Clipped from: https://economictimes.indiatimes.com/news/india/i-t-detects-rs-800-cr-hidden-cash-transactions-after-raids-on-andhra-telangana-realty-groups/articleshow/88814439.cmsSynopsis Incriminating documents like handwritten books, agreements and digital data have been seized from a specialised software application as well as from other electronic
Category: GST
Cash credit account cannot be provisionally attached- HC issues contempt notice to Principal Commissioner
Clipped from: https://taxguru.in/goods-and-service-tax/cash-credit-account-provisionally-attached-hc-issues-contempt-notice-principal-commissioner.html?utm_source=feedburner&utm_medium=email Manish Scrap Traders Vs Principal Commissioner (Gujarat High Court) Way back in the year 2016, in the case of Kaneria Granito Ltd. vs. Assistant
SME director among two arrested in connection with input tax credit fraud | Business News,The Indian Express
Clipped from: https://indianexpress.com/article/business/mumbai-sme-director-arrested-input-tax-credit-fraud-7713595/ CGST officials have arrested Omnipotent Industries Ltd director Punit Popat and Siddhanath Mishra, the proprietor of Shree Bitumax Trading. They have been remanded
Businesses to be given ‘reasonable time’ to explain mismatch in GSTR-1, 3B | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/businesses-to-be-given-reasonable-time-to-explain-mismatch-in-gstr-1-3b-122010900301_1.html Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax
GSTR-3B: Interest calculator soon in GSTR-3B for delayed monthly tax payment – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/interest-calculator-soon-in-gstr-3b-for-delayed-monthly-tax-payment/articleshow/88789107.cmsSynopsis As per Goods and Services Tax law, 18 per cent interest is charged for failure to pay tax liability on time, while 24
Taxmen to give ‘reasonable time’ to business to explain reasons for mismatch in GSTR-1, 3B before recovery action – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/taxmen-to-give-reasonable-time-to-business-to-explain-reasons-for-mismatch-in-gstr-1-3b-before-recovery-action/articleshow/88788964.cmsSynopsis As per the changes in the GST law effective January 1, GST officers were allowed to directly initiate recovery action against those errant
Make GST good & simple for online travel biz – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/make-gst-good-simple-for-online-travel-biz/2400301/ The GST regime has introduced certain complications for e-commerce operators in the travel space The complications and contradictions this sector faces have continued
Patchwork policy: The Hindu Editorial on GST rate on textiles – The Hindu
Clipped from: https://www.thehindu.com/opinion/editorial/patchwork-policy-the-hindu-editorial-on-gst-rate-on-textiles/article38094816.ece The temporary rollback of tax hikes on textiles is a harbinger of challenges before GST regime On New Year’s eve, nine hours before
GST hike on textiles will put financial burden on 85% population if not withdrawn: Traders to Piyush Goyal – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-gst-hike-on-textiles-will-put-financial-burden-on-85-population-if-not-withdrawn-traders-to-piyush-goyal/2398296/ Ease of Doing Business for MSMEs: In November 2021, the government had notified uniform GST at 12 per cent on man made fibre (MMF), MMF yarn, MMF
Is Taxman getting over-aggressive? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/is-taxman-getting-over-aggressive/article38135026.ece While many recent searches may be justified, more clarity in the GST law is needed to ensure fairness During the first few years
Xiaomi India evaded ₹653 cr customs duty, says DRI – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/info-tech/xiaomi-india-evaded-653-cr-customs-duty-says-finmin/article38127074.ece DRI raided the firm, initiated an investigation Directorate of Revenue Intelligence (DRI has issued show-cause notices to mobile handset manufacturer Xiaomi Technology India
GST hike on textiles will put financial burden on 85% population if not withdrawn: Traders to Piyush Goyal – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-gst-hike-on-textiles-will-put-financial-burden-on-85-population-if-not-withdrawn-traders-to-piyush-goyal/2398296/ Ease of Doing Business for MSMEs: In November 2021, the government had notified uniform GST at 12 per cent on man made fibre (MMF), MMF yarn, MMF
Crypto platforms lack clarity on tax provisions: Industry – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/crypto-platforms-lack-clarity-on-tax-provisions-industry/articleshow/88677521.cms SynopsisAfter the Goods and Services Department, which slapped a ₹40 crore GST demand on crypto exchange WazirX last month, the Directorate General of
Extending the GST compensation – The Hindu
Clipped from: https://www.thehindu.com/business/extending-the-gst-compensation/article38105201.ece?homepage=true What is the GST payment due to States? Why are several States demanding a continuation of the compensation beyond June 2022? The story
‘New GST regime for food delivery apps does not mean new tax’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/new-gst-regime-for-food-delivery-apps-does-not-mean-new-tax/article38101517.ece?homepage=true Removal of Inverted Duty Structure on footwear to benefit producers, consumers in long run: Govt officials New Goods and Services Tax (GST) regime
Deferral of GST hike: Textiles sector pins hopes on better options – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/textiles-sector-pins-hopes-on-better-options/article38094094.ece Proposes alternatives, including ones that can correct inversion, generate revenue The GST Council’s last-minute deferment of a proposed rate hike for lower-end textile
Restrictive GST rules take effect | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/restrictive-gst-rules-take-effect-122010300050_1.html Many changes in the GST laws have come into effect from the beginning of this year The Commerce Ministry has let the exporters
More crypto exchanges to find taxmen knocking their door this year – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/money-and-banking/cryptocurrency/more-crypto-exchanges-to-find-taxmen-knocking-their-door-in-the-new-year/article38091785.ece Investigation on nearly half-a-dozen exchanges found GST evasion, and collected over ₹70 cr. With the higher and higher number of investments and investors
GST 2022: GST: From rate rationalisation to reduction in compliance burden, what to expect from indirect taxes in 2022 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-from-rate-rationalisation-to-reduction-in-compliance-burden-what-to-expect-from-indirect-taxes-in-2022/articleshow/88605813.cmsSynopsis The Government has made many changes with respect to self-certification of audit reports, creating a compliance driven process through interplay of GST returns,
GST Council defers rate hike in textiles, refers issues to ministers group | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-council-defers-rate-hike-in-textiles-refers-issues-to-ministers-group-121123100770_1.html ‘We will retain the status quo’, says Finance Minister Nirmala Sitharaman after emergency meeting in Delhi. Union Finance Minister Nirmala Sitharaman The Goods
aniltikotekar4sme.com 