In line with the new dates for GST inflows, the finance ministry has asked other ministries/departments to ensure that big releases of Rs 200-2,000 crore are kept between 21st and 25th of a month to “take advantage of GST inflows”.
Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
“A 25.3 per cent increase in ITR filings by individuals is a proof of rise in tax compliance following the steps taken by the tax department after demonetisation. The fact is going to be highlighted by the Prime Minister in his speech,” an official aware of the development said.
For the year 2015-16, the RBI board had approved the transfer of surplus amounting to Rs 65,876 crore to the government. In the previous year, the Central bank had paid Rs 65,896 crore to the government, which came as a boon to the government in covering the deficit.
The next meeting of the task force on shell companies is likely to take place this month. “Sebi does not seem to have followed due diligence in ordering restriction of trading of all 331 companies.
The Department of Economic Affairs secretary Subhash Chandra Garg, Central Board of Direct Taxes chairman Sushil Chandra, EC’s director-general Dilip Sharma along with other officials met for a preliminary discussion on the structure of electoral bonds
I-T demand of tax on $150 million investment in NDTV
In June, NDTV, in a statement on its website, had said, “There is absolutely no undisclosed income. None at all. NBC, one of America’s largest and oldest TV networks (and a subsidiary of General Electric or GE at that time) invested $150 million in NDTV in 2008.
US President Donald Trump had, in the recent past, been vocal about his support for Harley-Davidson — the motorcycle manufacturer viewed as a flag bearer of the American manufacturing story and is only one of two US motorcycle makers that have survived the Great Depression.
Asked about issues of transparency raised by the outgoing Chief Election Commissioner Nasim Zaidi, another government official said that the bond’s norms have been drafted keeping in view the concerns pertaining to transparency and money laundering.
Revenue Secretary Hasmukh Adhia corroborated this, saying the mechanism is working smoothly at their end. The feedback, he told The Indian Express, is “so far, so good’’.
The process of migration of 84 lakh VAT, excise and service tax assessees to the GSTN had started in November last year, with a phased enrolment plan for each state.
The ramification could be more pronounced as traders will not be able to avail input tax credit for supplies of taxable goods and services from other states to J&K.
The CGST and SGST will be levied simultaneously on every transaction of supply of goods and services except exempted goods and services, goods which are outside the purview of GST, and transactions which are below the prescribed thresholds.
If the supply of goods or services or both is exempt under GST, then the recipient is not liable to pay tax under the reverse charge mechanism. The CGST law mandates registration for those who are required to pay tax under reverse charge, even if their turnover is less than the threshold limit of Rs 20 lakh.
With three days left for GST rollout, most computer hardware traders in Nehru Place, the hub of the IT hardware business in south Delhi, are bogged down by several concerns.
A flat 1 per cent tax rate will be charged for traders, 2 per cent for manufacturers and 5 per cent for restaurants under the composition scheme of GST. A taxpayer availing of it will be required to file summarised returns on a quarterly basis, instead of three-monthly returns.
On June 3, the GST Council fixed the tax rate on gold at 3 per cent for now
There was a fear of return of a raid raj, spirit of the provision was primarily to help in the transition to the new regime
“The objective was to maintain equivalence to the existing taxation level and, in some cases, the fitment committee’s recommendation went beyond the equivalence principle. So, after considering the recommendations, the GST Council has reduced the tax levels in 66 out of 133 cases.” Arun Jaitley said
States unwilling to share Merchant Discount Rate charges for GST payments up to Rs 1 lakh using debit cards
Adhia’s office to be followed by GST Implementation Committee, 8 standing panels
The Council, with representatives of states and Centre, also agreed on the July 1 rollout for the indirect tax regime. West Bengal was the exception — its Finance Minister Amit Mitra said the rollout of GST from July 1 would have “serious problems”
Authority shall be authorised to recommend reduction in prices; orders appealable in high court
The Goods and Services Tax Network has placed the draft RFP for public feedback to hire a Managed Service Provider for developing backend
The retirement fund body, EPFO, had entered the stock market by investing 5 per cent of its investible deposits in August 2015, which was raised to 10 per cent last year.
The e-way bill has been proposed to track intra-state and inter-state movement of goods of value exceeding Rs 50,000
Next month, the GSTN will undergo Standardisation Testing and Quality Certification to check for security threats along with opening registration for around 4-5 lakh GST practitioners
Tax department and GSTN officials say that many taxpayers would be below GST’s exemption threshold of annual turnover of Rs 20 lakh
CGST law provides that any reduction in taxes shall be passed on to consumers
Services such as those of tour operators, leasing of aircrafts, economy class air travel, transport of goods by rail, rail travel other than sleeper class and radio taxi travel will attract a 5 per cent levy under GST.
The GST council has fitted the goods and services in tax bracket of 5, 12, 18 and 28 per cent. Tax experts said that a rise in tax rate for telecom and financial services is likely to hit consumers.
Luxury hotels, gambling, race-club betting and cinema services will attract a levy of 28 per cent.
Coming down hard on tobacco, cigarettes and cars, the Council decided on the cess rates for demerit and luxury items.
Finance Minister Arun Jaitley said that if rates for all items is not decided in this fourteenth meeting of the Council, then another meeting will be called soon to complete the fitment exercise.
Even though the revision in IIP and WPI may not result in an immediate removal of volatility in industrial output, it will certainly help in reducing it and improve the quality of data in GDP.