Sumit Jha

Articles By Sumit Jha

492 Articles

Dipping GST collections: States stare at losing revenue cover

Cess kitty may not suffice to offset shortfalls after December

GST collections, GST kitty, IGST, GST revenue, 15th Finance Commission, Sushil Modi, GST (S-GST) revenue  News

Corporate tax: Small firms await clarity on MAT credit

MAT credit can be utilised only in years when the tax a firm is required to pay tax under normal provisions is higher than MAT. Such credit can be carried forward for up to 15 assessment years.

A clarification is being eagerly awaited by firms and chartered accountants. News

Income tax relief: Govt shelves big cuts due to huge revenue impact

The person added that the tax force reckoned that the loss of the revenue from its PIT reliefs could be made up for in three years by the resultant improvement in compliance.

The Centre is projected to raise Rs 7.66 lakh crore (gross) from corporate tax this fiscal while the PIT target is Rs 5.69 lakh crore. News

GST relief for hotels, outdoor catering; hefty hike in rate for caffeinated drinks

The Council did away with the requirement of filing annual returns for taxpayers up to Rs 2 crore turnover, as part of the moves to reduce compliance burden.

GST, GST Tax Rate, GST Annual Return News, GSTN, GST Council Meeting News

Centre’s stand: Extension of GST aid to states not viable

A number of states have represented to the 15th Finance Commission that the Centre should pay them compensation for three years more to ensure that their GST revenue continues to grow 14% year-on-year, as guaranteed in the Co

gst, cgst, dggi, gst fraud, fake invoices, 127 cr fraud News

Demonetisation effect: All-cash purchases of premium cars on decline, but still not rare

In some instances, such high-value purchases are being made not in the name of the actual buyer but his close associates like relatives or those he employs, a chartered accountant said on condition of anonymity. He added that

Suzuki, Maruti, industry news, Maruti Suzuki India, Suzuki Motor Corp, auto sector, auto sector slowdown, auto, premium car, SUV News

Income tax terror: Overzealous taxmen get court rap on ‘windfall gain’

I-T dept seeks to tax damages earned by foreign firm under arbitration as ‘windfall gains’, HC turns down move.

Much to the department’s embarrassment, the Delhi High Court invalidated the move, saying the taxman “proceeded on a completely erroneous view of the matter” News

Hobson’s choice: GST cut for auto industry to cost Rs 30,000 crore to govt

Tax relief may push sales in short term, but to hit revenue hard; rate cuts may be limited to certain segments.

While automobiles, including two-wheelers, attract 28% GST, they also are subjected to cesses that vary from 1-22% depending on the make of the vehicle News

Less taxing: New legacy dispute resolution scheme may fetch government Rs 20,000 crore

The scheme, which was kicked off on Sept 1, will be valid till Dec 31 and will waive all interest, fine and penalty on the disputed amount

E-assessment Scheme 2019, taxpayers, Budget 2019-20, faceless scrutiny of income tax return, National e-Assessment Centre News

Curb on fake invoices may add Rs 50,000 crore to GST kitty

The fake invoices usually don’t have any corresponding supply of goods/services, nor do they involve payment of GST.

GST,  GST Council, tax rate cut, revenue position,GST news,  GST Act, GST rate, economy news

Doodles on Leadership | How socialist India perceived businessmen

A corporate leader reminisces on issues ranging from leadership to the economy

Doodles on Leadership, Doodles on Leadership book review, R Gopalakrishnan, Hussaini Brahmins, Karnataka sikhs, Tata, HUL News

Income tax department performing random raids despite having data storehouse

In the last five years, the undisclosed income admitted as a result of search-and-seizure operations remained below 2% of the total direct tax collections (see chart).

Economy News

Corporate tax cuts suggested by DTC panel can cost govt Rs 1.2 lakh crore in revenues

In the first four months of this fiscal, the direct tax mop-up is up by only about 9.7%, although tax officials say collections typically pick up at a faster pace in the second half of a fiscal and, if that happens, this init

Direct Tax Code, Corporate tax cut, Corporate tax, economy news, DTC, direct tax code, nirmala sitharaman  News

GST losses: States want Finance Commission to recommend support for five more years

States have appealed to the 15th Finance Commission (FC) to recommend extending the time period for which they would be compensated up to 14% revenue growth in the event of a shortfall in GST collections.

Though a change in the GST Compensation Act is not within the FC’s remit, a recommendation by it would give the necessary push to the states’ demand to the GST Council. News

GST update: Less than a fifth file returns as deadline looms

The deadline for filing the annual returns for FY18, the financial year in which the GST was launched (in July 2017), has already seen two extensions, the initial deadline being December last year.

Deadline Looms, GST, GST returns, annual returns, goods and services tax, GST, CBIC, economy news

GST trouble: Businesses reporting 20 per cent revenue fall receive notices

Although the GST system generates a lot of data to track evasion, the absence of a full-fledged return system means that there are areas prone to exploitation through fake invoices for claiming additional credit and bringing

GST registeration, gst notice, GST issues, gst problems, gst return, income tax return, corporate tax, National Anti profiteering Authority, NAA, GST rates,Goods and Services Tax, directorate general of anti profiteering News

Has National Anti-profiteering Authority outlived its utility?

It may be noted that since the GST’s July 2017 launch, tax rates on as many as 380 items were cut, in what could have given firms and dealers opportunity not to pass on the benefits to the consumers.

government gives amnesty, tax relief, penalty, fine, gst, sabka vishwas, nirmala sitharaman News

Budget 2019: HNIs look at ways to escape new impost

India Budget 2019: Tax consultants that FE spoke to said the government’s move has come as a dampener for many of their HNI clients, so much so that some of them are even considering moving abroad.

Money News

Stressed India Inc’s corporate tax outflows grow faster than profits

Several factors have been behind the government raking in higher taxes from a stressed Corporate India.

Industry News

How legacy dispute resolution scheme will help taxpayers

CBIC member Sandeep Bhatnagar says the scheme provides taxpayers with relief of 60-70% of the amount under contention in certain cases

Gujarat Industrial units, tax arrear, industry news, Gujarat, GST, goods and services tax, VAT, GST income  News

Budget 2019: Despite extra levies on auto fuels, super-rich surcharge targets too challenging to meet

Budget 2019-20: The Budget estimates a robust collection of `3 lakh crore from excise duty, thanks to the hike of `1/litre on high speed diesel and petrol. Excise collections in FY19 was `2.31 lakh crore.

Union Budget 2019 India, Budget 2019-20 News

Budget 2019: Exemptions provided to stressed firms would remove several pain points, explain experts

Budget 2019: The Budget said that any buyback of shares from a shareholder by a company listed on recognised stock exchange, on or after July 5 2019, will also be covered by the provision of Section 115QA of the Income-Tax A

Union Budget 2019 India News

GST completes two years: Fewer rates, wider net key to economic gains

In the place of a complex system that included multiple taxes at the Central, state and local levels, there is now a comprehensive tax subsuming most of the important indirect taxes.

GST, GST Return, Number of GST return filers, GST collection News

Income Tax dept to share data on defaulters’assets with PSU banks

Central Board of Direct Taxes (CBDT) has directed zonal heads of the income tax department (ITD) to share information related to assets and liabilities of defaulters with banks on their request.

cbdt, income tax News

How Centre offsetting loss due to higher transfers to states

As most cesses applied on indirect taxes collapsed into GST, receipts shrank to Rs 71k cr in FY18.

Economy News

Exporters’ wait for I-GST refunds may get even longer – Here’s why

In the online system, a firm offsets taxes paid on input from the IGST to be paid on export and then applies online for refund. The entire process of receipt of refund takes about two weeks or less.

Economy News

Budget 2019: Acquirers of insolvent firms may get tax relief

Budget 2019-20: The special waiver from Section 56 (2)(x) of the Income Tax Act — in force since Finance Act 2017-18 — may be announced in the forthcoming Budget, according to a source.

narendra modi budget 2019 News