Page 44 - Latest Updates on Goods and Services Tax
Every penny counts as GST officers send demand notices to companies
Desperate push to meet collection target; firms receive notices for as low as Rs 2
 "Every penny counts as GST officers send demand notices to companies")
Centre releases Rs 19,950 crore as GST compensation to states and UTs
This is for the first time that the Centre has given compensation to states for one month only
 "Centre releases Rs 19,950 crore as GST compensation to states and UTs")
GST profiteering: Delhi HC comes to the rescue of Nestle, grants stay
The stay, granted through an order issued on February 10, was given on grounds that Nestle had already paid Rs 16.58 crore of the total demand of Rs 89.73 crore
 "GST profiteering: Delhi HC comes to the rescue of Nestle, grants stay")
Best of BS Opinion: What lessons can India learn from a buffalo race
Writers examine how to reform GST, the corporate sector's apolitical stance, Sebi's new rules for investment advisors and the draft pesticides Bill
 "Best of BS Opinion: What lessons can India learn from a buffalo race")
Reforming GST
We must simplify, lower and make GST comprehensive to fulfil its promise
 "Reforming GST")
States to get Oct-Nov GST compensation before next Council meet
The Centre has estimated a compensation cess shortage of Rs 63,200 crore in 2019-20 (FY20)
 "States to get Oct-Nov GST compensation before next Council meet")
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")