Clipped from: https://economictimes.indiatimes.com/small-biz/gst/budget-2021-fm-does-away-with-the-need-for-gst-audit-for-a-section-of-taxpayers/articleshow/80681164.cms SynopsisThis will bring relief to SMEs that are struggling with the requirement for audits under numerous laws. A least expected yet positive development
Category: GST
No rethink on Google tax, clarity on NRI tax residency once travel resumes: CBDT chief
Clipped from: https://www.businesstoday.in/current/economy-politics/no-rethink-on-google-tax-clarity-on-nri-tax-residency-once-travel-resumes-cbdt-chief/story/430217.html On the direct tax collection targets for 2021-22, CBDT Chairman PC Mody said that the projections are “realistic and not ambitious”; we are
Tax rate stability key, Budget not time for tinkering, says finance secretary–the economic times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/tax-rate-stability-key-budget-not-time-for-tinkering-says-finance-secretary-ajay-bhushan-pandey/articleshow/80663570.cmsSynopsis Increased sharing of info between different arms of the govt and banks has made hiding income or evading tax an increasingly difficult task,
Decoding the fine print of Nirmala Sitharaman’s ‘no harm’ Budget – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/budget-2021-key-highlights/articleshow/80621984.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The FM’s third Budget tackles the considerable wishlist of industries and consumers that were impaired by the Covid-19 pandemic, while acknowledging the spending
Indirect Taxes: FM Sitharaman’s Budget attempts a delicate balancing act | Business Standard News
Clipped from: https://www.business-standard.com/budget/article/indirect-taxes-fm-sitharaman-s-budget-attempts-a-delicate-balancing-act-121020202031_1.html The focus has been on smoothening the GST structure and removing anomalies, as well as closing loopholes to curb fraudulent practices Even before
Why petrol, diesel prices won’t increase despite new agri cess–BUDGET 2021–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/decoding-the-budget/budget-2021-why-petrol-diesel-prices-wont-increase-despite-new-agri-cess/story/429886.html Union Budget 2021-22 news: The government has imposed a steep agriculture infrastructure and development cess (AIDC) of Rs 2.5 per litre on petrol
15th Finance Commission keeps tax devolution to states at 42%, suggests fiscal deficit glide path – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/15th-finance-commission-keeps-tax-devolution-to-states-at-42-suggests-fiscal-deficit-glide-path/articleshow/80629623.cmsSynopsis Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations. The report of the 15th Finance Commission was tabled in
GST mop-up rises 8% to Rs 1.20 lakh crore record high in Jan–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/gst-mop-up-rises-8-to-rs-120-crore-record-high-in-jan/story/429695.html Of the total GST collection, CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (including Rs 27,424
A case for better tax-policies for MSMEs – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/a-case-for-better-tax-policies-for-msmes/articleshow/80609973.cmsSynopsis Tax reforms and schemes that ought to encourage trading and ease of business – including on e-commerce platforms – have seemingly complicated the
GST fraud of Rs 940 cr busted, 340 bogus firms under lens – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/gst-fraud-of-rs-940-cr-busted-340-bogus-firms-under-lens/articleshow/80620570.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis With the arrest of six persons, including the kingpin, Delhi Police’s Cyber Crime Unit (CyPAD) has busted a GST refund scam involving fake
GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/gst-collections-for-jan-2021-touch-all-time-high-of-rs-1-2-lakh-crore/articleshow/80616224.cmsSynopsis “The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore
Electric vehicle companies hope government fixes GST anomalies in Budget 2021 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/auto/auto-news/electric-vehicle-companies-hope-government-fixes-gst-anomalies-in-budget-2021/articleshow/80590852.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Manufacturers of electric vehicles (EVs) have urged the government to fix anomalies in the Goods and Services Tax (GST) rate structure, which taxes
Excise duty collection jump 48 % this fiscal on record hike in taxes on petrol, diesel – The Hindu
Clipped from: https://www.thehindu.com/business/Industry/excise-duty-collection-jump-48-this-fiscal-on-record-hike-in-taxes-on-petrol-diesel/article33593119.ece With this, the total incidence of excise duty on petrol rose to ₹ 32.98 per litre and that on diesel to ₹ 31.83
How Budget 2021 can reduce tax burden, ensure Acche Din for pensioners, senior citizens – The Financial Express
Clipped from: https://www.financialexpress.com/budget/how-budget-2021-can-reduce-tax-burden-ensure-acche-din-for-pensioners-senior-citizens/2182318/ With the Budget 2021 around the corner, senior citizens as well as those nearing retirement or who have retired recently want the government
Budget expectations from indirect taxation perspective — UNION BUDGET 2021:–The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/budget-expectations-from-indirect-taxation-perspective/articleshow/80585438.cms The Union Budget to be presented on Monday, is slated to be one of the most important and anticipated one, given the economic
What to expect from FM Nirmala Sitharaman’s third act–BUDGET 2021–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/columns/budget-2021-what-to-expect-from-fm-nirmala-sitharamans-third-act/story/429433.html The government should speedily release all outstanding payments or tax refunds owed to service providers in the form of pending bills. This includes
GST waiver, level-playing field; what agri sector expects from FM Nirmala Sitharaman?–BUDGET 2021:
Clipped from: https://www.businesstoday.in/union-budget-2021/columns/budget-2021-gst-waiver-level-playing-field-what-agri-sector-expects-from-fm-nirmala-sitharaman/story/429404.html The Agri warehousing and Agri-NBFC sectors have a lot of expectations from the upcoming budget as the growth of these two sectors is
Gujarat HC serves notice on Centre over interest on delayed payments | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gujarat-hc-serves-notice-on-centre-over-interest-on-delayed-payments-121012700007_1.html Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger
Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/govt-mulls-revenue-dept-restructuring-cbic-cbdt-to-focus-on-collection-121012700038_1.html People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB) The government is
GST Fake Invoice frauds: 8 Chartered Accountants among 258 persons arrested so far – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/gst-fake-invoice-frauds-8-chartered-accountants-among-258-persons-arrested-so-far/article33650554.ece Eight Chartered Accountants are among 258 persons arrested so far in the nationwide drive against fake GST invoice frauds in last two-and-a-half months
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