Page 43 - Goods And Services Tax

Govt may propose GST refunds on capital goods purchases to exporters

Currently, under the LUT route, they need not pay tax on their export bills, but they stand to lose refunds on taxes paid on capital goods. Taxes on all other inputs get refunded

Revenue dept detects 931 fraudulent GST claim cases through data analytics

Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current financial year

Checking fraud in revenue leakage

One measure being considered is to link foreign exchange remittances with refund of IGST for risky and new exporters, apparently to curb fraudulent IGST refund claims

Telecom industry urges govt to facilitate funding at lower interest rate

Representatives from the industry met telecom ministry officials to communicate their suggestions to help the debt-ridden sector

New year begins on positive note

The government's new year gift is extension of the time limit to avail of the service tax and central excise dispute resolution scheme by 15 days

States face over Rs 1 trillion revenue gap post GST compensation withdrawal

At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula

Finance Ministry ramps up efforts to meet direct tax collection targets

Field officers were asked to make efforts to identify and initiate actions against willful tax evaders or those using fake invoices or e-way Bills

Govt's sops for auto sector: Hero reiterates demand of cutting GST

Hero's stance brings to fore the difference between them and rival Bajaj Auto which wants a GST cut closer to BSVI norms kicking in

Hero MotoCorp asks govt for phased GST reduction to avoid revenue losses

The two-wheeler market in India is pegged at around 20 million units per year with lower than 150-cc bikes accounting for the bulk of sales

FinMin to discuss ways with tax commissioners to plug GST leaks on Jan 14

Even as the GST collection crossed Rs 1-trn mark for the 2nd month in a row in December, the receipts were nowhere near Rs 1.10 trn required every month from Dec onwards to meet the target for 2019-20

Revenue Secy to hold meet for streamlining GST refunds, curbing evasion

They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation

GST mop up crosses Rs 1 trn, indicates stabilisation of revenue collection

The mop-up stood at Rs 1.031 trillion in December, slightly lower than the seven-month high of Rs 1.034 trillion collected in November

States' GST mop-up up 16% in December ; UP, Telangana remain laggards

Only Uttar Pradesh and Telangana witnessed a growth rate of less than 14 per cent

Maruti Suzuki annual sales slump 12.3% in CY19, worst in a decade

During the year, the maker of the bestselling Baleno and Brezza, saw its sales volumes contract to 1.6 million units in the domestic market, from 1.8 million units a year ago

Expectations vs reality: SGST is a victim of irrational estimates

Wide variations in growth estimates for state GST raise serious questions about the assumptions on which the projections were made

Tiruppur, once the thriving export hub of Tamil Nadu, is fraying at edges

GST glitches are crimping working capital supply and adding to the difficulties of competing against nimble, low-cost competitors in other countries

GST facelift: Electronic invoicing, new returns to be introduced in 2020

In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal.

Budget 2020: NATHEALTH urges govt for zero-rating GST on health services

This saving will be passed on to the end consumers and will lower the cost of care, it added

New procedures in GST system may be challenged in courts, say experts

Experts said under the pre-GST state-level value-added regime, cancellation of registration rarely happened

Valuations shoot up despite note ban, GST and other factors in last decade

Massive polarisation as only a few stocks outperform handsomely