Aanchal Magazine


GST revision: Movie tickets to insulin, rate cut for 66 items, relief for small businesses
Mon, Jun 12, 2017

“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

Under Goods and Services Tax regime: State govts oppose Centre’s proposal on sharing MDR burden
Wed, Jun 07, 2017

States unwilling to share Merchant Discount Rate charges for GST payments up to Rs 1 lakh using debit cards

Revenue secretary’s office on top: GST Council clears 3-tier ‘project management’
Tue, Jun 06, 2017

Adhia’s office to be followed by GST Implementation Committee, 8 standing panels

GST rates: Gold to attract 3%, packaged food items 5%, biscuits 18%
Sun, Jun 04, 2017

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”

Centre proposes anti-profiteering rules to GST Council: New agency with powers to summon
Sun, Jun 04, 2017

Authority shall be authorised to recommend reduction in prices; orders appealable in high court

E-way bill system: Hunt for an IT partner on the way
Tue, May 30, 2017

The Goods and Services Tax Network has placed the draft RFP for public feedback to hire a Managed Service Provider for developing backend

EPFO meeting: CBT gives nod to increase investment in ETFs to 15 per cent
Sun, May 28, 2017

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.

Rules not ready, key e-way bill for GST may be delayed, says top official
Fri, May 26, 2017

The e-way bill has been proposed to track intra-state and inter-state movement of goods of value exceeding Rs 50,000

Using pilot feedback to refine system: GSTN chairman Navin Kumar
Fri, May 26, 2017

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

GSTN registration to reopen on June 1, 23 lakh taxpayers need to activate user IDs
Fri, May 26, 2017

Tax department and GSTN officials say that many taxpayers would be below GST’s exemption threshold of annual turnover of Rs 20 lakh

Anti-profiteering under GST: Rules in the works to check unfair pricing before rollout
Mon, May 22, 2017

CGST law provides that any reduction in taxes shall be passed on to consumers

Tax slabs under new indirect tax regime: Services by GSTN to Centre, state govts to be exempt, too
Sun, May 21, 2017

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.

GST: Hasmukh Adhia warns industry against hiking prices arbitrarily
Sat, May 20, 2017

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.

GST Council unveils 4-slab rates for services, exempts healthcare, education, non-AC travel
Sat, May 20, 2017

Luxury hotels, gambling, race-club betting and cinema services will attract a levy of 28 per cent.

GST rules in place, first list of goods and rates is out
Fri, May 19, 2017

Coming down hard on tobacco, cigarettes and cars, the Council decided on the cess rates for demerit and luxury items.

Rates for 6 items to be finalised; no levy on milk, bread, cereals
Fri, May 19, 2017

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.

Measuring Capital Goods’ Production: ‘Work in progress’, but may not end volatility
Tue, May 16, 2017

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.

Draft Labour Code on Wages may be introduced in Monsoon Session
Fri, May 12, 2017

Intra-ministerial talks will kickstart by end of this month

GSTN enrolment shut for now, reopening soon: CBEC
Tue, May 09, 2017

The process of migration of more than 80 lakh VAT, excise and service tax assessees to the GST network started in November, with a phased enrolment plan for each state.

GST preparation: FinMin recommends ad-hoc promotion for 116 IRS officers
Fri, May 05, 2017

Revenue dept had 123 commissioner-level vacancies in last three years

PM Modi to tax dept: How do you plan to use info against evaders, non-filers?
Wed, May 03, 2017

Prime Minister Narendra Modi also asks tax officials about action plan for second phase of ‘Operation Clean Money’.

PMO-revenue dept meeting next week: Initiatives against black money to be discussed
Thu, Apr 27, 2017

Achievements under the government’s initiatives against black money, Operation Clean Money and the recently concluded PMGKY, will be discussed in the meeting, officials said.

Revenue growth for states: 14% projection may push GST rates higher for most items
Mon, Apr 17, 2017

‘States insisted on keeping revenue growth assumption higher than 12%’

Push GST rollout to Oct 1, fitment in tax slabs will be key: P Chidambaram
Mon, Apr 10, 2017

He, however, said that fitment of goods and services in the tax slabs under GST will hold the key to partly compensate for imperfections in the Bills.

Interview with P Chidambaram: ‘Push GST rollout to Oct 1, most items need to come under 18 per cent modal rate’
Mon, Apr 10, 2017

In an interview to The Indian Express, the former finance minister said that a rush to roll out the new tax regime from July 1 could be detrimental.

Pradhan Mantri Garib Kalyan Yojana: Declarants who paid taxes but did not deposit 25 per cent may get breather
Sat, Apr 08, 2017

The tax department is considering giving some additional time for making the deposits for those who paid taxes under PMGKY, after having extended the deadline for declarations recently.

1.37 crore who don’t file returns are now on Income Tax radar
Fri, Apr 07, 2017

The department is employing what it calls a “360 degree profiling” of taxpayers

EPFO rate must be cut upward of 50 points, Finance tells Labour
Thu, Apr 06, 2017

In February, the Finance Ministry had sought clarifications from the Labour Ministry, mainly pertaining to the EPFO’s ability to pay an interest rate of 8.65 per cent and the payouts to be made in case of inoperative accounts.

PMGKY: Centre collects only Rs 2,300 crore as tax penalty
Thu, Apr 06, 2017

Rs 12,700 cr collected in two instalments of tax and penalties in FY17 under IDS-I

Industry on GST rate structure: ‘Timely’ call on rates to help in smoother transition
Tue, Apr 04, 2017

The Centre has reiterated that rates will be closer to existing tax incidence, but industry says early knowledge of structure will help it undertake pricing of products commensurate with new taxation system

Fitment in GST slabs: Announcement of details could go beyond May, says Hasmukh Adhia
Sun, Apr 02, 2017

Declaring the rates in advance could provide an opportunity for arbitrage, the revenue secretary said.

Proposed Goods and Services Tax regime: Land sale out of ambit; Consular services, ‘reverse charge’ included
Wed, Mar 29, 2017

The CGST Bill has also introduced a ‘reverse charge’ to be paid by the recipient of a taxable good or service in case the supplier is unregistered.

Finance Bill: Going beyond the ‘only-tax’ provisions
Tue, Mar 28, 2017

Centre’s move to bring in 40 amendments as part of the Finance Bill, like quoting Aadhaar to file ITR and removal of cap for firms for contributions to political parties, among others, has come under Opposition fire.

Job growth in key sectors fell sharply in December quarter: Quarterly Employment Survey
Fri, Mar 24, 2017

Among the eight key sectors — manufacturing, construction, trade, transport, education, health, accommodation and restaurant, and IT&BPO — that showed a decline in employment during October-December

EPFO portal functional, but glitches continue
Tue, Mar 21, 2017

The portal was launched by the EPFO on December 23, 2016.

Delhi: I-T department attaches land linked to Satyendar Jain
Mon, Mar 06, 2017

The department also alleged that Jain used his knowledge in making investment in land, and was trying to influence government decisions to regularise unauthorised colonies.