The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with the income-tax filings.
While the project is still in the initial stage, the government wants to create a database whereby income of companies and their promoters could be matched with that of the tax returns filed, said a person in the know. Click to read more
The Engineering Export Promotion Council (EEPC) has hailed the mid-term review of foreign trade policy but called for faster clearance of the Goods and Services Tax (GST) refunds.
“EEPC compliments the commerce ministry for a pragmatic mid-term review of the Foreign Trade Policy with the objective of improving ease of doing business for the exporters,” EEPC chairman T S Bhasin said in a statement.
He, however, stated that the need of the hour and key is faster clearance of the GST refunds. Click to read more
With a chairman for the National Anti-Profiteering Authority in place, the anti-profiteering methodology is the next key thing to watch out for.
An announcement to this effect can be expected in a few weeks, said an Economic Times report, adding that India may adopt a product-specific approach similar to that of Australia to ensure that the full benefit of price reductions due to the goods and services tax (GST) is passed on to consumers.
This means that when the authority gets any complaint, it will examine the input tax credit flowing into a product and the resultant reduction in total tax. Click to read more
With GST, it may now be tough to evade the taxman. Finance secretary Hasmukh Adhia said on Tuesday that goods and services tax (GST) will “change the game” for those who avoid paying taxes.
When GST was introduced it was hailed as a game-changing tax reform. Do you know what is game changing? “It is an innovation which can spoil the games people were playing to avoid paying taxes,” he said.
According to people familiar with the development, the government may use data obtained through GST filing to track those who are escaping income-tax. Click to read more
The Congress will provide sanitary napkins to girl students in Gujarat free of cost by abolishing GST if voted to power, All India Mahila Congress president Sushmita Dev announced on Wednesday.
Dev also attacked Narendra Modi government for imposing “12 percent” GST on sanitary napkins, which she said “runs contrary” to the government’s “Beti Bachao Beti Padhao” campaign for girls. Click to read more
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Sounding a note of caution, the Reserve Bank today said reduction in GST rates, partial roll- back of duties on petroleum products and farm loan waivers by some states may lead to “fiscal slippage” fuelling inflation.
Releasing the Fifth Bi-Monthly Monetary Policy statement for 2017-18, it also raised the inflation forecast marginally to 4.3-4.7 per cent for the second half of the fiscal from earlier estimate of 4.2-4.6 per cent. Click to read more