Sumit Jha

Articles By Sumit Jha

571 Articles

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.

The CBIC member added that GST Act provides for various methods by which the proper tax officer can recover any amount which is payable to the government.

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

Vivad se Vishwas, Note ban, personal income tax disputes, Vivad Se Vishwas scheme, Income Tax Act, PAN holders, post-demonetsation

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

That could result in a decline of at least Rs 50,000 crore in Centre's net tax receipts

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.

Mody said that the revised estimates for direct tax collection were realistic, adding he felt pretty confident of meeting the target based on the information flows from third party as well as reporting entities.

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 India, Budget 2020-21

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.

FICCI president, fiscal deficit target, Sangita Reddy, Apollo Hospitals, RBI, GDP, GST for healthcare

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.

The waiver, effective January 1, is aimed at incentivising digital payments and is in sync with the policy objective of moving towards a less-cash economy. (Representative image)

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

Sabka Vishwas Tax, Amnesty, Sabka Vishwas Tax Amnesty Scheme, Big taxpayer, legal fight, Sabka Vishwas scheme 

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, GST Network, GST collection, GST Council, GST revenue, 15th Finance Commission, Arun Jaitley, GDP growth rate

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

GST evasion, GST, ecommerce portals, Amazon, Flipkart, TCS data, Amit Mitra, Form GSTR-9, GSTR-9C, ITC

GST Council may use cess route to boost revenue

Levy on demerit goods to rise, cess may be imposed on a few other items as well

GST Council, GST revenue, Sushil Modi, GST Act, gst tax revenues, SGST revenue growth

Budget 2020 to bring bonanza for common man? Major rejig in personal income tax slabs likely

Budget 2020: The Budget in July raised the surcharge on taxable income between Rs 2-5 crore to 25% from 15% earlier. For taxable income above Rs 5 crore, the surcharge was enhanced to 37% from 15% earlier.

New GST rule to curb ITC misuse hits MSMEs

While the rule was tweaked to ensure that ITC frauds can be curbed, it’s silent on the treatment of businesses, typically classified as MSME, which are required to file GSTR-1 only quarterly.

Government, fake invoicing, B2B trade, GST collections, GST 

Fully auto-populated income tax returns on the cards

Currently, some returns (ITR-1 and 2) are pre-filled, with information related to the taxpayer and employer, break-up of the salary into taxable component and tax deducted at source (TDS) through Form 16, and the final liab

Demonetisation, tax, tax filing, GDP, GDP growth, tax buoyancy

No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

Profits from digital business: India against OECD formula for taxation

India’s share of tax from multinational digital companies like Google and Facebook, among others, would be substantially lower than the current mop-up under equalisation levy if the taxation formula suggested in the OECD co

Firms bank on Commvault to leverage unstructured data sans security breaches

With indirect tax administration moving entirely on the IT platform in India with the advent of Goods and Services Tax (GST) in 2017, and a similar push for direct tax, the government is now sitting on a pile of ever expandin

Indian companies have often been thoughtful and diligent when it came to implementing cloud solutions. — Huzefa Motiwala, senior director, sales engineering, APAC, Commvault

Direct tax: Let CIT (appeals) orders be final, says official

For instance, an assessee can receive an adversarial assessment from the department by an assessing officer, which can then be overturned in his favour by the department (CIT appeals) and can further appealed against by the s

He further said that the success rate of the departmental appeals at ITAT, high court and Supreme Court was as low as 10%, even though data on the same wasn't readily available.

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 

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


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