Aanchal Magazine


Government turns down requests to lower GST rate on lottery businesss
Mon, Jan 15, 2018

Higher rate has adversely impacted the lottery business in many states.

GST panel proposes centralised registration of big service providers
Thu, Jan 11, 2018

The 10-member committee has also recommended broadening of certain categories for availment of input tax credit.

Goods and Services Tax — E-way bill: Key to plugging revenue leaks
Wed, Jan 10, 2018

Amid falling revenues, the low rate of collections under the composition scheme in the first quarter of GST roll-out has led the government to discuss ways for checking tax evasion and improve compliance, including speeding up work for early introduction of the e-way bill system.

GST: Action against 17,527 ‘tax evaders’, Uttar Pradesh tops list
Wed, Jan 10, 2018

Only one action recorded by Central authorities in Punjab, rest taken by state authorities.

Congress-ruled Karnataka’s e-billing project is now model for NDA’s GST
Tue, Jan 09, 2018

The system offers the technological framework to track intra-state as well as inter-state movement of goods of value exceeding Rs 50,000 for sale beyond 10 km.

Govt readies social security scheme with pension and insurance cover, aims for universal coverage
Mon, Jan 08, 2018

Consultations are on with states to bring them on board for part-financing the scheme, which could be launched later this year around the time of key state elections and ahead of the upcoming 2019 general polls.

GDP growth to hit four-year-low at 6.5%: Govt forecast
Sat, Jan 06, 2018

An estimate of 6.5 per cent GDP growth rate for the full year implies estimation of 7 per cent growth rate for October-March

Fiscal deficit woes: Rising domestic participation cushions market fall
Fri, Jan 05, 2018

Deficit concerns due to declining GST collection & additional govt borrowing have not hurt the equity markets much this time as FPIs, who take this data seriously, are not the only drivers and domestic retail money has witnessed a big surge.

Amid market rally: After 2-year gestation, EPFO looks to cash in on market bets
Tue, Jan 02, 2018

The retirement fund body is strategising with its consultants to gain best returns for its investment and reach a formula through which it can distribute the profit made to the subscribers.

GST anti-profiteering: FinMin serves notices to McDonald’s franchisee, 2 others, after complaints arise
Sun, Dec 31, 2017

The notices have been served “to collect information/documents and evidence to investigate and determine whether the benefit of reduction in GST rate or the benefit of input tax credit (ITC) has been passed on to the customers by commensurate reduction in prices”.

Deferred measures may be back on table as GST mop-up continues to tank
Thu, Dec 28, 2017

The GST Council is expected to look at matching of GST returns and the corresponding invoice-matching before the start of the next financial year, they said

GST collection: With 24% share in cess, Maharashtra, UP top list
Sun, Dec 24, 2017

Karnataka is 3rd with cess collection of `3,110 cr, followed by Chhattisgarh

October GST mop-up since rollout: Collection dips, govt asks top tax officials to meet
Tue, Dec 05, 2017

Centre to gauge revenue receipt trends, look at ways to increase compliance.

Reversing five quarters of slowdown, GDP growth up to 6.3% as deficit deepens
Fri, Dec 01, 2017

Agriculture down, manufacturing up; markets tumble as deficit hits 96.1% of budget estimate

Jurisdiction-free assessment: CBDT kickstarts talks with field officials
Thu, Nov 30, 2017

A jurisdiction-free assessment implies that a taxpayer in Delhi could be assessed by a tax officer randomly selected by the online system from other parts of the country.

PF in equities: How investors can now track their money
Tue, Nov 28, 2017

The Employees’ Provident Fund Organisation (EPFO) decides ways to account for and disburse investments in Exchange Traded Funds (ETFs)

Citing reforms that lift growth, Moody’s upgrades India first time since 2004
Sat, Nov 18, 2017

The relatively fast pace of growth in incomes will continue to bolster the economy’s shock absorption capacity, Moody’s said.

Moody’s India rating upgrade: Concerns over NPAs, private funds persist
Sat, Nov 18, 2017

Moody’s has already cautioned about the debt scenario. High debt/GDP ratio is likely to increase in the next two years on slower growth

GST rate cut: Union Cabinet gives nod for body to guard against profiteering
Fri, Nov 17, 2017

The authority will have the power to cancel registration of any entity or business if it fails to pass on the benefit of lower taxes under the GST regime to consumers.

GST rate cut on restaurants: High input tax credit claims by big eateries a major factor
Wed, Nov 15, 2017

Big restaurants were claiming about 6-7 per cent of the GST rate as ITC, with the highest claim being against the overhead of rent, three officials close to the development said.

GST on 178 items slashed: Dealers told to cut prices immediately to avoid anti-profiteering provisions
Wed, Nov 15, 2017

Some companies have assured dealers of compensation against any potential revenue losses.

Only 50 items left in highest GST slab, list slashed three-quarters to ease tax burden
Sat, Nov 11, 2017

The GST Council, at its 23rd meeting, moved 178 items out from the list of 228.

GST Council meeting: State finance ministers want lesser items in 28 per cent tax slab
Fri, Nov 10, 2017

The Council will also consider lowering tax rates on 100-150 items in the 28 per cent tax bracket such as handmade furniture, plastic products and daily use items like shampoo

GST Council meeting today: Congress states flag sustainability of compensation, lower revenue
Fri, Nov 10, 2017

Right time to bring real estate, petroleum, electricity under GST: Punjab, Karnataka & Puducherry.

Demonetisation anniversary: New numbers are in, 1.5 million jobs lost in January-April this year
Wed, Nov 08, 2017

Demonetisation anniversary: According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016.

Paradise Papers: Very welcome, evaders can’t escape, says Hasmukh Adhia
Wed, Nov 08, 2017

Hasmukh Adhia said that investigative reports such as the Paradise Papers and Panama Papers are helpful and will make people think twice before engaging in tax evasion through tax havens.

One year of demonetisation: Tax compliance better, more funds for banks
Tue, Nov 07, 2017

According to Income Tax Department, these figures show “marked improvement in the level of voluntary compliance” as a result of action taken on the basis of data of cash deposits following demonetisation.

Ease of business: New insolvency rules, tax norms lift India 30 ranks to top 100
Wed, Nov 01, 2017

Proof of reform, says PM Narendra Modi; protecting minority investors also key to surge

Capital infusion: Prepping strong banks to acquire the weak
Tue, Oct 31, 2017

Well capitalised banks can better absorb weak ones and can also speed up NPA resolution as they will have resources to write down potential losses.

More GST rate cuts likely, eating out at AC restaurants could get cheaper
Mon, Oct 30, 2017

If approved by the GST Council, this will be the second round of relief measures for small and medium businesses within a month.

Post-GST Gujarat, Haryana surveys found no ‘earthshaking’ issues: CBEC chief
Fri, Oct 27, 2017

Sarna conceded that there have been mismatch issues with the refunds to exporters and they are working to provide manual refunds, in cases where the online utility is unavailable.

Recapitalisation monumental step, says RBI Gov Urjit Patel, better banks ahead in line for capital
Thu, Oct 26, 2017

Of the total of 22 PSU banks, as many as eight currently have gross non-performing assets (GNPA) above 15 per cent while 14 banks have GNPA of more than 12 per cent.

Govt has a 2-lakh-crore bank capitalisation plan to spur economy
Wed, Oct 25, 2017

Finance Minister Arun Jaitley said the Indian economy is on a strong wicket, with growth having bottomed out and a rebound expected in the coming quarters based on the back of “strong macroeconomic fundamentals”.

Mismatch between GSTR-1 invoice and exporters’ quote
Tue, Oct 24, 2017

Rs 150 cr sanctioned so far against claim of Rs 753 cr of IGST paid on exports in July.

Income Tax dept opens chat window to address queries
Thu, Oct 19, 2017

TAKING A leaf out of the Goods and Services Tax (GST) implementation book, where a troubleshooting window was created to engage with taxpayers, the Income Tax Department has decided to replicate the initiative for direct taxes too, opening a chat window to address taxpayers queries on a real-time basis. The I-T Department’s newly launched “online […]

GST revenue loss: Centre pays Rs 8,698 crore to states, UTs
Wed, Oct 18, 2017

Payout stands at 58% of total Rs 15,060 cr raised from cess in first 2 months of GST.