At Rs 40,072 cr, govt's external financing jumps 5-times till August: Care Ratings
According to data released by the Controller General of Accounts earlier on Wednesday, fiscal deficit during April-August stood at 109.3 per cent of the annual target. This was 57 per cent higher than the corresponding period last year. In absolute terms, fiscal deficit -- which is the gap between expenditure and revenue -- stood at Rs 8,70,347 crore.
Salaries paid to company directors not to attract GST: CBIC
"The part of director's remuneration that are declared as 'salaries' in the books...
COVID-19 Impact: GST collections drop 12% Rs 86,449 crore in August
The GST collection declined for the second consecutive month in August to...
GST collection at Rs 86,449 crore in August
The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement.
Govt waives penalties on e-invoices issued during Oct if cos get reference numbers within 30 days
No such relaxation would be available for the invoices issued from November 1, 2020 and such invoices would be considered invalid, inviting penalties. Industry has been seeking voluntary e-invoicing till January 1, 2021, and make it mandatory post this limit, so as to reduce compliance burden.
GST Analytics wing to identify risky suppliers to exporters
Last year, the CBIC had detected several cases of firms availing credit fraudulently through refund of Integrated Goods and Services Tax on exports of goods. To mitigate the risk, the CBIC has taken measures to apply stringent risk parameters based checks, and the consignment of such exporters in risky category are subject to 100% Customs examinations and their refunds were kept in abeyance.
States stare at uncovered losses of up to Rs 3.1 lakh crore in FY21: SBI report
Accounting for a decline in the states’ own tax revenue, combined with the likely loss in state goods and services tax (SGST), the expected drop in revenue from the Centre and the additional expenditure by the states, their total expected loss stood at Rs 6.2 lakh crore for FY21, the SBI report said.
With Covid restrictions gone, demonetisation cash deposits back under the taxman's scanner
Tax assessments for 2016-17 were completed by December 31, 2019 when it became time-barred. But in cases where tax returns were not picked up for scrutiny, or where new evidence has emerged, the persons concerned are being told to produce documents to show the source of cash that was held in banned Rs 500 and Rs 1,000 bills.
GST mop-up in July at Rs 87,422 crore, slips from June collections
"During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19," the finance ministry said in a statement Saturday.
Directorate General of GST Intelligence detects Rs 72 crore tax evasion
Acting on specific intelligence searches were conducted at various places in Kota and Nagaur on July 17, 2020 including the factory, trading firms, godowns, secret offices and residences of beneficiaries, the ministry of finance said in a statement Wednesday.
1,377 'risky exporters' who claimed Rs 1,875 cr GST refunds not traceable in principal place of biz
As on date, 7,516 exporters are in the 'risky exporter' list. Out of them, for 2,830 exporters' IGST refund /drawback worth Rs 1,363 crore is suspended. The official further said the government has received adverse reports in respect of 2,197 risky exporters and as many as 10 'star exporters' have claimed Integrated Goods and Services Tax (IGST) refunds.
CBIC makes virtual hearing mandatory for GST appeal cases for expeditious disposal
The CBIC said the feedback received from trade and field formations on this indicated that the initiative has helped in speeding up passing of adjudication and appellate proceedings, saving cost of travel and time, and critically ensuring social distancing in these challenging times. This initiative would facilitate all stakeholders such as suppliers under GST, importers, exporters, passengers, advocates, tax practitioners and authorised representatives.
June GST collections stand at Rs 90,917 crore
Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at Rs 40,302 crore, which included Rs 15,709 crore collected on import, the Finance Ministry said in statement.
CBIC to switch over from files to mobile app as part of digitisation drive
The app, launched on Monday in over 500 CGST and Customs offices across India, will ensure speedier decision making, transparency, accountability, faster disposal of cases while enabling enhanced security as no file or document can be altered or destroyed or backdated.
Supply of services by “intermediaries” outside India is not an export, should be taxed at 18%: HC
The High Court in a ruling on Thursday, however, asked the revenue department to consider the representations made by the petitioners in this regard. Indenting agents of foreign clients had filed a writ petition in the Gujarat High Court challenging the applicability of 18 per cent IGST on export services.