Tax targets achievable with just compliance improvement, no extra burden on taxpayers likely: Finance secretary
Union Budget 2021 India: The Budget estimates for the next fiscal have pegged gross tax revenue growth at 16.7% with buoyancy of 1.2. The collections have contracted in the last two years – by 3.4% in FY20 and a likely 5.5%
‘Vivad se Vishwas’ garners `95k crore
The scheme was launched in the last Budget with the aim to liquidate nearly 5 lakh cases pending at different forum.
Union Budget 2021: Tax revenue to rise 16.5%
Union Budget 2021 India: This includes restriction on annual premium paid for ULIPs and for provident fund to Rs 2.5 lakh.
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.
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
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
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.
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.
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.
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
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.
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.
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