New Delhi: The council also pushed for input tax credit on food sales; tax holiday for five years for companies investing in infrastructure, including digital infrastructure; special incentives to food processing through interest subvention, and lower taxes; and competitive import tariffs over five years, with lowest or nil slab on...
Will agitate against complex, arbitrary GST system: CAIT
New Delhi: According to CAIT, the GST has become a hurdle in the smooth retail trade because of the complexities and arbitrariness of its provisions. In a statement on Sunday, the traders' body said that it will convene a three-day conference of trade leaders of all states from February 8-10...
1% GST payment in cash rule will not apply on small retailers
Small businesses and dealers will not be affected by the new rule mandated to make at least 1 per cent GST payment in cash. The reason for this is that only those units whose annual turnover is 6 crores or more, have to follow this rule. Sources in the finance...
Eighth installment of GST compensation released
New Delhi: The Finance Ministry on Monday released the eighth weekly installment of six thousand crore rupees to compensate for the reduction in the Goods and Services Tax (GST) compensation of the states. Thus far, 48,000 crore rupees have been released to the States / Union Territories through this medium....
Consultations before show-cause notices to be pursued by GST officers
New Delhi: The Tax Department will actively conduct consultation prior to issuance of show-cause notices to evaders and assessees of GST so as to facilitate easier resolution of tax disputes and prevent increasing number of litigation. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that such consultations...
November GST collection at nearly Rs 1.05 lakh Cr
North Delhi: The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 4.9 per cent higher and the revenues from domestic transaction, including import of services, are 0.5...
GST enablement on UPI: 4 months let-off from penalty on invoices without QR code
New Delhi: In an significant move to promote digital payments in Business to Customer (B2C) transactions through QR Code and GST enablement on UPI, the government has conditionally waived the penalty provisions for a period of four months from December 1, 2020 to March 31, 2021 for issuing invoices without...
25K defaulting taxpayers to be persuaded to file GST returns by Nov 30
The Goods and Services Tax Network (GSTN) along with tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same. Tax officials have been directed to follow up personally with...
GST Council panel for 2-pronged strategy to curb fake invoices
Mumbai: The Law Committee of the GST Council has suggested a two-pronged strategy to tackle the issue of fake invoices, sources said. According to people in the know, the panel has recommended that new or fresh registrations in GST may adopt an Aadhaar-like registration process under which new registration can...
I-T profiling to help revenue dept nab fraudsters claiming fake GST credits
New Delhi: The move is aimed at identifying unscrupulous persons who try to avail or pass on input tax credit fraudulently by generating fake invoices. In such cases, the revenue department had found that checking income tax profiles of suspected entities gave the right results on the extent of tax...