Page 31 - Gst

Huge tax and licence raj in liquor

There is a need to avoid huge taxes and undue licensing. All this can also reduce corruption and even doubts about corruption

Kudos to CBIC for instructions on GST investigations

For issue of summons, prior approval of an officer not below rank of assistant/deputy commissioner must be obtained and relevancy and propriety of information/documents being sought must be recorded

Hero MotoCorp receives Rs 605 crore tax demand notice from I-T dept

The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years. On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing. The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added. The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added. "In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or oth

From United Spirits to Zomato, multiple companies get tax demand notices

ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. In a regulatory filing, the brokerage firm said the demand includes demand of GST worth Rs 31.78 lakh, interest of Rs 31.72 lakh and penalty of Rs 3.20 lakh. The Gujarat GST authority has demanded about Rs 66.70 lakh GST, along with interest and penalty, for alleged excess claim of GST credit. The company will defend the matter before the appellate authorities and file an appeal against the order before the Commissioner (Appeals). Shares of ICICI Securities closed at Rs 719.85 apiece, down 0.54 per cent over the previous close on BSE.

GST collections hit Rs 1.78 trillion in March, the second highest ever

Net GST collections rise 18.4% in March, 13.4% in FY24

Odisha registers 10.73% increase in gross GST collection during FY24

Odisha has recorded a growth of 10.73 per cent in gross GST collection in the 2023-24 fiscal, a statement said on Monday. The state has collected Rs 54,747.97 crore in gross GST from April 2023 to March 2024. The highest-ever monthly collection of gross GST of Rs 5,135.81 crore was recorded in February, said the statement issued by the Commissionerate of CT & GST, Odisha. The highest and second-highest ever monthly collection of state GST (OGST+IGST settlement) were recorded in November (Rs 2,700.85 crore) and December (Rs 2,528.41 crore). Similarly, the progressive collection of state GST (OGST+IGST settlement) up to the month of March 2024 was Rs 24,051.45 crore against the collection of Rs 18,600.52 crore up to March 2023, registering a growth of 29.31 per cent.

Citing 'disparity', Electric two-wheeler manufacturers call for GST reforms

This is a major concern for the industry, especially for start-ups, as it increases costs and makes it difficult to manage working capital, the industry feels

Zomato gets GST demand order of Rs 23.26 cr from Karnataka tax authorities

Zomato on Sunday said it has received a tax demand, interest, along with penalty, to the tune of Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The online food delivery platform said it will appeal against the order before the appropriate authority. In a regulatory filing to the BSE, the company said it has "received an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, raising demand of GST of Rs 11,27,23,564, along with applicable interest and penalty totaling to Rs 23,26,64,271. "We believe that we have a strong case on merits and the company will be filing an appeal against the order before the appropriate authority," Zomato said in the filing.

HDFC Life gets GST demand orders of Rs 27 cr for short payment of taxes

HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch. The demand orders include interest and penalty as well. The company said it will file appeals against the GST demand orders before the Appellate Authority. Shares of HDFC Life settled 1.27 per cent higher at Rs 634.20 apiece on the BSE.

LIC receives GST demand notice of Rs 39.39 lakh from Gujarat I-T officials

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central Goods & Service Tax, Gandhinagar on January 3, 2024, LIC said in a regulatory filing. The corporation has filed an appeal against the order demanding GST of Rs 19,64,584 for FY 2017-18 and interest applicable on it along with a penalty of Rs 19,74,584 before the Commissioner (Appeals), Ahmedabad on March 26, 2024, it said.

Govt exempts certain exporting units from quality control orders

The government on Friday exempted advance authorisation holders and export-oriented units (EOUs) from mandatory quality control orders for imported goods that are used as inputs for exports. It said that the exemption will be with pre-import conditions, and those inputs will be utilised in the manufacturing of the export products. "Enabling provisions are made for exempting inputs imported by Advance Authorisation holders and EOUs from mandatory Quality Control Orders (QCOs)," the Directorate General of Foreign Trade (DGFT) said in a notification. The unutilised material will be destroyed in the presence of jurisdictional GST/customs authorities, it added. Mandatory QCOs help curb the import of sub-standard products, prevent unfair trade practices and ensure the safety and well-being of consumers as well as the environment. QCOs are applicable for products domestically manufactured as well as imported. Every manufacturing unit in and outside India has to comply with these orders i

Govt extends export benefits under the Rodtep scheme to SEZ units

The government on Friday extended export benefits under the RoDTEP scheme to companies in the special economic zones (SEZs) and export-oriented units (EOUs). The commerce ministry said that amid global economic uncertainties and supply chain disruptions, extending RoDTEP benefits to the uncovered sectors like AA (advance authorisation), EOUs, and SEZ units will help the exporting community in handling the international headwinds. "The government has announced the extension of the RoDTEP scheme support to additional export sectors i.e. Advance Authorisation holders, Export Oriented Units and Special Economic Zones export units," the ministry said. This decision comes in recognition of the significant contribution these sectors make to India's exports, constituting about 25 per cent of the total shipment. The government, in August 2021, announced the rates of tax refunds under the export promotion scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP) -- for 8,555 ...

CGST Commissionerate busts syndicate involved in Rs 1,000 cr ITC fraud

Meerut CGST Commissionerate on Thursday busted a syndicate that fraudulently claimed Input Tax Credit of over Rs 1,000 crore through a network of 232 fake firms and arrested three persons. The Anti-Evasion branch of Central Goods and Services Tax (CGST) of Meerut Commissionerate started an investigation in October 2023 into a large syndicate that fraudulently claimed ITC by way of fake billing, an official statement said. The investigation conducted so far has revealed that a total number of 232 fake firms, with 91 firms registered on a single mobile number, are registered at various places across the country and have passed inadmissible ITC of around Rs 1,048 crore, it said. The total value of goods shown to be supplied through these firms is around Rs 5,842 crore, it said. Through the use of various analytical tools such as E-way Comprehensive Portal, Advait and Business Intelligence and Fraud Analytics (BIFA), the CGST Commissionerate carried out a deeper investigation, it ...

Inter-ministerial committee pitches for higher tax on coal imports

Recommends rationalising GST compensation cess on coal

Banking system liquidity goes into surplus mode after three months

VRRR auction gets weak response

Heavy industries ministry weighs reduction of GST on flex fuel vehicles

The heavy industries ministry is examining requests seeking reduction in GST on flexible fuel vehicles (FFVs) from the current 28 per cent, sources said. The ministry is in consultation with various stakeholders and other government departments. Once the consultations are completed, the ministry will submit a recommendation to its finance counterpart. Thereafter, the GST Council will take a decision on the issue, a senior official said. "We have received representations seeking reduction in GST on flex fuel vehicles. We are conducting meetings on this issue to ascertain the views of various stakeholders and different ministries. But we are getting a mixed response. Some people say that GST and cess should be reduced on FFVs because the government is promoting their adoption. Currently FFVs attract GST rate of 28 per cent, plus 15 per cent cess," the official added. "We have been asked to review whether or not the GST on FFVs needs to be brought down," the official said requesting ..

FM Sitharaman calls for clarity on GST classification-related issues

CBIC gave a presentation that it has detected fake input tax credit claim of Rs 1.14 trillion from the year 2020 till date

Use tech to plug loopholes, improve taxpayer services: FM to GST officials

Finance Minister Nirmala Sitharaman on Monday asked GST officers to leverage technology to plug loopholes and provide better taxpayer services. Inaugurating the first-ever National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman advocated for sharing of the emerging best practices, emphasising the need for seamless coordination across states in the larger national interest. "The Union Finance Minister urged all the GST formations to leverage technology to plug the loopholes as well provide better taxpayer services," an official statement issued after the meeting said. She also stressed that clarity on the classification of related issues should be looked into at the earliest through appropriate channels. Sitharaman also exhorted the GST officials to engage with stakeholders to understand their concerns, enhance compliance, streamline processes, and work collaboratively towards making the tax system more transparent and efficient. In her address

Delhi to make tax admin faceless, Rs 41k cr GST, VAT collections estimated

The Delhi government will strengthen its Goods and Services Tax administration, making it faceless to boost revenue, Finance Minister Atishi said while presenting the annual budget 2024-25, envisaging Rs 76,000 crore outlay on Monday. The government will source Rs 41,000 crore through Goods and Services Tax (GST) and VAT, which will be 70 per cent of the total tax revenue of Rs 58,750 crore estimated in budget 2024-25. In fiscal 2023-24, the GST and value-added Tax (VAT) collections until January 2024 witnessed a growth of 13.96 per cent year-on-year to Rs 31,445 crore, Atishi said. "Now, the next step of the Kejriwal government is to make the IT infrastructure of GST state-of-the-art and the entire GST Tax Administration faceless," the finance minister said. The Delhi government is working on data analytics and automation software in collaboration with IIT Hyderabad. This will help in tracking, monitoring and simplifying the refund process through artificial intelligence and data

Punjab's GST mop-up increases by 16% to over Rs 19,000 crore till February

The Goods and Services Tax (GST) collection in Punjab jumped 15.69 per cent to Rs 19,222 crore in the current financial year so far, while the state's excise revenue rose 11.71 per cent to Rs 8,093.59 crore. The net GST collection up to February in the current fiscal year stood at Rs 19,222.5 crore, up from Rs 16,615.52 crore collected during the same period of the preceding fiscal, finance minister Harpal Singh Cheema said on Sunday. Cheema further said that the state's excise revenue also witnessed an impressive growth of Rs 842.72 crore with the overall collection of Rs 8,093.59 crore as against Rs 7,244.87 crore recorded during the same period a year ago, according to an official statement. Cheema said that the state has seen a shift in its fiscal trajectory since Chief Minister Bhagwant Singh Mann-led AAP government assumed office in March 2022. "With better planning and implementation, the state has recorded net tax revenue growth of 13.85 per cent, surpassing Rs 34,158 crore