Jump in notices issued over mismatch

While GSTR-3B requires self-assessed details of tax liability and availability of input tax credit (ITC), a taxpayer needs to provide invoice-wise details of sales in GSTR-1.
Walmart-Flipkart Deal: High stakes tax fight in India can’t be ruled out

Despite seeking treaties’ cover, no guarantee won’t be Vodafone-like scrap.
GST: Marked rise in compliance by composition-scheme dealers

While compliance under the GST is improving slowly for regular taxpayers, the January-March quarter also saw the composition-scheme dealers reporting average annual revenue of Rs 20 lakh, over twice as much as they reported in the previous two quarters.
GST Returns: Why new system may take a year

Even though the Goods and Services Tax Council is likely to approve the ‘fusion model’ for tax returns generation on Friday, its implementation could take 9-12 months, as the process would require changes in the GST Acts by the Centre and states, designing of new forms and IT-related preparedness including a long-testing schedule.
27th GST Council Meet: Simplified system to top agenda on May 4

Talking Points: * Adoption of simpler system that will make compliance easy, * Proposal for the govt to have majority stake in GST Network, * Imposition of a cess on sugar to create a fund that will help mills clear cane dues.
Easing the burden: No filing of returns in new GST model

In a simplified payment process under the goods and services tax (GST) okayed by a group of ministers (GoM) recently, taxpayers won’t need to file returns, making compliance easy.
Rs 110 crore tax demand: Income Tax tribunal rules in favour of Flipkart

In a relief to e-commerce firms, the Income Tax Appellate Tribunal (ITAT) in Bengaluru on Wednesday invalidated the revenue department’s treatment of their marketing expenditure as well discounts offered to retain market share as asset-creating capital expenditure that are “not deductible” from income.
Notices sent: Tax dept begins verifying pre-GST records

Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed.
Narendra Modi government’s FY19 GST revenue target very stiff, continues to look ambitious

Going by the trend since the July launch of the goods and services tax (GST), the Centre’s FY19 GST revenue target continues to look ambitious — the monthly mop-up would need to grow by over a quarter to meet the budget estimate of Rs 7.44 lakh crore.
GSTR-2: Firms using it to track suppliers

Even though the triplicate transaction-wise goods and services tax (GST) returns remain suspended, businesses are making use of the inward-supplies form, GSTR-2, to guard themselves against audit by the taxman.
How to weed out those seeking a free lunch in the age of GST

The food bill presented to this reporter at an Old Delhi restaurant last week mentioned a Goods and Services Tax Identification Number (GSTIN), but a free-to-download Android app helped me scan the bill and find the number to be fake.
E-way bill: Slow pace worries govt

Fewer registrations mean that as many as 90 lakh taxpayers could register on the portal in the next three days, which is likely to put the portal under heavy strain.
Transitional Credit Under GST: Centre takes exclusive powers to verify claims

Concerned over what it perceives as a tendency among a section of taxpayers to over claim transitional credits in the GST regime, the Centre has arrogated to itself the power to verify these claims, a move that might not go down well with the state governments.
Enabling provision: Govt to get ~Rs 12,000 cr a year if ENA in GST

The imminent inclusion of extra neutral alcohol (ENA) used for liquor production within the ambit of the goods and services tax (GST) will give a considerable boost to government revenue, besides assimilating a largely cash-based (and corruption-prone) sector into the formal economy, analysts said.
GST: Modi government set to crack down on evasion

The tax department is gearing for stricter enforcement with the help of technology and big data under the goods and services tax (GST), as the government looks for ways to boost GST revenue collection amidst delayed roll-out of anti-evasion measures.
GST impact: Has tax net widened? Here is a fact check

Among the GST registrants, share of firms below Rs. 1.5 cr turnover in revenue mopped up is just 5.5 percent. And firms with annual turnover Rs 5-100 cr have a share in revenue of 11 percent.
CBEC to probe: Transitional credit claims by realty firms under scanner

The Central Board of Excise and Customs (CBEC) is set to start investigations into a suspected trend among some construction companies to claim undeserved transitional credits on building materials used in under-construction structures.
Reducing compliance burden: Norms ease for e-way bill generation

The government has announced relaxation in the e-way bill mechanism: these won’t be required for consignments moved within 50 km from the place of origin.
GST: CBEC warns traders against invalid transitional credit claims

In the circular addressed to field officials of the department, CBEC has laid out invalid CENVAT credit in two categories: One is the ‘disputed’ credit where an adjudication exists as on July 1, saying such credit was inadmissible and second is the ‘blocked’ credit, where a taxpayer has claimed credit for items explicitly prohibited in law, which includes claims against telecommunication towers and pipelines laid outside factory premises, among others.

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