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Fadnavis directs GST officials to work with cyber dept to curb frauds

Maharashtra deputy chief minister Devendra Fadnavis on Monday asked state GST (Goods and Services Tax) department officials to work closely with the cyber security department of the home ministry to curb increasing cases of financial frauds and cyber crimes. Fadnavis, who also holds home and finance portfolios, issued the instruction after holding a meeting with GST officials as well as those of the state finance department. The review meeting was regarding the current functioning of the GST department, its achievements, growth in collection and intelligence network, among other issues. The deputy CM also held a meeting with officials of the Asian Development Bank (ADB) in Mumbai and sought support of the Philippines-based multilateral agency in various sectors. After the meeting, he said, We need more support from the ADB not only in funding but also in sharing best financial practices across the globe. The state is working to shift its entire public transport system on green ...

HC issues notice to Maharashtra GST dept for arrest over circular trading

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

GST law panel working with experts to define games of skill, chance

Centre and state GST officers are working with online gaming sector experts to define 'games of skill' and 'games of chance' with a view to design different taxation structures for them, sources said. The vexed issue of levying Goods and Services Tax (GST) on online games has been hanging fire for over a year now with many states pitching for a lower tax rate on those online games which require skill. They are of the opinion that games of skill should not be treated at par with games of chance. The absence of a clear definition often leads to tax notices being sent to online game portals and subsequent litigations. According to sources, the GST Council's Law Committee, which met in Bengaluru on Saturday, discussed the issues concerning definition for 'games of skill' and 'games of chance' with technical domain experts. As all states are not part of the law committee, the draft report on definition would be shared with all states for their views. Sources further said the GoM (Group

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Economic fundamentals strong, India best place for investment: PM Modi

Doing business in the country easier because of its democracy and reforms, he tells Karnataka investor summit

Define game of chance, game of skill to decide on taxation: GST law panel

The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

Growth of core sector output recovers to 3-month high in September

The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

LIVE updates: India logs 1,5674 new Covid cases, toll climbs to 529,008

From national and international political developments to rising air pollution and farm fires, catch all the latest news from across the globe here

RBI steps up fund infusion as system liquidity 'almost neutral'

Rates on CPs, CDs surge; pressure mounts on banks to raise deposits

CBIC seeks details on digital assets from India's top crypto bourses

Crypto exchanges have been asked to furnish details this month itself

Will introduce one GST slab instead of 5 if Cong comes to power: Rahul

Congress leader Rahul Gandhi on Friday said if the party comes to power at the Centre, there would be a revisit of GST (goods and services tax). Addressing a gathering in Mahabubnagar District as part of his 'Bharat Jodo Yatra,' he alleged that the existing faulty GST regime and Prime Minister Narendra Modi-led government's demonetisation in 2016 ruined small and medium businesses. When our government assumes power in Delhi, we will revisit GST and there will be only one tax (slab) not five (slabs), he said. He promised that if the Congress comes to power in Telangana, the Forest Rights Act would be implemented in toto for the benefit of adivasis. Dubbing Chief Minister K Chandrasekhar Rao, also known as KCR, as the 'rajah' of the State, Gandhi said KCR's motto is to grab land and money of the people of Telangana. He alleged that BJP and TRS work in tandem and the latter supports all the Bills introduced by the NDA government in Parliament. On the one hand, BJP is spreading hatre

Top Headlines: Passenger vehicle sales up, legal power to CCI and more

Business Standard brings you the top headlines at this hour

Centre plans to provide legal power to CCI ahead of merger with NAA

The proposed amendments will require the GST Council's approval

'Not supply': AAR rules out GST on canteen fees, notice period pay

The announcement by the AAR bench came after the clarifications issued by the Central Board of Indirect Taxes and Customs (CBIC) in August

GST authorities issuing SCN will have to complete enforcement action

Tax authorities issuing show-cause notices will have to complete all enforcement and consequential action against the assessee against whom GST evasion was detected, the GST Council has said. Under the GST regime, states administer and control 90 per cent of the assessees with an annual turnover of up to Rs 1.5 crore. Assessees with an annual turnover of over Rs 1.5 crore are administered by the Centre and state tax authorities in 50:50 ratio on computer-based random sampling. In order to resolve the jurisdictional issues while dealing with enforcement cases, the GST Council has clarified that the tax authorities, whether Centre or state, which initiates the enforcement action will be responsible for completing all consequential actions like appeal, review, adjudication. The GST Council Secretariat, in an office memorandum, said that varied practices are being followed by the field formations regarding the issuance of recurring Show Cause Notices (SCNs) as well as other consequenti

GST Council likely to meet in Dec, may take up report on e-game tax

The Council meeting was expected to be held in August in Madurai

Centre extends deadline for filing GST returns for Sep till Oct 21

The government has extended the deadline for filing GST returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the Central Board of Indirect Taxes and Customs (CBIC) had said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October, 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states. GST Network (GSTN) provides the technology backend for running Goods and Services Tax (GST). Infosys is the service provider for GSTN.