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High tax on luxury cars restricting market: JLR India

Sunday, July 21, 2019, 12:03 PM

High tax on luxury cars restricting market: JLR India

Jaguar Land Rover (JLR) can assemble more models in India if the taxation structure is "reasonable" and allows for a viable business case, a top company official said. The company said lowering of GST from the current 28 percent to 18 percent would help the industry recover from the slowdown and in turn spur employment generation.

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Seven indirect taxation-related laws being amended: FM Nirmala Sitharaman

Friday, July 19, 2019, 8:35 AM

Seven indirect taxation-related laws being amended: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha. She told the Lower House that amendments to laws are being made through the Finance Bill in five major categories, including in the Goods and Services Tax (GST). "The government considers it very imperative," she asserted.

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Tax arrears of Gujarat industrial units at Rs 30,000 crore

Wednesday, July 17, 2019, 2:42 PM

Tax arrears of Gujarat industrial units at Rs 30,000 crore

The combined tax arrears of over 48,000 industrial units in Gujarat stood at Rs.30,000 crore as on June 30, 2019. Official sources in the state finance department said the taxes that remained unpaid include sales tax and VAT for the period before the introduction of the GST in 2017. Of these units, there are nearly 6,400 units with tax bills of more than Rs.10L.

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Budget 2019: Amnesty scheme to resolve legacy tax issues

Saturday, July 6, 2019, 11:05 AM

Budget 2019: Amnesty scheme to resolve legacy tax issues

The government has unveiled an amnesty scheme to resolve excise and service tax disputes pertaining to the period before the introduction of the GST to clear the backlog of cases and improve the ease of doing business. Even two-years after the indirect tax regime was replaced by GST, the litigation doesn't seem to die down and there is a huge pendency, tax experts said.

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Single rate GST not possible in a country with poor people: Jaitley

Monday, July 1, 2019, 6:54 PM

Single rate GST not possible in a country with poor people: Jaitley

As GST completed two years of implementation on Monday, former Finance Minister Arun Jaitley in a blog wrote, "Those who argued for a single slab GST must realise that a single slab is possible only in extremely affluent countries without poor people." "As revenue increases, it'll allow policymakers to possibly merge 12% and 18% slab into one," he added.

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Stop calling luxury cars as sin goods; reduce GST: JLR India

Monday, July 1, 2019, 6:21 PM

Stop calling luxury cars as sin goods; reduce GST: JLR India

The government should stop classifying luxury cars as sin goods and reduce tax burden on such vehicles, as manufacturers contribute healthily in the country's economic-growth, according to Jaguar Land Rover India. At present luxury vehicles in India attract top GST slab of 28% and additional cess of 20% on sedans and 22% on SUVs, taking the total tax incidence to 48% and 50%, respectively.

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535 cases of fake invoices detected in current fiscal

Monday, July 1, 2019, 5:30 PM

535 cases of fake invoices detected in current fiscal

GST officers have booked 535 cases of fake invoices involving a total fraudulent claim of Rs.2,565 crore of input tax credit (ITC) and arrested 40 persons so far in the current financial year, Finance Minister Nirmala Sitharaman said. In 2018-19, 1,620 cases of fake invoices were registered involving fraudulent ITC claim of Rs.11,251 crore under the GST. As many as 154 persons were arrested.

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GST collection dips below Rs one lakh crore in June

Monday, July 1, 2019, 5:04 PM

GST collection dips below Rs one lakh crore in June

GST Collection dipped below the Rs.1lakh crore mark in June for the first time this fiscal. The total GST mop up stood at Rs.99, 939-crore in June. "Total Gross GST revenue collected in June, 2019 is Rs.99,939-crore of which CGST is Rs.18,366-crore, SGST is Rs.25,343-crore, IGST is Rs.47,772-crore (including Rs.21,980-crore collected on imports) & Cess is Rs.8,457-crore," the finance ministry tweeted.

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GST return filing remains less than desired

Monday, July 1, 2019, 4:47 PM

GST return filing remains less than desired

Two years after the landmark goods and services tax (GST) amalgamated 17 different central and state levies, returns filing under the new indirect tax regime continues to be wobbly with filings showing spikes every three months but continue to be less than desired, data analysis showed. Also, compliance in filing summary sales return GSTR-3B has not improved much since July 2017.

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Two years of GST: New tax return system, refund mechanism from today

Monday, July 1, 2019, 11:44 AM

Two years of GST: New tax return system, refund mechanism from today

Kicking off celebration to mark two-years of the GST implementation, the finance ministry will on Monday come-up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. The ministry said it will introduce the new return system on a trial-basis from July-1 and on mandatory basis from October-1.

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