Suspecting large-scale evasion, the government has got into action as collection of Goods and Services Tax is declining. In the first case of its kind in Mumbai, and probably the biggest in the country, 90 parcels containing jewellery have been confiscated by the GST department for flouting of tax norms. 85 carriers have been detained for ferrying consignment without proper paperwork.
In November last year, the Kerala state GST Department had seized 14.5 kg of gold ornaments worth Rs 4.80 crore. In December, the department seized 3 kg of gold from a Mumbai native in Kochi. Click to read more
This is the first such raid carried out by the department ever since the implementation of the GST by the government. Under the GST Act, all movement of goods within states has to be accompanied by an e-waybill. This has to be generated from a GST portal. This document allows the movement of goods from one place to another and specifies the quantity and the overall value of the goods. Click to read more
Flight tickets are likely to become more expensive this year owing to increase in fuel prices and GST. Passengers might have to shell out nearly 13 per cent more than they are currently paying. A report in Economic Times mentioned that after implementation of GST, cost of operations has spiked by 27 per cent. Click to read more
This conference season, there’s an air of quiet optimism on the growth front. India seems set to pick up economic speed. A credible policy reform and stepped-up investments are expected, whichshould boost the growth momentum. Yet, even as we look ahead, we must also take note of the remarkable cooperative federalism that was on display in the last several months. The goods and services tax (GST) has, indeed, been innovatively path-breaking in many ways. Click to read more
Are Bitcoin exchanges required to pay goods and services tax? If they are, what would the rate be? And, will GST be levied on the revenues or operating margins of these exchanges?
India’s top seven Bitcoin exchanges, which include Zebpay, Unocoin, CoinSecure and BtcxIndia, plan to approach the Advance Authority of Ruling (AAR) for clear answers to these questions, two people with direct knowledge of the matter told ET. AAR is a quasi-judicial body that can decide the applicability of tax rates. Click to read more
An electoral battle in a constituent state of a federal system is supposed to be fought on policies and issues falling within the functional domain of states. Members of the legislative assembly (MLAs) are expected to seek re-election on their record in terms of what they promised to deliver when they got voted in. All MLAs have a local area fund entirely under their control. They can speak of the uses to which they put their MLA fund. They can contrast that with constituencies which made the mistake of electing MLAs from other parties. Click to read more
Tax officials will reportedly start the process of matching returns and invoices under the goods and services tax (GST), after it had been announced that invoice-matching would be deferred till March. Chop and change should be kept to the minimum in policy and administration, to make compliance easy for businesses. Apparently, the government wants to check the veracity of the input tax credit claims due to worries over slowing revenues. Click to read more
The government has notified lower 1 per cent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.
The finance ministry has notified the changes decided by the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, in November 2017.
The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. Click to read more
In a major crackdown on jewellers and traders evading taxes, a team of officials from the Good and Services Tax and Central Excise departments conducted raids on several ‘angadia’ operators in Mumbai.
Angadias are informal courier and bank services used by diamond and jewellery traders for tax evasion. They act in utmost secrecy as a conduit for transferring diamonds, gems, jewellery and cash, mainly between traders and jewellers. Click to read more
The luxury vehicle segment in India witnessed a growth in sales last year despite facing headwinds in the form of an upward revision in GST rates around September 2017. Prices, however, dropped prior to this revision and post-implementation of GST, which spurred sales momentarily.
Leading the growth charge was BMW as it posted a record 25 percent growth, followed by Jaguar Land Rover which saw a 49 percent jump in sales. Volumes at Audi, on the other hand, grew marginally at a rate of 2 percent year on year. The country’s luxury segment leader, Mercedes-Benz, is yet to announce its sales figures for 2017. Click to read more