Sumit Jha

Articles By Sumit Jha

568 Articles

Flipkart arm Instakart found availing GST credit fraudulently

After DGGI refused Instakart’s plea to allow appearance of its officials via video conference, the company filed a writ petition in the Delhi High Court earlier this month.

However, while investigating a separate case, the Directorate General of GST Intelligence (DGGI) is learnt to have found that the accused had supplied fake invoices to these two vendors contracted by Instakart, which, in turn, had availed ITC based on invoices issued by these firms.

GST notices for past voluntary tax payments irk assessees

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

He added that assesses expect tax department to provide comfort to taxpayers in trying times rather than awarding them with a plethora of tax notices.

Gross tax revenue in FY21 will be close to last year’s level: Finance Secretary Ajay Bhushan Pandey

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

“The investment coming due to these measures is a form of stimulus to the economy but we won’t be left behind when direct support in the form of liquidity or working capital support is needed,” Pandey said.

Scam report: A revelation on how white collar crimes happen and why

A case in point is Rajat Gupta, who was already extremely financially affluent but played a crucial role in aiding Rajaratnam in insider trading.

A file photo of protesters carrying effigies of Nirav Modi, Lalit Modi and Vijay Mallya in Kolkata (Express photo)

Manufacturers eyeing domestic market to operate in SEZs

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.

By September 2018, the IT zones had generated more than 14.6 lakh jobs, significantly more than what they had proposed, and contributed 54% of the total SEZ exports.

Covid-19 vaccine: Serum Institute SEZ seeks customs duty waiver for local supplies

Pharmaceutical companies usually invest heavily on a manufacturing line for a new drug or vaccine in their export facility as the returns are attractive.

The government would also prefer the arrangement but working around the regulations has proved tricky, the source added.

Row over GST compensation: Centre to say no to voting

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

“The extension of compensation cess will ensure that states revenue is protected from the proceeds of this fund, and proves that Centre has carried out its legal and moral obligation of keeping the promise to states,” a source said.

GST shortfall in FY19: Some states needed about 50% aid, others just 10%

State GST (S-GST) collections in the last fiscal were about Rs 5.17 lakh crore or Rs 1.65 lakh crore less than what the constitutionally guaranteed 14% compounded annual growth would require.

While the deficit of many states was in line with the national average, some managed to earn nearly 90% of protected revenue, while others resorted to compensation for nearly half of the protected revenue.

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

Also, choosing this option closes the doors on carrying forward the unutilised part of additional borrowing to next financial year.

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.

This would lead to a reduction in tax liability and make the taxpayer eligible for refund, which would then be paid back with interest on the amount.

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, goods and services tax, gst collection, cgst, sgst, igst

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.

GST return filing date extended,

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 shortfall

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.

They said that that it appeared that GSTN may have taken the action for lack of storage space.

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.

The GST policy wing issued instructions last week that all registration applications as on June 30 that have remained pending till July 15 be granted deemed approval.

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.

Faceless Income Tax Assessment

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

This process also provides state representatives to record their objections but it hasn’t happened, the official said.

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

gst, private companies, goods and services tax, GSTN, GST network

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

Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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