Aanchal Magazine

Committee on GST returns simplification to submit report by end of the month

The Economic Survey for 2017-18 had highlighted the fact that tax departments have gone in for contesting against several tax disputes but also with a low success rate which is below 30 per cent for both direct and indirect taxes.

The study indicates that a short-term liquidity shock impacted firms in the export sector, with the firms with high working capital/sales ratio hit the most due to the liquidity constraints.

"The government may look to do something to protect small domestic investors if equity markets continue to fall,” a senior government official said.

The Budget announcement to hike duty on two broad categories of goods is one among several such increases introduced in the last two years to protect domestic manufacturing, according to the government, but experts say the move is also aimed at shoring up revenues

Hasmukh Adhia said that the advance corporate tax data shows that balance sheets of companies in the organised sector have improved under GST at the cost of initial revenue losses to the government.

Hasmukh Adhia said, "In GST, we will have to bring an e-way bill as well as the matching of invoices, which is the final thing which will help us in GST."

DEA Secretary Subhash Chandra Garg said the average fiscal deficit between 2009 and 2014 was 5.5 per cent and the government has brought it down sharply to 3.5 per cent of GDP this year.

On Thursday, unveiling the Union Budget, Finance Minister Arun Jaitley reinforced this political message when he announced taxation on long-term capital gains from the stock market.

Customs duty up on 46 items to protect domestic industry, set to fetch Rs 6,000 crore per year.

Union Budget 2018: Govt estimates GST revenue at `4.45 lakh crore for 2017-18, `7.44 lakh crore for next fiscal, says structural issues too have impacted revenue.

The government said that by amending the Income-tax Act, a “team-based assessment with dynamic jurisdiction” will be rolled out across the country that will almost eliminate person-to-person contact.

Union Budget 2018: Growth rate of govt expenditure in 2018-19 is also lower than the 12.3% seen in spending in 2017-18 over the actual spending of preceding fiscal.

Centre also expected to highlight employment generation through roads, railways and highways construction

Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October.

A jurisdiction-free assessment implies that a taxpayer in Delhi, for instance, could be assessed by a tax officer randomly selected by the online system of the tax department and located in any other part of the country.

Council gives in-principle approval for about 40-50 ‘minor’ legal changes in GST-related laws.

GST Council meet: A range of legal amendments required in the GST-related laws will be discussed, so that the government can push through the changes in the Budget session of Parliament.

The government has indicated that it is likely to incur more expenditure on agriculture and related schemes in the upcoming Budget, with Finance Minister Arun Jaitley having already stated that agriculture is a priority area.