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.
Economic activities picking up? E-way bills on GST site double from April level
However, in March, which is otherwise the busiest month of the financial year, the average e-way bills generated dropped to 13.1 lakh/day due to lockdown imposed in the last week of month.
Tax collections to decline further in May, state’s fiscal deficit may touch 4% in FY21: Sushil Modi
The revenue situation will only get worse next month as the lockdown in the whole of April would be reflected in collections in May, said Bihar Deputy CM Sushil Kumar Modi.
Lockdown effect: States’ tax receipts shrink nearly 80% in April, May could be worse
State governments seem to have collected the lowest-ever inflation-adjusted monthly tax revenue in April.
SEZ units may get I-GST waiver for DTA supplies
Additionally, the revenue department is also considering treating a section of MSMEs under the GST scheme for composition dealers, so that they are taxed at concessional rates till the Covid-19 crisis blows away.
April GST collections seen down 40%, May mop-up too to be hit
The situation could persist in April too, hitting May collections. Currently, collections are only a fifth of normal, a state government functionary told FE.
Double Whammy: Tax slump and Central funds cut hit states
The interim report of 15th Finance Commission for FY21 doesn’t provide for extra headroom over and above the mandated fiscal deficit ceiling of 3% of respective state GDP.
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
Advertisement
Most Read
- Another virus on the spread in China: Seven dead, 60 infected by 'tick-borne virus'
- RBI Monetary Policy Highlights: Repo rate cut on hold; Shaktikanta Das unveils liquidity, stimulus measures
- Big boost for Patanjali! COVID-19 immunity booster 'Coronil' in huge demand, says Baba Ramdev
- EMI Moratorium: A double-edged sword for borrowers
- China: 90% of recovered COVID-19 patients in Wuhan suffering from lung damage, says report
- J&K: Northern Army commander discusses security management with LG GC Murmu
- Planning to open an SBI PPF Account? Know these rules first
- Galaxy Note 20 Ultra is Samsung's first 5G phone in India; here are all the details
- Top stocks to sell: Coronavirus pandemic to drag these five large-cap stocks down
- Vodafone Idea Q1 losses mount to Rs 25,460 cr on provisioning for statutory dues
Advertisement
Budget 2020
- Torrent: Cut to ‘reduce’, revise fair value to Rs 2,350 a share
- 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
- Budget 2020 proposals on DDT, personal tax not to impact MF industry: Franklin Templeton
- Budget 2020: Chidambaram slams Modi govt; says economy close to collapse, unemployment making India poorer
- Budget 2020: How ESOP tax changes will benefit start-up employees
Advertisement
