The total number of FASTags issued by various agencies has crossed the 3 cr (30 mln) mark, minister Nitin Gadkari said today. This represents about 15% of the estimated 200 mln or so vehicles who are eligible for using such tags. FASTags are a form of RFID-based auto-debit mechanism being implemented across the country to […]
After oil producers, metro rail operators, pipeline operators, power distributors and railways, it is the turn of cable operators to feel the impact of the AGR judgment of a Supreme Court bench headed by Justice Arun Mishra last year. In October last year, the bench had ruled that any company that took a license from […]
The Directorate General of GST Intelligence (DGGI) has arrested a Delhi-based businessman for issuing fake invoices that were then used to claim input tax credits by the those who received those invoices. Under India’s Goods and Services Tax regime, tax does not have to be paid on the same material multiple times. In other words, […]
The government has detected fake GST refunds of Rs 1,926 cr since the new system was introduced in 2017, ministry of finance said on Monday. GST refunds are issued by the government when an entity, such as a business, has paid more tax than it was required to under the Goods and Services Tax regime. […]
Government of India today announced that it has removed about 70 out of the 100 deductions and exemptions that tax-payers could avail of to reduce their tax liability, and will deal with the remaining 30 in the coming year. The exact details of the exemptions and deductions that are being removed will be published soon. […]
Finance minister Nirmala Sitharaman today said her ministry has not had ‘enough discussions’ about changing GST slabs, but did not rule out the possibility of such a move coming about soon. “I don’t think we have had enough discussion even within the ministry, yet, on this slabs and rates,” she said at the India Economic […]
Ajay Singh, Chairman of Spicejet and the man who came up with the slogan ‘Abki Bar Modi Sarkar’, today blasted the government’s approach towards the aviation sector. Speaking at the 12th International Conference-cum-Awards on Civil Aviation & Cargo by FICCI, Singh was unsparing in his criticism of government’s taxation policy towards his industry. “There is […]
The price of petrol charged to the dealers, before taxes and deal commission, is Rs 36.68 per liter in India as of July 16, while that of diesel was Rs 39.77, ministry of petroleum and natural gases has revealed. However, on that day, petrol was being sold at Rs 84.22 per liter in Mumbai and […]
In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the GST regime, any company can get a reduction in the tax they have to pay if they produce receipts of raw material purchase, to the […]
The Goods and Services Tax Council is planning to take up a proposal to give a discount in the tax imposed on a transaction, if the payment for the same is made in electronic mode, the government said. “An agenda note, proposing certain concession in GST rate on supplies made to end consumers, for which […]
Apparel Export Promotion Council of India has sounded alarm on the continued decline in apparel production in India and said India won’t be able to meet the garment export target of $20 bln this year. “If the capital blockage continues and the cost competitiveness of the industry is not restored, the slippage in exports will […]
The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]
The government can heave a sigh of relief as the Goods and Services Tax collection for January have come in slightly stronger than what many expected. The final number for January is Rs 88,929 cr, an increase of 6.3% over Rs 82,716 cr recorded in the previous month. The declines were a matter of concern […]
The government has reduced the Goods and Services Tax on amusements parks and events such as circus, pageants, drama, functions and concerts. While the GST rate on amusements parks has been reduced to 18% from 28%, all ticket sales of up to Rs 500 each for events has been made GST free. The new rate […]
The government has cut the GST rate of ‘affordable houses’ covered by the ‘Credit Linked Subsidy Scheme’ to an effective rate of 8% from an effective rate of 12%, and also said that most customers should not have to pay any GST on such flats at all. The reduction in GST has been made to […]
The Goods and Services Tax is turning out to be quite effective in ensnaring more and more people into the tax net compared to the previous excise and VAT system. Out of the 93.33 lakh individuals and businesses registered under the new tax system as of the end of last month, a whopping 31% are […]
The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]
Adi Godrej, chairman of one of India’s largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. “The complaints about the GST are mainly coming from people who used to evade taxes in […]
Hindustan Unilever, the country’s largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors. “Early part of SQ’17 (July-September 2017) was affected by various myths in trade,” the company said at Arisaig Consumer Symposium today. […]
Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11. UPDATE: About ten days after this article was published on Aug 17, the government […]
