The CBIC has asked tax officials of the Centre as well as state governments to initiate enforcement actions against GST evaders irrespective of jurisdiction with a view to checking revenue leakage.
The Central Board of Indirect Taxes and Customs (CBIC), in a communication to the field formations, has said that “intelligence based enforcement action” against a taxpayer can be initiated by Central and state officials even if the assessee does not fall under the official’s jurisdiction. Click to read more
The Central Board of Indirect Taxes and Custom (CBIC) has made it clear that irrespective of assessees assigned under the Goods and Services Tax (GST) regime, officials from the Centre or State can initiate enforcement action against tax evaders and take it to its logical conclusion.
The directive will remove the ambiguity on initiation of enforcement action by the Central tax officers in case of taxpayers assigned to the State tax authority and vice versa. It is also meant to end jurisdicational disputes. Click to read more
With the rupee tumbling to fresh lows against the US dollar and oil prices on the boil, India’s macroeconomic condition is worsening. Both these factors playing out together have accelerated the pressure on government finances. True, finance minister Arun Jaitley is confident of meeting the fiscal deficit target of 3.3%. But the unimpressive trend of GST (goods and services tax) collections poses a risk to the fiscal math.
As a result, the required monthly run rate for GST collections for the rest of the year is heading northward. Click to read more
A seven-member panel formed under Bihar Deputy Chief Minister Sushil Modi will meet next week to deliberate on the proposal to levy cess to help aid case of natural calamities or disasters. Last month, on the demand by flood-hit Kerala for a disaster cess to help the state financially, the Goods and Services Tax (GST) Council concluded that there was a provision to make such an accommodation.
The GST Council then formed a panel to examine the modalities for revenue mobilisation by levying an additional tax under the GST. News agency PTI reported that the seven-member Group of Ministers (GoM) will meet on October 15. The panel is likely to submit its report by October 31. Click to read more
Taking his attack against Prime Minister Narendra Modi to poll-bound Rajasthan, Congress president Rahul Gandhi Tuesday said demonetisation and the Goods and Services Tax, which he referred to as Gabbar Singh Tax, had destroyed India’s economy. Addressing a rally in Dholpur’s Mania area, Gandhi said the prime minister had declared during elections that he wanted to be a ‘chowkidar’ but never clarified who he wanted to guard. The Congress president alleged that he benefited 15-20 industrialists of the country instead of farmers. Click to read more
Traders may get a sigh of relief as the highest rate under the GST regime, which is 28 per cent, would soon become a thing of the past. Bihar Deputy Chief Minister and GST Network panel head Sushil Kumar Modi assured this saying that it is doable in the near future.
Modi also informed that looking at pace of revenue collection coming under the regime within two-three years no State would come to the Center seeking compensation due to revenue shortfall adding that the shortfall of Jharkhand has been clocked to 17 per cent, which was 26 per cent during 2017-18.
Addressing traders and businessmen of Jharkhand under the banner of the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) on Monday, Modi said that in future only three rates would remain in practice. Click to read more
The GST anti-profiteering authority has found a UP-based dealer of FMCG product Maggi guilty of not passing on tax rate cut benefits to the tune of Rs 90,778.
The National Anti Profiteering Authority(NAA) has asked UP-based Kunj Lub Marketing to pay Rs 2,253 to the complainant and deposit the remaining Rs 88,525 profiteered into consumer welfare fund.
The case before the NAA stated that dealer Kunj Lub had not passed on the benefit of GST rate cut from 18 per cent to 12 per cent on Maggi Noodles pack of 35 gms’ (Rs 5 MRP pack) to buyers. Click to read more
The under-construction real estate projects or newly launched projects have stuck across the country mainly in Delhi-NCR, Noida and Greater Noida, no home buyers make effort to invest into under construction projects after developers providing several benefits. Why is it so?
Senior Advocate Dr. Sanjay Chaturvedi said, “GST and Pre-EMI is the main cause which fears home buyers to invest in under construction project.” The home buyer needs to pay around 18% of the project to the State government in a form on GST and Stamp Duty, it added. Click to read more