Wednesday, May 8, 2019, 5:50 PM
The investigation arm of the finance ministry has asked Tata Sons, the holding company of Tata Group, to pay Rs.1,524 crore as the GST dues, a senior official told. The DGGI, the enforcement agency for checking indirect tax evasion, said Tata Sons is liable to pay 18 percent GST on payment of $1.17 billion to Japanese telecom firm NTT Docomo, the official said.
Tuesday, May 7, 2019, 7:56 PM
Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there is structural deficits due to persistent revenue expenditure mismatch.
Wednesday, May 1, 2019, 6:08 PM
The Goods and Services Tax (GST) collection in April touched Rs.1.13 lakh crore, the highest since the nationwide levy was rolled out in July 2017. The revenue in April is 16% higher than the monthly average GST revenue of Rs.98,114 crore in 2018-19. This is the fifth time the collections crossed Rs.1 lakh crore since GST rollout.
Tuesday, April 30, 2019, 5:05 PM
Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the GSTN officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR. This move will apply for all those assessees who have business income and file the returns specified for those with this income i.e. ITR 3 to ITR -7.
Sunday, April 28, 2019, 8:31 PM
Hitting back at PM Narendra Modi for accusing the Congress of doing "nothing" while in power, party president Rahul Gandhi said Saturday nobody had committed the "foolishness" of notes ban and the "Gabbar Singh Tax" in the last 70-years. Addressing rallies in Raebareli and Amethi constituencies of UP, Mr Gandhi also assured the people that implementing the minimum income guarantee scheme, Nyay, was possible.
Saturday, April 27, 2019, 10:31 PM
On the last day of campaign before the fourth phase of the Lok Sabha elections to be held on April 29, Congress general secretary in-charge of eastern Uttar Pradesh, Priyanka Gandhi Vadra, on Saturday explained to farmers who had gathered to hear her speak exactly how they had been exploited by the ruling BJP government at the Centre for the last five years.
Saturday, April 27, 2019, 11:23 AM
Businesses that have accumulated IGST credit in their books can settle it against central and state-tax dues in any proportion, revenue-department has said. Importers typically pay IGST on goods they bring into the country. Also IGST is paid on inter-state movement of goods. This tax is supposed to be set-off against the actual GST paid, or may be claimed as refund in certain cases.
Tuesday, April 23, 2019, 10:50 AM
The Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw materials to reduce payment in cash.
Sunday, April 21, 2019, 9:36 AM
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three-days until April-23. According to the source, "Glitches in GSTN is leading to frequent extensions in the filing of tax-returns. Tax filers also need to improve the habit of filing at the last date, leading to burden on the servers resulting in the collapse of the same."
Thursday, April 4, 2019, 8:12 PM
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores. Combined direct tax and indirect tax collections of the government may fall short by around Rs 60,000 crore this year.