Tax Compliance

The GST Council is likely to consider sweeping process reforms on Wednesday to make tax compliance easier for businesses, including allowing small e-commerce sellers to use platform warehouses for GST registration, protecting genuine buyers' input tax credit and reducing low-value litigation, sources said. The proposals, part of the GST 2.0 process reforms, seek to simplify registration and return filing, make goods movement more predictable and reduce disputes between taxpayers and the tax department. One of the proposals seeks to allow small sellers using e-commerce platforms to treat the platform's warehouse as their registered place of business in states where they do not have their own premises. A seller would need a genuine presence in one state, where physical verification and Aadhaar authentication would be completed, and registrations in other states could be obtained with the consent of the e-commerce platform without further tax-officer involvement. The move could enable

Information contained in AIS should be cross-checked against data in various statements of financial transactions

Gujarat High Court upholds ITC denial for supplier defaults, increasing compliance costs and working capital pressure for businesses across multi-layered supply chains

In indirect taxes, the number of cases went up from 1.13 lakh to 1.26 lakh, and the value involved more than doubled to ₹7.4 trillion during the same period

The key problem, say tax experts, lies in the classification of GCCS and what they do: while tax authorities look at the share of operational work done in India

The focus will be on habitual violators, cases showing significant gaps between tax deductions and advance tax payments, instances involving frequent revisions to deductee details

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

The study also said that to manage compliance and ensure that businesses pay their "fair share" of taxes, rapid tech adoption is necessary

Sources said that it was not the accounts that were frozen, but an amount of around Rs 115 crore, which remains attached

CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth

Due to the fall in surplus liquidity, the RBI conducted variable rate repo (VRR) auction after a month on Monday

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

The last tweaks in the personal income tax rates came in the 2020-21 Union Budget, just before the pandemic

Spectrum's investment portfolio includes the likes of Grubhub, SurveyMonkey, Kajabi, Lucid Software, and Verafin

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Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

In absence of certificates, they risk having 40% tax cut from revenues

Proposals for a 3-month extension of compliance timeline being considered

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Compliance procedures need rationalisation and integrated digital systems