Page 33 - Goods And Services Tax

GST Council may take up rationalising tax rates, slab merger in next meet

15th Finance Commission has suggested merging 12 and 18% tax rates

SC asks Centre to file affidavit on technical glitches in GSTN

One of the major contentions put forward by the taxpayers was that the relevant GST forms could not be filed due to technological glitches faced on the GST Network portal

Registration of taxpayers to be suspended for anomalies in GST sales return

The registration would be suspended in cases where a comparison of the returns furnished by a registered person with the details of outward supplies furnished in form GSTR-1

ICAI wants FM to withdraw Budget proposal on doing away with GST audit

The Institute argues that benefits of such an audit outweigh ease of compliance that the new rule would bring for assessees

A compliance strategy for GST

It is quite clear that to get the compliance benefit of the GST design, all economic entities must be brought within the tax net so that the invoice trail is established

15th FC report: Annual GST losses hit Rs 4 trillion on lower rates

Finance Commission finds inconsistencies in GST, bats for change, simplification and a three-rate structure

At record Rs 1.19 trn, GST collections give FM confidence ahead of Budget

Since the collections were till 6 pm on January 31, some more money is expected to come into the government coffers for the month

Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection

People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)

Gujarat HC serves notice on Centre over interest on delayed payments

Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit

Hold back basic customs duty on solar equipment in Budget: Developers

Solar power developers in the country have demanded that the government should hold back the imposition of basic customs duty (BCD) on solar equipment for the time being in the forthcoming budget.

Budget 2021: Govt stares at revenue shortfall of Rs 7 trn this fiscal year

Revenue from disinvestment has been Rs 17,958 crore this financial year, against a target of Rs 2.10 trillion

Cleaning up taxes

Govt must seize opportunity to reform holes in tax system

DGGI issues show-cause notice to Amazon India over Rs 175 cr tax demand

Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit

Budget 2021 will address woes of affected sectors, says Finance Secretary

AJAY BHUSHAN PANDEY says litigants in more than 96,000 appeals - involving disputed amounts of Rs 83,000 crore - have opted for the Vivad Se Vishwas scheme, which has been extended by a month

Commerce ministry should amend SEZ rules for sourcing from EOUs: Expert

EOUs were de-licensed as bonded warehouses with effect from August 13, 2016

Restrictions by way of software changes counter-productive

What happens when the government uses the software to impose restrictions that are not sanctioned by legal provisions is that the Courts strike down such restrictions as invalid

Best of BS Opinion: GST's high point, clarity on bitcoin, and more

Here's a selection of Business Standard opinion pieces for the day

GST's high point

More than recovery, better compliance has improved collection

FinMin releases Rs 6K crore to states to meet GST compensation shortfall

The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 trillion in revenue arising on account of implementation of GST

Fake GST invoice racket worth Rs 510 cr busted in Cuttack, kingpin held

Odisha Goods and Services Tax (GST) Commissionerate busted tax invoice fraud to the tune of Rs 510 crore and arrested its mastermind, Sandeep Mohanty in Cuttack, an official said on Friday