COVID-19 Fallout: Direct tax receipts decline after 20 years
The sluggish receipts also imply a fall in direct tax buoyancy to a multi-year low of (-)1 in FY20, a sharp slide from a creditable 1.6 in FY18 (thanks to demonetisation) and 1.2 in FY19.
Covid-19 impact: Centre’s FY21 fiscal deficit seen at 5% or higher
Actual combined government deficit — Centre and states — could even reach double digit level next fiscal, frustrating FRBM mandate
Tax evaders fill coffers with empty beer bottles
Margin scheme is employed in such transactions to avoid double taxation, as the goods, having once borne the incidence of tax, re-enter the supply and the economic supply chain.
Growth pangs: Budget plans may go haywire as Covid-19 wreaks havoc
If buoyancy doesn’t improve — it likely won’t — growth slump to depress FY21 gross tax by a massive Rs 2.2 lakh crore
Centre’s FY20 revenue seen Rs 75,000 crore less than budgeted
Last year, the RBI gave an interim dividend of Rs 28,000 crore to the Centre in March, allowing it to prevent the deficits from enlarging from the RE levels. It is possible that RBI could issue an interim dividend by March 31
SGST short of FY20 target by a quarter
The states’ own GST revenues — SGST receipts minus the compensation from the Centre — were short of the aggregate protected level by `1.15 lakh crore or 23% in April-February this year, according to data reviewed by FE.
GST query: Vendors on e-commerce platforms get notices
Large-scale evasion is suspected as taxpayers seem to have under-reported sales and paid lower taxes in self-declared returns.
More GST funds for states: New imposts, cess hikes preferred ways
As a comprehensive GST rates overhaul may be postponed for a later date — finance minister Nirmala Sitharaman recently said she preferred the system to stabilise before another major rates rejig.
GST receipts get a compliance boost as efforts to increase collections pay off
Despite slowdown and below-RNR rate structure, a slew of steps by govt help improve collections
ITC-invoices mismatch: Huge sums sought as GST credit denied
An analysis by the GST department showed that as much as 39% or Rs. 2.5 lakh crore of ITC claimed by taxpayers in FY18 remained unmatched with the invoices uploaded by their suppliers.
Delayed GST payments: Unpaid interest alone stands at Rs 46,000 crore
The last date for filing GSTR-3B for any month is 20th of the subsequent month; an annual interest of 18% is payable on the gross tax amount for any delay.
Vivad se Vishwas: Note ban cases to add over Rs 2.5 lakh crore to Income Tax disputes
Govt hopes a section of people with unexplained cash deposits might use Vivad Se Vishwas to escape costlier route of litigation
Budget 2020: Rs1-lakh-crore shortfall in tax receipts likely
Budget 2020 India: Also, the GST collections seem to be rising (January mop-up was about Rs 1.11 lakh crore, the second highest in any month since the launch of the tax) and if the trend is sustained, the shortfall could be r
Bolstered tax data to improve revenue collection, says CBDT chief Pramod Chandra Mody
Explaining the proposed ‘taxpayer charter’ proposed in the Budget, Mody said that it would provide statutory recognition to administrative framework and hence would be enforceable.
Budget 2020: New income tax regime will appeal to most, says revenue secretary
Union Budget 2020 India: Pandey said it was difficult to estimate how many taxpayers would switch to the new regime as many factors played a part
Budget 2020: Amnesty to net a tidy sum in FY 20 itself
Budget 2020 India: Given that the indirect tax scheme appealed mostly to smaller taxpayers in the cost-benefit analysis, the same could replicate for the scheme resulting in personal income tax disputes getting resolved.
Budget 2020: Big tax shortfall in FY 21, GST shortfall likely to boost receipts
Budget 2020-21: On the personal income tax front, the government has cut the RE by only about Rs 9,500 crore and the BE for next fiscal has been pegged to grow at 14% over the RE of the current fiscal.
Budget 2020: Not just changes in tax slabs, Modi govt may unveil amnesty scheme for taxpayers
Budget 2020-21: The relief was 60% of the outstanding amount if it was Rs 50 lakh or less and 40% if it was more than Rs 50 lakh.
Centre should infuse Rs 1.5-2 lakh crore into the economy: FICCI president Sangita Reddy
Reddy, who is also the joint managing director of Apollo Hospitals, has batted for a higher Budget allocation, at least 2.5% of GDP, to the healthcare sector.
MDR waiver: Govt turns down banks’ compensation demand, know why
MDR charges were earlier charged by banks subject to a cap of 0.60% of card-based transactions for payments over Rs 2,000.
Sabka Vishwas Tax Amnesty Scheme: Big taxpayers stick to legal fight
Over 87% of 1.8 lakh eligible taxpayers applied for the leniency scheme by Monday, according to officials. The government had earlier said 1.6 lakh taxpayers committed to pay Rs 35,094 crore of Rs 79,968 crore claimed by the
States facing GST trouble? Buffer data tell different story
States posted barely 8% revenue growth from relevant taxes in FY14-FY17 against 14% assured in GST regime
GST woes: Nearly 250 Star Export Houses denied refunds
FIEO has estimated that about 5,000 relatively small exporters have been red-flagged so far which account for about 7% of MSMEs.
Loyalty & Sacrifice: How values of loyalty can apply to business
The author, however, manages to dissect these facets to reveal the underlying dynamic of loyalty and sacrifice.
Rampant GST evasion? Gap between ITC claimed, suppliers’ data foxes taxman
An analysis by the goods and services tax (GST) department showed that as much as 39% or Rs. 2.5 lakh crore of input tax credit (ITC) claimed by taxpayers in FY18 remained unmatched with the invoices uploaded by their supplie
Major rejig of GST slabs unlikely for now
Several states against rates overhaul; cess, rates on some items may go up.
GST evasion? Rampant under-reporting of online sales detected
Sales shown by vendors in monthly returns far lower than that computed from TCS data
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Budget 2020
- Budget 2020 hasn't violated fiscal discipline: FM Sitharaman
- Budget 2020 was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal
- Budget 2020: FM Nirmala Sitharaman says govt willing to do more beyond Union Budget to boost growth
- Budget 2020: FM says green shoots of recovery visible, points at worse macro-economic fundamentals under UPA
- Budget and the economy: What can we expect after this Budget?
- Budget 2020: FM Sitharaman takes on P Chidambaram over defence budget allocation
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- Budget 2020: Chidambaram slams Modi govt; says economy close to collapse, unemployment making India poorer
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- Economic Survey 2020: Fudging food and fertiliser subsidy
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