The government has tasked taxmen with bringing half the 6 crore private businesses in India in the GST net, up from less than a crore at present, and also make the IT system glitch free, an official source has said.
The target was set at the recent second edition of the two-day annual meet of tax officers, which was addressed by Prime Minister Narendra Modi, he said.
A key to achieving the target is putting in place a permanent mechanism of almost real-time data exchange between the departments that handle direct tax – income and corporate – and the one which handles indirect levies like customs and Goods and Services Tax (GST). Click to read more
As many as six lakh more businesses have filed returns and paid taxes in last one week, taking maiden revenue collections from GST to about Rs 94,700 crore.
Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for the month of July – the first month of implementation of independent India’s biggest tax reform, the GST.
A top official said since then the number of returns filed has gone up to 44 lakh and over Rs 2,500 crore more has come in as taxes. Click to read more
The anti-profiteering mechanism under GST has kicked in with the Government allowing consumers to file complaints against any irrational profit made by businesses by not passing on cost reduction benefit to buyers. Revenue Secretary Hasmukh Adhia said.
The Government has notified the ‘standing committee’ comprising four officers — two each from the Centre and states for receiving complaints on profiteering. Besides, states are in the process of notifying the state level ‘screening committees’, which will also include central government nominees. Click to read more
Mention goods and services tax (GST) and it evokes a frown on Bhausaheb Baburao Thorat’s face. PG Farmsys Agrovet Producer Company Ltd, of which Thorat is director, is into procuring moong (green gram) and tur (pigeon-pea) from its 345 farmer-shareholders during the harvesting season for sale later on when prices are normally higher. This farmer producer company (FPC), based at Pimpri Gawali village in Parner taluka of Ahmednagar district, had plans to enter the retail market for branded dal that can potentially fetch even better returns than from raw un-milled pulses sales. Click to read more
Airtel and ClearTax have launched a new feature called GST advantage, that will make it easy for businesses to file e-returns. India’s largest telecom service provider Airtel has a B2B wing called Airtel Business, which has announced the new Airtel GST Advantage service. This is a project specially designed to make it simpler for small enterprises and start-ups to file their GST (Goods and Service Tax) returns is a safer and accurate way. This service by the telecom company has been announced in partnership with a popular tax filing platform called Cleartax. It should be noted that the Airtel GST Advantage offer is available only to current Airtel Business subscribers. Click to read more
A group of tax consultants has filed a writ petition against the Centre and state governments in the Rajasthan High Court, alleging unpreparedness in implementing the Goods and Services Tax.
The court issued notices to the Centre and state governments based on the claims made by the Rajasthan Tax Consultants’ Association in the petition. The issues include modification of compliance requirements, not charging interest, penalty, retrospective effect to late fee waivers, composition window and incomplete utility forms. Click to read more
Before July, when the Goods and Services Tax (GST) happened, Nitin Nahar’s shop used to sell around 150 tonnes of cereals and pulses daily. That has since dropped to 90-100 tonnes. The festival season normally sees 25-30 per cent more business. But this time, there’s no sign of it, even as the ten-day Ganesh Chaturthi celebrations have gone by and the nine-day Navaratri festivities kick off from September 21. Click to read more
Finance Minister Arun Jaitley is “seriously” considering the demand of automobile manufacturers who have raised concerns over rise in cess on luxury vehicles, Union Heavy Industries Minister Anant Geete said today.
“We have requested the finance minister (on the cess issue). Industry has given its memorandum and we have forwarded that to the finance minister and he is seriously considering that,” Geete told reporters here. Click to read more