Clipped from: https://economictimes.indiatimes.com/news/economy/policy/companies-approach-gujarat-high-court-over-penalty-interest-payment-on-input-tax-credit/articleshow/80421685.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The input tax credit mechanism under the GST framework allows companies to set off part of the tax paid against future tax liabilities.
Category: GST
India Budget 2021: How indirect tax can provide a roadmap to recovery–the economic times
Clipped from: https://economictimes.indiatimes.com/small-biz/policy-trends/budget-2021-how-indirect-tax-can-provide-a-roadmap-to-recovery/articleshow/80399534.cmsSynopsis The PLI scheme rolled out under the Atmanirbhar Bharat Abhiyan in April 2020 covered mobile manufacturing, manufacturing of bulk drugs and medical devices.
No GST on electricity charges recovered from tenants – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/no-gst-on-electricity-charges-recovered-from-tenants/articleshow/80380231.cmsSynopsis GST has a concept of “pure agent”, under which if you incur an expense while providing a service to your customer, then on
Government extends timeline for concluding anti-profiteering investigations under GST framework – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/government-extends-timeline-for-concluding-anti-profiteering-investigations-under-gst-framework/articleshow/79737783.cmsSynopsis “The government has further extended timeline for anti- profiteering authorities to complete their investigations, and as such any investigations required to be closed
Cleaning up taxes | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/cleaning-up-taxes-121011801532_1.html Govt must seize opportunity to reform holes in tax system In the run-up to the Union Budget, the finance ministry must be wrestling
Budget FY22: GST vaccine for ailing economy – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/budget-fy22-gst-vaccine-for-ailing-economy/2174356/ Indian Union Budget 2021-22: The government must rationalise GST rates for inputs and input services with the corresponding output supplies to avoid accumulation
Not the time for big bang tax reform–the economci times
Clipped from: https://economictimes.indiatimes.com/blogs/et-editorials/not-the-time-for-big-bang-tax-reform/ET Edit Quick takes, analyses and macro-level views on all contemporary economic, financial and political events. The coming budget offers narrow scope for sweeping
Cleaning up taxes | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/cleaning-up-taxes-121011801532_1.html Govt must seize opportunity to reform holes in tax system In the run-up to the Union Budget, the finance ministry must be wrestling
GST officers arrest one for operating 46 fake firms, passing on ITC worth Rs 82.23 cr – The Financial Express
Clipped from: https://www.financialexpress.com/economy/gst-officers-arrest-one-for-operating-46-fake-firms-passing-on-itc-worth-rs-82-23-cr/2173382/ The network of fake firms was operated by Arvind Kumar, who used to pass fake ITC for a commission of 4 to 4.5
Seal GST with a KISS — ‘Keep It Simple, Stupid’ should be the watchword for GST reform – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/view-seal-gst-with-a-kiss-keep-it-simple-stupid-should-be-the-watchword-for-gst-reform/articleshow/80279352.cmsSynopsis GST is still a complicated regime with varying slabs, not easy to comprehend or comply with, and open to interpretation. Captain GR Gopinath
Budget 2021 Expectations for MSMEs: MSMEs seek lower GST on professional services to benefit from each other | The Financial Express
Clipped from: https://www.financialexpress.com/budget/budget-2021-expectations-msmes-seek-lower-gst-on-professional-services-to-benefit-from-each-other/2165739/ Union Budget 2021 Expectations for MSMEs: The Central Board of Indirect Taxes and Customs had recently notified that enterprises with over Rs 50
GST still an unstable law – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/gst-still-an-unstable-law/article33545169.ece With 927 notifications and circulars in the last three years, the GST is as yet “an unstable law”, says The Western Maharashtra Tax
Economists ask PM for simpler GST, accelerated privatisation – The Financial Express
Clipped from: https://www.financialexpress.com/economy/economists-ask-pm-for-simpler-gst-accelerated-privatisation/2167318/ Economists also emphasised the need for development of acceleration of public investment in infrastructure and public goods projects, especially on construction heavy projects
New GST return filing system: How ‘Quarterly Return Monthly Payment’ scheme helps small taxpayers – The Financial Express
Clipped from: https://www.financialexpress.com/economy/new-gst-return-filing-system-how-quarterly-return-monthly-payment-scheme-helps-small-taxpayers/2166926/ The taxpayers who opted for the QRMP scheme can avail the option of the IFF and furnish their details of outward supply on
Government launches crackdown on 7,000 GST evaders, 187 arrested–deccan chronicle
New Delhi: Armed with data analytics and information from agencies, the government has launched a massive crackdown on GST evaders, initiating action against 7,000 entites including
Finmin move to catch fake GST bills to hit genuine taxpayers too: industry | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/finmin-move-to-catch-fake-gst-bills-to-hit-genuine-taxpayers-too-industry-121010600801_1.html Says ministry’s new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash
GST collection up, but overall picture is still grim | Deccan Herald
There is encouraging news for the government on the tax front with an increase in revenues from the Goods and Services Tax (GST) and other
GST collections: Is Rs 1.15 lakh crore a reason to celebrate? – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/gst-collections-is-rs-1-15-lakh-crore-a-reason-to-celebrate/2165047/ The stimulus partly ensured GST monthly targets got overachieved in the last three months, but should we be doing better? By Madan Sabnavis
Fake invoicing under GST: What happens after govt catches you for issuing fake invoice? – The Financial Express
Clipped from: https://www.financialexpress.com/economy/fake-invoicing-under-gst-what-happens-after-govt-catches-you-for-issuing-fake-invoice/2165626/ The GST Fake invoices frauds are largely carried out by the non-existent taxpayers & by using a network of firms set up to
Firms face I-T heat over GST evasion charges; L&T, Zee offices ‘surveyed’ | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/firms-face-i-t-heat-over-gst-evasion-charges-l-t-zee-offices-surveyed-121010500050_1.html?utm_source=Spotlight&utm_medium=website&utm_campaign=Newsletter_11072018 The crackdown is part of coordinated action against thousands of entities identified by the Directorate General of GST Intelligence, which recently shared the
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