Page 31 - Gst

New GST filing format, e-invoicing to help in reporting for taxes: GSTN CEO

There is a need for standard to ensure complete interoperability, he said

Exporters' 634 fraudulent GST refund claims worth Rs 1,912 cr detected

"The Government has taken measures to use data analytics to identify risky taxpayers and verify them before sanction of refunds," Thakur said.

Rs 81,043 cr GST compensation released to states for Apr-Sep: Govt to RS

GST compensation cess of Rs 7,607 crore was collected in October, Rs 7,727 crore in November, Rs 8,331 crore in December and Rs 8,637 crore in January

Top 10 biz headlines: Full GST compensation unlikely; unemployment at 7.2%

From Centre hinting states unlikely to get full GST compensation to Amazon seekING interim stay on CCI order, here are top 10 business headlines of the day

States bearing the brunt of GST slowdown as revenue declines by 3.9%

The assumption of 14 per cent assured growth rate aggravates the revenue stress

Centre to release another Rs 35,000 cr GST compensation to states soon

Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16

Some Budget proposals prone to litigation, may give rise to tax disputes

Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence

FM Sitharaman pitches for rationalisation of GST rates once a year

'I think we have laid the foundation for increasing consumption', said the finance minister

Importers, exporters to mandatorily declare GSTIN in documents from Feb 15

While importers are paying IGST on imports but not claiming credit for the same. This essentially means that the supply of imported goods to domestic channels is being done without a bill

Centre's fund crunch pulls down cities; rich Mumbai struggles too

State government accounts deserve scrutiny because they collectively spend 36 per cent more than the federal administration

GST rates are revenue negative; rejigging slabs will take time: John Joseph

The rates right now are revenue negative and not revenue neutral, he added

GST evasion: To tighten enforcement, I-T officials to share taxpayers' info

Currently, state tax officials administer and control 90 per cent of the assessees below Rs 1.5 crore annual turnover, and the remaining 10 per cent is with the central tax officers.

Letter to BS: Turn sales receipts issued by retailers into lottery tickets

But the government will have to ensure protection from counterfeiting of sales receipts

Govt likely to introduce lottery system to boost GST compliance soon

Winning amount may range from Rs 10 lakh to Rs 1 crore

Union Budget 2020: Fake invoicing under GST a non-bailable offence

Sitharaman announced that the new GST return framework and e-invoicing would be implemented from April 1, to improve compliance and plug the tax revenue leakages

Govt dropped initial plan on GSTAT set-up, proposal flagged, shows RTI

Madras High Court had later declared bench composition unconstitutional due to non-inclusion of even a single judicial member; no appeal filed yet

Budget 2020: Govt to bring simplified return form for GST from April 2020

In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector

Don't reduce devolution

Increasing grants and tied funds not enough

Calibrating the policy mix

The right fiscal-monetary-external balance must be achieved to nurture and harness a nascent recovery

No duty, if EOU destroys goods within or outside EOU, says expert

If the authorisation is issued under notification 21/2015-Cus dated April 1, 2015, you cannot get IGST exemption