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GST credits taken by tech companies under taxman's lens

Thursday, July 5, 2018, 9:59 AM

GST credits taken by tech companies under taxman's lens

The indirect tax department is scrutinising capital expenditure incurred by information technology (IT) and information technology enabled services (ITeS) companies, suspecting they may have evaded Goods and Services Tax (GST) liabilities. Preliminary investigations by the indirect tax department found that many companies had increased their capital expenditure after GST was rolled out on July 1, 2017.

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Arun Jaitley hints at rationalising GST rates as revenues surge

Monday, July 2, 2018, 8:01 AM

Arun Jaitley hints at rationalising GST rates as revenues surge

India may soon be looking at rationalising GST rates as the year-old indirect tax regime stabilises, finance minister Arun Jaitley said, even as he dismissed the idea of a single rate that Congress president Rahul Gandhi has called for. Jaitley added that GST has helped expand the tax base, including that of direct taxes.

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GST impacted direct tax collection as well: Jaitley

Sunday, July 1, 2018, 2:41 PM

GST impacted direct tax collection as well: Jaitley

On the occasion of the first anniversary of the GST, Union minister Arun Jaitley said that the indirect tax reform has impacted the direct tax collection as well citing the rise in advance tax for the first quarter of FY19. Advance personal income tax rose 44% for Q1FY19 while advance corporate tax rose 17% for Q1FY19, Jaitley said.

Article

 

30 June 2018, Saturday

GST Changes Which May Come Soon

On July 1st 2018, it will be a year since GST was launched across India. Goods and Services Tax popularly called GST is a single indirect tax for ...

News

 
Over 200 companies under lens after data mining

Saturday, June 30, 2018, 9:21 AM

Over 200 companies under lens after data mining

The Indirect tax department has issued notices to about 200 companies after data mining revealed that they may be guilty of evading the goods and services tax (GST). The findings showed that these companies may be under-invoicing or selling their goods in cash to customers. The data mining has raised red flags in situations where details in GSTR3B and GSTR1 didn't match.

Article

 

29 June 2018, Friday

One Year Of GST: Advantages and Disadvantages of GST

It’s a year since that great day when GST was launched across India. Prime Minister Narendra M ...

News

 
PM Modi credits states for GST implementation

Sunday, June 24, 2018, 10:20 PM

PM Modi credits states for GST implementation

Describing GST as a fine example of cooperative federalism, Prime Minister Narendra Modi today said the new system is a "festival of honesty" which had ended 'inspector raj' in the country. As the new tax regime completes one year, the prime minister said if he has to credit anyone for the successful implementation of 'one nation, one tax' system, it is the states.

News

 
Centre must act at once on Cauvery: Tamil Nadu CM

Monday, June 18, 2018, 8:37 AM

Centre must act at once on Cauvery: Tamil Nadu CM

Chief Minister Edappadi K. Palaniswami has demanded that the Centre immediately operationalise Cauvery Water Management Authority and the Cauvery Water Regulation Committee for effective implementation of the final order of the Cauvery Water Disputes Tribunal as modified by Supreme Court. Also, he suggested that States be allowed to levy and appropriate all indirect taxes to enhance their 'limited' resources.

News

 
Intra-state e-way bill to be rolled out in 6 states today

Friday, June 1, 2018, 9:23 AM

Intra-state e-way bill to be rolled out in 6 states today

At least six states Mizoram, Odisha, Punjab, Chhattisgarh, Goa and Jammu and Kashmir will roll out the e-way bill system for the intra-state movement of goods on Friday. As per the decision of the GST Council, the e-way bill has been rolled out from April 1. Besides, Tamil Nadu and West Bengal will roll out the same on June 2 and June 3, respectively.

News

 
Over Rs 3 lakh crore tax amount stuck in litigation

Tuesday, April 24, 2018, 7:17 AM

Over Rs 3 lakh crore tax amount stuck in litigation

More than Rs 3.2 lakh crore worth tax arrears are stuck due to pending cases in courts, according to the Income Tax Department. Over 2.40 lakh cases pertaining to direct tax and around 1.18 lakh in connection with indirect tax are currently pending. Officials have said that only a small portion of all arrears is actually collectible.

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