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2 persons arrested for GST fraud of Rs 212 crore in Odisha

Friday, January 24, 2020, 8:28 PM

2 persons arrested for GST fraud of Rs 212 crore in Odisha

Odisha's GST Enforcement Authorities on Thursday arrested two persons for their alleged involvement in GST fraud of Rs 212 crore, officials said. GST Commissioner Sushil Kumar Lohani said two persons identified as Amit Beriwal, and Subash Chandra Swain, proprietor of two companies in Rourkela, were arrested on the basis of prima facie on their alleged involvement.

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Govt staggers GSTR filing deadline to ease system load

Thursday, January 23, 2020, 10:16 AM

Govt staggers GSTR filing deadline to ease system load

After taxpayers complained of a technical-glitch in filing the monthly summary GST returns(GSTR3B), the government said it would allow staggered filing on the basis of turnover and location to ease the load on the system which is witnessed closer to the filing deadline on 20th of every month. For about 8L taxpayers with turnover over Rs.5-crore, the last-date of filing would remain the same.

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Govt May Demand GST Number For UrbanClap, HouseJoy Service Partners

Monday, January 20, 2020, 6:00 PM

Govt May Demand GST Number For UrbanClap, HouseJoy Service Partners

The government is reportedly working to make it compulsory for service professionals engaged with online marketplaces such as UrbanClap and HouseJoy to have a valid GST number to ensure user safety. "These professionals go into people's houses and there's...no way...to identify them," an official told The Economic Times. He added the move would help trace the professionals in any untoward event.

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States stare at over Rs 1 lakh cr revenue gap post withdrawal of GST compensation

Sunday, January 5, 2020, 7:40 PM

States stare at over Rs 1 lakh cr revenue gap post withdrawal of GST compensation

States might be facing a consolidated revenue gap of up to Rs.1.23 lakh-crore on account of withdrawal of compensation after the five-year GST transition period ends on June-30, 2022, says a report by economic think tank NIPFP. At the time of implementation of the GST on July-1, 2017, Centre had promised to compensate states for loss of revenue for five-years at an agreed formula.

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E-commerce cos may get to upload GST e-invoice for vendors

Saturday, January 4, 2020, 2:32 PM

E-commerce cos may get to upload GST e-invoice for vendors

In a significant relaxation for the ecommerce sector, the government could allow online platforms such as Amazon and Flipkart to upload e-invoice for vendors under the GST framework. As part of ongoing trials of e-invoicing, a detailed set of clarifications in the form of frequently asked questions have been issued. "Ecommerce operator can request for e-invoice on behalf of supplier," the clarification said.

News

 
GST rate hikes may come in phases to reduce price pains

Thursday, January 2, 2020, 11:43 AM

GST rate hikes may come in phases to reduce price pains

India could look at a calibrated increase in the goods and services tax-rates to shield consumers from sudden price-shocks, apart from minimising exemptions, as it seeks to lift tax-revenue-collections. A panel of officials on revenue-augmentation, comprising officials from states and Centre, is reviewing the current rate-structure. States such as Punjab suggested slabs of 10% and 20%, with a-third-rate of 25% for sin and luxury-goods.

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31 December 2019, Tuesday

What is TDS on Rent Paid by Salaried Employees?

What is TDS on Rent? Generally, a person receiving income must pay the income tax. TDS is an indirect way of collecting this income tax. TDS stands ...

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Lower tax revenue forecast a worry for the southern states

Monday, December 23, 2019, 9:02 PM

Lower tax revenue forecast a worry for the southern states

The Centre's estimate that growth in GTR over the next five-years is likely to be sedate has left the southern-states worried, as it could affect the devolution of funds and cripple their spending on infrastructure and welfare programmes.Senior-Karnataka and Tamil-Nadu-government-officials, who spoke on the condition of anonymity, said any fall in central-funds would weigh on capital spending and welfare programmes of the state-governments.

News

 
GST rates unlikely to be increased anytime soon: Sushil Kumar Modi

Monday, December 23, 2019, 10:52 AM

GST rates unlikely to be increased anytime soon: Sushil Kumar Modi

The much-anticipated increase in Goods and Services Tax (GST) is not happening any time soon, said Bihar Deputy Chief Minister Sushil Kumar Modi at a recent FICCI event. Modi, who is also the Convenor of Group of Ministers on Integrated Goods and Service Tax (IGST), said there is no possibility of a GST rate hike before indirect tax revenue generation stabilisies.

News

 
Companies under IBC process may get GST relief

Monday, December 23, 2019, 10:29 AM

Companies under IBC process may get GST relief

The government may allow companies undergoing resolution under the IBC to pay current levies of GST without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy resolution process. Ministry of Corporate Affairs and Department of Revenue (DoR) officials have begun talks on the matter and a framework is likely to be unveiled soon, two senior government officials told.

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