Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or input tax credit to the consumers. The three-tier anti-profiteering mechanism is proving unequal to the costs and labour required to run it. While the government had set an initial two-year lifespan for the authority, it looks increasingly clear that it won’t get an extended term. Meanwhile, NAA’s constitutional validity is also being challenged.
The government was vocal at the start that NAA’s approach would be non-intrusive and that it would take up only such cases that have a ‘mass impact’. Click to read more
Congress president Rahul Gandhi has said that his party will overhaul the Goods and Services Tax (GST) structure if it comes to power in 2019, and once again described GST as it currently exists as “Gabbar Singh Tax”.
Speaking at a gathering of business leaders and professionals in Indore Tuesday, Gandhi alleged that GST, championed by his party-led UPA when it was in power between 2004 and 2014, was introduced by the National Democratic Alliance (NDA) government in a haphazard manner. Click to read more
The Commerce Ministry has taken note of exporters’ complaints that the input duty refund under the duty drawback scheme claimed by some last year was much lower than the IGST (Integrated Goods & Services Tax) refunds due to them and it may ask the Finance Ministry to address the issue.
“Exporters have said that they are willing to pay back the drawback with interest and they should be instead given IGST refund which is a much higher amount. The DGFT is likely to take up the matter with the Customs Department,” a government official told BusinessLine. Click to read more
India has jumped 23 places to secure 77th rank on the World Bank Ease of Doing Business index on the back many business-friendly reforms, with the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) emerging as big winners.
While India has not shown improvement in protecting minorities, the country continues to remain among the top 10 countries.
The World Bank noted that India improved on six of ten parameters as against eight last year, putting it among top ten improvers for the second time in a row. While last year too, India was praised for good accessibility to electricity, this year, the country made a noticeable improvement on ‘Getting Electricity’ parameter. Click to read more
The Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said here.
“We have done so much work, but there is some problem pertaining to petrol and diesel prices. The issue persists even though the prices have fallen a bit. But the Centre is contemplating to bring petrol and diesel under the ambit of GST,” the Union Minister of State for Social Justice and Empowerment said at a news conference here. Click to read more
he Central Board of Direct Taxes (CBDT) has devised a new strategy to boost tax collection. Currently, the Board only has the stick for the evaders. Now, it is proposed to divide them into four categories and deal with them in different ways. This strategy was successfully used in Britain, Australia and Mexico to improve tax collection.
Between April and March in the current fiscal year, GST evasion to the tune of Rs 18,656 crore was detected in the country. This is about four times the corresponding figure (Rs 7,031) for the last year. Click to read more
Repeating last year’s huge success, India, once again, made a huge jump of 23 places on World Bank’s Ease of Doing Business to secure 77th rank — indicating Prime Minister Narendra Modi’s commitment towards business-related reforms.
Not only has India made remarkable progress but has also become the highest ranked economy in South Asia, leaving Bhutan behind. India’s huge stride towards becoming a business-friendly nation has come in the last two years, with a total jump of 53 places. Click to read more
As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October.
The states’ share would be over Rs 15,000 crore, the official said.
The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for October. The total revenue collection figures for the month would be released on November 1.
This is the fifth time that IGST funds have been divided between the centre and states.
As much as Rs 29,000 crore was settled in September, Rs 12,000 crore in August, Rs 50,000 crore in June and Rs 35,000 crore in February this year. Click to read more