Page 44 - Latest Updates on Goods and Services Tax
Ahead of UP budget, Adityanath govt looks to balance populism, development
The economic slowdown has taken a toll on the state's industrial growth and consequently the collection of taxes, which is further putting a strain on its finances
 "Ahead of UP budget, Adityanath govt looks to balance populism, development")
Will calculate interest on delayed GST payment on net tax liability: CBIC
There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed payment
 "Will calculate interest on delayed GST payment on net tax liability: CBIC")
Tamil Nadu presents fiscal deficit budget, expects 7.27 % growth
State's debt to increase to over Rs 4.56 trillion
 "Tamil Nadu presents fiscal deficit budget, expects 7.27 % growth")
Sabka Vishwas legacy dispute scheme may not add much to govt coffers
Govt faces uphill task of meeting indirect tax target despite scaling it down
 "Sabka Vishwas legacy dispute scheme may not add much to govt coffers")
States may not get GST compensation in full, says Finance Ministry
Centre for rate hike to make up for Rs 30K-cr revenue gap
 "States may not get GST compensation in full, says Finance Ministry")
Some Budget proposals prone to litigation, may give rise to tax disputes
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence
 "Some Budget proposals prone to litigation, may give rise to tax disputes")
AI, data analytics help GST collection, loopholes being plugged: Sitharaman
Red-flag reports prepared every month, SMS being sent to those mentioned therein
 "AI, data analytics help GST collection, loopholes being plugged: Sitharaman")
Bengaluru's realty market emerges unscathed from economic slowdown
Besides the traditional segments, the demand for co-living, co-working and senior living is keeping the sector buzzing
 "Bengaluru's realty market emerges unscathed from economic slowdown")
GST compensation fund likely to fall short by Rs 25,000 cr in FY20: Icra
The agency assesses the compensation for the losses related to the goods and services tax (GST), required by all the states for the period from October 2019 to January 2020, at Rs 60,000-70,000 crore
 "GST compensation fund likely to fall short by Rs 25,000 cr in FY20: Icra")
Monetary policy: RBI may explore prudent measures to raise credit offtake
After the 7.35 per cent December CPI inflation print, we expect the January inflation once again to be close to 7 per cent, and then recede down to around 6 per cent for some months
 "Monetary policy: RBI may explore prudent measures to raise credit offtake")
BSNL, MTNL employees taking VRS need to wait till April for dues
This is because the Union Budget does not have provision for any expenditure towards the programme in the current fiscal year
 "BSNL, MTNL employees taking VRS need to wait till April for dues")
Budget 2020: The focus is on simplifying GST and preventing evasion
The direct tax proposals aim to accelerate economic momentum and ease of living for taxpayers, though the key will lie in smooth administration
 "Budget 2020: The focus is on simplifying GST and preventing evasion")
Budget 2020: States' share in central tax pool seen at 50-year low
The states' revenue from the central tax pool was up 25.8 per cent YoY in FY19, while it was down 0.4 per cent YoY in FY18
 "Budget 2020: States' share in central tax pool seen at 50-year low")
FM Nirmala Sitharaman's second Budget a missed opportunity
The government has wasted the chance to firmly establish its reform credentials
 "FM Nirmala Sitharaman's second Budget a missed opportunity")
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
Union Budget 2020: Fake invoicing under GST a non-bailable offence
Sitharaman announced that the new GST return framework and e-invoicing would be implemented from April 1, to improve compliance and plug the tax revenue leakages
 "Union Budget 2020: Fake invoicing under GST a non-bailable offence")
Union Budget 2020: It's time to unclutter tax regime, says expert
The budgetary figures continue to not cover many forms of expenditures
Budget 2020: 15th Finance Commission calls for new legal fiscal framework
Expert panel may be set up to define responsibilities of key stakeholders and standards to be followed at all levels of government
 "Budget 2020: 15th Finance Commission calls for new legal fiscal framework")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")