With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.
According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B). Click to read more
In order to check “frivolous and fraudulent” tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh.
The verification of “unreasonable” transitional credit claims would be conducted in four phases, a source said, adding that credit verification will remain one of the focus areas in 2018-19. Click to read more
Goods and Services Tax (GST) has made it imperative to relearn the entire tax law again. To address the need for a skilled workforce with GST training, National Skill Development Corporation (NSDC) along with BFSI (Banking, Financial services and Insurance) Sector Skill Council have conceptualised a GST Accounts Assistant course to provide GST expertise for better job opportunities. Click to read more
Owing to difference in the summary sales return under GST and final returns, revenue department has started to analyze empty spaces in order to check on tax evasions.
Only 16% of GST filed returns matched with the final returns and 84% of the data do not matches with the final data has raised the alarm of revenue department.
As per the GST returns data, between July-Dec 34% of businesses paid Rs 34,400 crore less tax while filing the initial summary return (GSTR-3B). Click to read more
Businesses have moved courts against the Rajasthan government’s decision to not extend benefits earlier promised under the state investment promotion scheme, after the goods and services (GST) rollout.
The high court at Jodhpur and its Jaipur bench have sent notices to the Union government, the Rajasthan government and the GST Council in these cases. Click to read more
The information and broadcasting minister tweeted, “Rahul Gandhi’s hatred for India is astonishing. When World Bank hailed India’s rise in Ease of Doing Business rankings + , he rubbished the report. Now selectively quotes WB report to berate India’s progress!”
The minister also shared a report to bolster her point, asking Gandhi to “enlighten” himself if he was “free from the world’s longest coronation exercise.” Click to read more
Finance Minister Yanamala Ramakrishnudu has written a letter to the Union minister Arun Jaitley asking for higher compensation citing discrepancy in the revenues considered for the year 2015-16.
“I am to state that the Govemment of India has been transferring compensation amount to the states which did not get projected revenues as per the GST(Compensation to the States) Act,2017 and the state of Andhra Pradesh also got Rs 382 Crore towards compensation so far. Click to read more
GST rate on restaurants: For the only listed fine dining restaurant chain in the country — Speciality Restaurant — coming days would be difficult. Goods and services tax (GST) has come in with no input tax credit, which means high prices for dishes at a time when the concept of fine dining itself is in a crisis with people preferring to order online at affordable prices at home. “The youngsters are no more going out to eat. They would rather order food online at home, or might just grab a piece of pizza. Click to read more
Over 200 applications claiming Rs10crore refund under GST have been filed by exporters in the entire state with commercial tax department. 70 per cent of the refund claim is from Indore.
Refund of exporters under the new tax regime has been delayed by over six months since the roll out of GST owing to various changes in the mode of refund by GST Council. The delay in the refund blocked the working capital of exporters. Click to read more
Leader of Opposition in the Maharashtra Assembly, Radhakrishna Vikhe Patil, on Monday alleged that a Shiv Sena worker committed suicide while blaming his extreme step on demonetisation and GST.
The senior Congress leader raised the issue in the Lower House and targeted the Uddhav Thackeray-led party while asking why it was still supporting the NDA government even after the alleged suicide of its worker over the Centre’s policies. Click to read more
With the government not sharing GST share with Municipal corporations and councils on time, several of them in the state are facing a fund crunch that has hit disbursement of salaries. While most corporations are yet to pay salaries of the month of February, Abohar Municipal Council hasn’t paid its employees since December, 2017.
Municipal authorities at Ludhiana, Jalandhar, Abohar, Amritsar stated that they do not have enough funds to pay salaries of the employees. Click to read more