In more fiscal worries for the government, the Goods and Services Tax (GST) collection dropped 5.29 per cent to Rs 95,380 crore in the month of October 2019, on year-on-year basis.
Tax authorities in Odisha on Friday claimed to have unearthed a Rs 138-crore GST fraud and arrested at least four persons for being part of a racket that created fictitious firms and fake invoices.
A Finance Ministry review of compliance behaviour of GST assessees has shown states outperforming the Centre.
GST Network (GSTN) will release improved version of GST return filing interface on October 22 with an aim to further simplify the process. "Many of the suggestions were incorporated in version 2 which is in place right now. Version 3 is going to come on October 22 of this month," GST Network CEO Prakash Kumar said at a seminar organised by IIT Delhi Alumni Association here.
Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better.
CPI general secretary D Raja on Friday wrote to Finance Minister Nirmala Sitharaman urging her to reconsider the 18 per cent GST on the annual Group Health Insurance Policy of retired bank employees.
The preventive wing of the Central Goods and Services Tax (CGST), Pune, claimed that two city-based firms allegedly indulging in this malpractice were busted.
The Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.
A GST evasion to the tune of Rs 1.5 crore by a Kanpur-based pan masala company, A J Sugandhi Pvt Ltd, was detected by officials during search operations.
The Goods and Services Tax Council chaired by Union Finance Minister Nirmala Sitharaman on Friday took an in-principle decision to link Aadhaar with registration of taxpayers under the GST and examine the possibility of making Aadhaar mandatory for claiming refunds.
Friday proved to be a big day for India Inc. After a slew of tax concessions including reduction in corporate tax from 30 per cent to 22 per cent, the GST Council has lowered tax on a number of goods and services to spur demand.
The all-powerful GST Council on Friday more than doubled the tax on caffeinated beverages to 40 per cent and slashed the rate on hotel room tariffs. Briefing reporters after a meeting of the panel, Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages has been hiked to 28 per cent plus an additional cess of 12 per cent as against the current rate of 18 per cent.
Wadhera welcomed the bold announcements including the reduction of the corporate tax rate to 22 per cent and no minimum Alternate Tax for companies not availing incentives under the Income Tax Act.
The Finance Minister Nirmala Sitharaman had addressed a press conference in Panaji, Goa. The Finance Minister and several State Finance Ministers have gathered in Panaji to take part in the Goods and Services Tax Council Meet.
The government has decided to expand the scope of expenditure of profits by 2 per cent on Corporate Social Responsibility (CSR) on Friday. This will allow easy expense on incubators or research grants to various institutes which are engaged in promoting scientific research.
Items likely to see a tax cut include luxury hotels and outdoor catering services. Luxury hotels which charge Rs 7,500 and above per night are now taxed at 28 per cent and outdoor catering services at 18 per cent.
The automobile industry, which saw the steepest volume plunge in August in nearly two decades, has long been demanding lowering of GST on automobiles to 18 percent from the present 28 percent to boost demand.
Hero MotoCorp on Thursday urged the government to consider a phase-wise reduction in GST on automobiles, cutting rates for two-wheelers in the first stage and deferring tax cut on four-wheelers to a later stage.
Aadhaar user alert: The authentication or physical verification of the unique identification number (Aadhaar) has been made mandatory for new dealers to curb malpractices in paying Goods and Services Tax. According to reports, the GST Network on Saturday decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 to check malpractices in Goods and Services Tax.
The GSTN also decided the much simplified new return system may be launched on January 1, 2020, the Bihar Deputy chief minister said.
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