Sumit Jha

Articles By Sumit Jha

496 Articles

Reality check! Stellar growth in income tax e-returns, but not in the taxpayer base

The growth trajectory in direct tax collection closely resembles the growth in effective taxpayer base, rather than the number of returns.

Income Tax News

GST cut: States warn of large-scale tax evasion by builders

The proposed GST rate cut with denial of input tax credit to builders would come with a condition that builders must ensure 80% of the inputs are procured from GST-registered dealers.

GST cut: States warn of large-scale tax evasion by builders News

End of arbitrage: Uttar Pradesh eliminates GST deficit as businesses shift from Delhi

While the states' overall GST ‘revenue shortfall’ against the assured level has come down from 20% last year (July-March) to about 10% in April-December period this fiscal, a curious picture has emerged of neighbouring De

End of arbitrage: Uttar Pradesh eliminates GST deficit as businesses shift from Delhi News

Lower GST on under-construction houses; council to look at proposals

The rates could vary from 1% to 5% with higher rates to be applied on more expensive houses along with absence of input tax credit (ITC) for the builders in case of all categories of houses.

GST council to look into proposals seeking rate cut on under-construction houses News

Worry lines for Modi govt: Direct tax collection could fall short by Rs 65,000 crore

If the historical mop-up trend serves any guidance, some 65% of the annual direct taxes get collected in the first nine months of a fiscal year and the balance in the fourth quarter.

Interim Budget, Direct tax collection, Modi govt, gross tax revenue, personal income tax, personal income tax collections, corporation tax News

New PIT disputes see a drop

The latest data, as revealed in Friday’s interim Budget, however, seem to suggest either a drop in new claims or withdrawal of cases made in the area of personal income tax (PIT).

personal income tax, PIT disputes, direct tax disputes, interim Budget News

Budget 2019: Tax growth projected for FY 2019-20 is realistic, says revenue secretary AB Pandey

The Budget estimate for the growth in direct tax collections in FY19 was 15%.

Budget 2019 News

In GST we trust – Government bets big on tax reform despite Rs 1 lakh crore shortfall in mop-up

The monthly average required to achieve the estimate stands at Rs 1.1 lakh crore for 2019-20

Economy News

Good news! Income Tax rebate limit up at Rs 5 lakh, standard deduction at Rs 50,000

The change in the limit will save middle-class individual assessees Rs 10,000 a year each

Budget 2019, Notional Rent on Your Second House, Tax Rebate Up To Rs 5 lakh,Standard Tax Deduction Limit, Capital Gain Investment News

Budget 2019: Government allows reinvestment of capital gains in two homes

Among a slew of tax concessions announced in the Interim Budget 2019 that will help home owners is the one where income tax that is levied on notional rent accruing from a second self-occupied house will be done away with.

Budget 2019 News

If GST hasn’t paid off, then blame its unwieldiness

While both the government and the Opposition promise a simpler and broader GST, the tax has only grown more complex

Economy News

GST refunds: State government tax officials to blame for 75% of blocked cases

This is largely because state authorities are new to dealing with service providers.

Industry News

Budget 2019: Income Tax exemption might go up to Rs 3 lakh from Rs 2.5 lakh

Narendra Modi government may try to consolidate its middle class voter base by offering income tax soaps.

Budget 2019, union budget 2019 News

Demonetisation report card: Tax notices after note ban yielded little

Deposits worth a few lakh crore in the banks post-demonetisation are reckoned to be cash that had remained out of the banking system for long, with a sizeable chunk of this being presumably untaxed cash (SBI had estimated the

Economy News

GST net: Spotting tax evasion easier under new regime

As a multi-stage levy, the goods and services tax (GST) was supposed to make evasion difficult, but the figures for the first nine months of the current fiscal show either evasion has increased or its detection has become mor

gst, gstn News

It is safe to allow slightly higher fiscal deficit, says FICCI president Sandip Somany

The Centre should keep spending momentum while the Reserve Bank of India (RBI) should immediately cut interest rates to support economic growth, as inflation rate is much below the projected level, industry body Ficci’s new

Industry News

Your dream home to get cheaper: Tax relief in the offing for housing projects

GST for under-construction units may be cut to 5% from 12%; input tax credit may go for builders

Economy News

GST revenue: States’ deficit falls to just 10 per cent in April-November

Despite the series of rate cuts since its July 2017 launch, the shortfalls in GST collections seem to be bridging for many states, in what indicates an improvement in compliance.

Economy News

GST relief for MSMEs: State finance ministers may recommend raising of threshold to Rs 75 lakh

Move to provide lakhs of small businesses the option to exit GST net, revenue impact seen minimal.

Sushil modi, bihar, GST, MSME, small medium enterprise News

IT returns witness massive 50 per cent jump! UP, Bihar, MP top chart with more than 70% growth

While e-returns for income tax saw a big jump this year — in April-November, 6.09 crore returns were filed, up 48% y-o-y, compared with a growth of 20% in the year-ago period — the sharpest increases were in relatively le

income tax, income tax returns News

GST Act: Tax department grapples with writs filed against clauses

Tax officials say unfavourable rulings in some of these cases could have adverse revenue implications for the government.

gst, gst act News

Car sales in slow lane, fall behind Indians’ income growth

The notion is that India’s tax data hardly match the ostentatious consumption being witnessed in several pockets of the country, especially the urban centres.

cars, automobile sector, automobile industry News

CBIC panel for integration of cargo tracking mechanisms

The cargo tracking mechanisms employed by different organisations need to be integrated for greater efficiency of the supply chain and better ease of doing business, a working group constituted under the Central Board of Indi

Infrastructure News

GST payment: Exporters favour online system of IGST refund

In terms of volume of exports, the split between exporters using IGST route to ITC mechanism was 15% and 85% at the start of GST regime.

Economy News

GST: National Anti-profiteering Authority dying a natural death

Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or

Economy News

Robust growth: E-filing of income tax returns rises 65% in Apr-Sept

Also, average tax paid by an individual filer came in at close to Rs 35,000 in H1, up from a little over Rs 27,000 in April-August

E-filing of income tax returns, income tax, CBDT, growth in e filing, GDP, tax GDP ratio News

Tata Sons may get GST bill of Rs 1,600 crore, taxman reckons $1.2 billion payment to Docomo is ‘supply of services’

In a potentially controversial move that could extend the indirect tax department’s ambit to capital transactions and pit it against the income-tax wing, the former could soon ask the Tata Group to shell out some Rs 1,600 c

Industry News