The government is working on a proposal whereby citizens could avail of the proposed 20% cashback on goods and services tax on payments made through RuPay cards and BHIM app if they make the transactions using QR codes.
The idea is to automatically capture all transaction details including GST rate and the cashback accordingly, a senior government official told ET.
For those who are not comfortable scanning QR codes for digital transactions, the alternative will be to compile all the receipts and then claim GST refund from the government in the same way as income-tax returns and refunds are filed, the official said. Click to read more
The Union Cabinet is likely to consider Wednesday the proposal to convert GST Network (GSTN) into a government-owned company.
The GST Council, chaired by Union finance minister Arun Jaitley and comprising state finance ministers, had in May agreed to a proposal to make GSTN a government company, with Centre owning 50 percent stake and states together holding the remaining 50 percent.
“Converting GSTN to a government company may be considered by the Cabinet tomorrow,” a source said. Click to read more
The Commercial Taxes department has busted a racket involved in issuing fake GST invoices to help some dealers claim input tax credit (ITC) from the government.
Three Bengaluru-based businessmen, who have been arrested, had issued fake GST invoices worth Rs 203 crore to facilitate bogus claims, according to Commercial Taxes Commissioner M.S.Srikar. A dealer can claim input tax credit only against taxes paid. Click to read more
The tax department of Karnataka has arrested two persons in a GST scam worth Rs.2000 crore. The arrested persons were involved in issuing fake GST invoices to help some dealers claim input tax credit (ITC) from the government. Three Bengaluru-based businessmen, who have been arrested: had issued fake GST invoices worth Rs 203 crore to facilitate bogus claims, according to Commercial Taxes Commissioner M S Srikar. A dealer can claim input tax credit only against taxes paid. The evasion was noticed by the department during the course of investigations following first series of arrests. In the last one month, the department officials have raided more than 50 business premises in Bengaluru, the Commissioner said in a press release. Click to read more
The goods and services tax (GST) Council will try to bridge the differences between the Centre and states over revenue shortfall of states and consequent compensation requirements. There is data discrepancy between states and the Centre on the estimated revenue that the former need to protect, Business Standard has learnt.
According to sources, the revenue to be protected as calculated by respective accountant generals of states is on the higher side of what the Centre has estimated. The Centre has asked states to reconcile the discrepancy in data. Under the Compensation. Click to read more
The finance ministry has extended the exemptions granted to Export Oriented Units and Software Technology Parks of India from payment of the integrated goods and service tax and compensation cess by six months till March 31, 2019.
The IGST and cess exemption to EOUs and STPI was scheduled to come to an end on Sept. 30.
Through a notification, the Central Board of Indirect Taxes and Customs said that taxes would be levied on these units under the GST ambit with effect from April 1, 2019. Click to read more
The tax regime requires compulsory contribution to be made by the citizens to the Government in order to enable them carry out the developmental activities for the country. The recent introduction of the Goods and Services Tax (hereinafter referred to as “GST”) has subsumed the multiple taxes prevalent in the Indian system including Central Excise Duty, Service Tax, Entertainment Tax, Value Added Tax/Sales Tax, Octroi and Entry tax, etc. This single taxation, applicable only on value addition made at each stage with respect to the goods and services. Click to read more
India’s economy continues on a robust growth path, the Asian Development Bank (ADB) said Wednesday while maintaining the growth forecast for the current fiscal at 7.3 per cent. However, depreciation of the rupee and volatile external financial markets pose challenges, the multilateral lending agency added, in an update of its flagship annual economic publication, the Asian Development Outlook (ADO) 2018.
Growth remains stable across most of developing Asia due to robust domestic demand, buoyant oil and gas prices and a consolidation of India’s growth rebound, it said. Click to read more