INPUT TAX CREDIT
Purchase without bill may be big GST leakage source
B2C sales have been the key source of leakage of GST as consumers are often cajoled into paying in cash without taking a bill. The issue was discussed in detail at the first national GST conference, which was attended by senior officers from across the country, with officials suggesting that a check on this channel of leakage could bolster revenue by 15-20%.
Hardcastle wants higher GST & input tax credit
The move could have a huge implication for the country’s restaurant sector Restaurants across ...
Banks can’t claim tax relief on FD insurance
Reversal of credit would lead to an increase in cost by anywhere between Rs 200 to Rs 500 crore ...
Four arrested for Rs 400 cr GST fraud, ED might join probe
The CGST department has arrested four persons for allegedly making false input tax credit (ITC) claims causing loss to the exchequer to the tune of at least Rs 400 crore.
DoT to take up Rs 36,000 crore ITC refund with finance ministry
As proposed by Committee of Secretaries, GST Council to take final call. Input tax credit worth some Rs 18,000 crore for Reliance Jio, about Rs 10,000 crore for Bharti Airtel and roughly Rs 8,000 crore for Vodafone Idea are currently stuck with the finance ministry.
GST authorities unearth racket involving Rs 140 cr tax fraud
New Delhi, Nov 26 () GST authorities have unearthed a tax racket and arrested one person for allegedly defrauding the government to the tune of about Rs 140 crore through fraudulent means.
How India's game-changing tax bypasses the farmer
Indian farmer's plight has changed little even under GST that aims to revolutionise all kinds of businesses.
Realtors told to reverse transition credit
The indirect tax department wants real estate developers, who were setting off taxes paid under earlier tax regime against the GST, to reverse the credit claimed as transition credit, said people in the know. Realty players hoped they would pass sales and indirect taxes to the customers and claimed this under the transition credit mechanism.
GST: Here’s what to do if your e-Way bill generation is blocked for tax defaults
Not possessing an e-way bill during transportation of goods can lead to the disruption in the day-to-day operations and deliveries of a business. This move will push taxpayers to be more compliant and make sure they file their returns/make their tax payments on time.
PMO asks states to curb fake ITC claims
The Prime Minister's Office (PMO) on Friday took stock of the issues impacting revenue collection and asked states for increasing compliance and use data to nab evaders.
View: It's time for a fair distribution of GST proceeds between Centre and states
A lion’s share of GST goes to states. Actual transfers of the Centre’s gross tax collections are about 36%.
Dharmendra Pradhan hopes coming Budget will signal inclusion of ATF, natural gas in GST
When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
Many companies in a fix as working capital may be stuck due to a GST regulation
Regulation disallows firms to take input tax credit if vendor invoices are not uploaded on the GST network. According to GST law, invoices should be uploaded on the GST IT network for every transaction for it to be eligible for tax credits.
Financial services firms come under taxman’s scanner
Indirect tax officials suspect that some of these companies may have claimed input tax credit on expenses incurred before the switchover to the GST regime in July 2017, said people aware of the matter.
GST Input tax credit without invoice capped at 20% to plug revenue leakage
There was no such restriction until now – input tax credit was claimed by taxpayers on the basis of self-assessment.
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