Sumit Jha

Articles By Sumit Jha

571 Articles

GST rates: Centre to resist demand for pruning 28% slab

Two important items for which a rate cut to 18% has been sought are two wheelers and cement, for which the annual revenue impacts are seen to be Rs 8,400 crore and Rs 12,000 crore respectively.

A need to spur consumption, given the slowing down of economic growth, is being flagged by those who advocate the GST rate reductions.

Income tax evasion: How India’s crorepatis dodge tax system

FE has juxtaposed the I-T data for FY16 with the Household Survey on India’s Citizen Environment & Consumer Economy (ICE 360° Survey), conducted by the People Research on India’s Consumer Economy (PRICE) for the referenc

India tax system, crorepatis, tax evasion, checking evasion, I-T database, I-T returns, PRICE survey,  ICE, PAN, demonetisation, Narendra Modi

Income tax blues: Most enter top tax bracket due to inflation, not rise in real income

Taxpayers in top slab grew 100% between AY2013-14 and AY2017-18, almost all of this increase due to those reporting income of `10-20 lakh

Budget 2019, Section 87A, Income Tax Act, Union Minister of Finance Nirmala Sitharaman, section 80C

Anti-profiteering mechanism: Slew of stay orders by high courts expose NAA lacunae

A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore.

The NAA, the apex payer of the three-tier anti-profiteering mechanism which includes state-level screening committees and a standing committee at the national level, was approved by the Cabinet in November 2017. (Illustration: rohnit phore)

GST rate on homes: Most builders opt for 12% GST for ongoing projects

Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said.

Income tax returns shrink in FY19 as demonetisation effect wanes

By FY18, the share of e-returns filers among all categories of taxpayers to the total taxpayer base (which include non-filers as well) had crossed 90% from around 60% in FY15.

Electoral bonds worth Rs 1,366 crore purchased in March

Further, over 77% of the bonds in terms of value was redeemed in designated State Bank of India branch in New Delhi, an RTI response to FE query revealed.

Flawed GST structure putting domestic makers of Indian Railways locomotives, rolling stocks at a disadvantage

Under Chapter 86 of the GST tariff rules, specified items for supplies to the railways are taxed at a benign 5% but without a refund of unutilised input tax credit (ITC).

Flawed GST structure, gst structure, indian railways, gst  tariff rules, ITC, rolling stocks, GST rates, railways capital goods supplier

I-T finds Rs 12 lakh crore mismatch in ITRs declared in FY 2016

A big reason for not being able to catch such tax evasion is due to the fact that the government has not, so far, implemented the invoice-matching feature of GST.

GST fraud: Probe body seeks e-surveillance powers

In the pre-GST regime, the organisation was tasked with gathering intelligence on companies that came under the excise and service tax regime.

Roll-out of new, simplified GST return forms deferred

GST on liquor: Two contradictory rulings raise scope of litigation

Both the firms wanted clarity on the applicability of GST on proceeds received from contract bottling units (CBUs). Sale of alcohol for human consumption is outside GST purview, and only state-specific taxes are levied on it

Karnataka Appellate Authority for Advance Ruling (AAAR), Maharashtra AAR, GST , United Breweries , CBUs ,

Lok Sabha Elections: Jobs matter the most for voters — How Modi govt fared

Surveys reveal respondents want red tape, corruption out for ease of doing biz

Maharashtra and Haryana have shown the way to implement NOTA

Jagdeep S Chhokar, one of founders of the Association for Democratic Reforms (ADR) and the former IIM Ahmedabad professor says that even though there are no real positive changes in the country’s democracy, there is hope fo

NOTA. lok sabha elections 2019, Haryana, Maharashtra, electoral bonds scheme, ADR, implementation of NOTA, NOTA meaning

IGST-credit-first rule: Taxpayers unsure of GSTN fiat’s legal status

The GST Act saw several amendments last year, which included changes in discharge of tax liability from the existing input tax credit (ITC) in the electronic ledger of an assessee.

Cause of worry: Norms tightened after hundreds of auditors resign

Registrar of companies tightens norms for auditors, asked to specify reasons

Rs 50,000 crore tax shortfall upsets budget maths

As GST revenue collections consistently missed the estimates by a wide margin, the government in the interim budget brought down FY19 estimate for central GST by Rs 1 lakh crore.

tax collection in india, tax collection shortfall, tax revenue shortfall, budget 2019

Money laundering in garb of donations; govt denies tax benefit to Bioved research society donors

The denial of the benefit to donors is on the ground that they were in connivance with Bioved, which was found to be at fault.

tax, income tax, cbdt, money laundering

Demonetisation effect: Income tax department to crack down on 87,000 people

CBDT tells field officers to complete a probe into these cases by March end, outlines SOPs.

Angel tax: No coercive action, dispose of cases quickly, CBDT instructs I-T

Also, there are talks going on that the government would give relaxation to start-ups who have already had negative assessment orders.”

GST on insurance premium, life insurance GST rate, gst rate on insurance premium, Tax savings, Section 80D , Section 80C, insurance premium, GST, insurance,

GST support: Some states get central compensation despite revenue growth

The GST is now helping the consumption-led states to report revenue growth much higher than manufacturing states.

Pained to see lack of actions on risky taxpayers: CBIC

Since then, GST compliance has been curtailed to single summary return filing form although its expected that a comprehensive yet simplified system would be in place from July.

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.

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

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

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

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

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


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