Traders’ body CAIT Friday warned that allowing central as well as state tax administrations to initiate action against any taxpayer irrespective of jurisdiction would lead to harassment of traders and complicate the tax system.
Seeking Finance Minister Arun Jaitley’s intervention in the matter, the CAIT in a letter claimed that the decision of the GST Council allowing jurisdiction to central as well as state tax administration over assesses “not only allows overlapping of jurisdiction and harassment of traders but will also complicate the taxation system” Click to read more
The government introduced two eagerly-awaited Goods and Services Tax compliance forms in September: GST Annual Return (GSTR-9) and GST Audit (GSTR-9C). For the 2017-18 financial year, both are due on Dec. 31, 2018.
The concept of an audit by professional accountants is not new to Indian indirect tax laws. Under the erstwhile regime too, state-level value-added tax laws required the submission of a chartered accountant-certified VAT audit report at the end of each financial year, within the prescribed timelines. Such audit compliances were introduced in VAT laws, as a step that would aid tax officers in expediting their verification process. With similar intent and as a measure to aid stronger tax governance, under the GST regime as well. Click to read more
The statistics ministry has sought quarterly goods and services tax (GST) data and information on tax paying units to improve the quality of both National Accounts Statistics and state-level accounts.
The ministry of statistics and programme implementation (MoSPI) has reached out to the finance ministry for GST data on tax collections along with summary information on units, classification-wise, that have paid taxes for use in compilation of national and state-level accounts, officials familiar with the development told ET. Click to read more
The Finance Ministry on Thursday allayed fears among businesses about reconciliation of returns and said the deadline to avail input tax credit (ITC) for last financial year (FY18) will remain October 20.
Businesses had expressed concern about the October 20 deadline for availing ITC for July 2017-March 2018 period, saying their returns cannot be reconciled with the returns filed by vendors. Such a concern arose after the last date for filing final sales return GSTR-1 has been set as October 31. Click to read more
The Delhi High Court on Tuesday admitted a writ petition challenging the constitutional validity of anti-profiteering law under the Goods and Services Tax (GST). Filing the petition, the petitioner argued that in absence of a mechanism to determine the quantum of profiteering, vagueness and arbitrariness come in the anti-profiteering orders.
Abhishek Rastogi, partner, Khaitan & Co, who filed the petition on behalf of Pyramid Infratech against an order of the National Anti-profiteering Authority (NAA), says that Section 171 of Central GST which deals with anti-profiteering talks only about two factors (to determine profiteering) — input and output taxes. “Our point is these two are relevant factors but they are not the only factors,” he says. Click to read more
Businesses opting for composition scheme under GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4, the Finance Ministry said Wednesday.
In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers. Click to read more
Haryana Government has decided to constitute State Bench of Goods and Services Tax Appellate Tribunal in Hisar for speedy settlement of matters related to Goods and Services Tax (GST).
Giving details, Excise and Taxation Minister, Capt Abhimanyu on Thursday said that in this regard, the Chief Minister Manohar Lal has accorded his approval to a proposal.
He said that Haryana is a very big state in terms of economy and revenue. Under GST, so far, there are 4.25 lakh registered taxpayers in the state, who are contributing tax of over Rs 4,600 crore every month.
Earlier in the Value Added Tax (VAT) system, the state had 2.25 lakh active registered dealers and there was a Sales Tax Tribunal for the state which is still working. Thus, the state requires a State bench of Goods and Services Tax Appellate Tribunal, the Minister said. Click to read more
If Narendra Modi is asked what is his achievement in jobs, he should talk quality rather than quantity. New evidence in job creation indicates that the National Democratic Alliance (NDA) government’s game-changing shift relates more to jobs formalisation than any significant quantum leap in net job creation.
According to a study of hiring trends in 1,610 companies by CARE Ratings, over the last two years (2016-17 and 2017-18) big companies created net new jobs while smaller companies destroyed them. A report in Business Standard. Click to read more