Central excise officials flag GST loopholes

Tax officials are seeking clarification on the definition of supply, valuation of taxable supply of goods and services, among others

GST prompts a change in business model

Senior officials of the central excise department have prepared a report on major loopholes in the proposed goods and services tax (GST) Act as sought by the Union government to fine-tune and improve the law. The report would be submitted to the ministry concerned in a week’s time. “We have raised some key points and specific areas of concerns, which need to be looked into,” said a senior tax official of the central excise department. In the draft report, tax officials have expressed apprehension on the definition of ‘supply’ — which presumably ...