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Taxation & Accounting

Category: Gst (page 2 of 166)

Rs 70 crore GST scam: Chandigarh to scan transactions of 20 bogus firms

CHANDIGARH: The UT excise and taxation department has decided to scan transactions made by 20 bogus firms in neighbouring states including Punjab, Haryana, Himachal Pradesh and Delhi. The department in its ongoing investigation into the Rs 70 crore tax credit scam, will also seek the help of excise department to unearth the large spread scam. […]

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West Bengal finance minister calls for tough steps to fix GST frauds

NEW DELHI: West Bengal finance minister Amit Mitra has expressed deep concern over the cases of GST frauds and has shot off a letter to union finance minister Nirmala Sitharaman calling for putting in place a robust reporting system to generate real time tax alerts on detection of any suspicious and fraudulent transactions. “I am […]

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Rail wagon makers buck the trend, seek higher GST

Inputs are levied GST of 5% and 18%, leading to an inverted duty structure as hundreds of crores of rupees in input tax credit are stuck, the companies say. NEW DELHI: Amid the clamour for cuts in goods and services tax (GST) rates to help revive demand, rail manufacturers are seeking the opposite—an increase. Alstom […]

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Bring GSTR with invoice matching for all by January: Bengal FM

Bengal FM wrote that he had forewarned that giving up invoice matching would lead to widespread tax frauds and hawala transactions. NEW DELHI: West Bengal finance minister Amit Mitra has sought a probe into rampant goods and services tax evasion. In a letter to finance minister Nirmala Sitharaman, dated August 27, Mitra also sought the […]

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Technical glitches behind GST annual returns deadline extension

While technical glitch is one of the reasons, the bigger issue it seems is reconciliation of returns with financial statement, which is what the GSTR-9C is all about The date for filing annual returns and GST audit for 2017-18 has again been extended – this time by three months from 31 August to 30 November […]

http://www.gstindia.com

GST Council to meet in Goa on September 20; no proposal to lower rates

Focus will be on improving revenue mop-up, says official The Goods & Services Tax (GST) Council will hold its 37th meeting on September 20 in Goa, but is unlikely to consider any rate reduction. A senior Finance Ministry official told BusinessLine: “Many sectors are clamouring for a rate reduction. They range from automobile to cement to […]

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Don’t overreach, overstate: Nirmala Sitharaman to tax authorities

PUNE: Union finance minister Nirmala Sitharaman said here on Tuesday that she has asked the tax authorities to observe a “bit of restraint” and not to “overreach” while going about tax collection. Sitharaman spoke to reporters here after meeting officials of the Central Board of Indirect Taxes, Customs, Income Tax department, GST and representatives from […]

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Why the Government should waive off GST Return as opposed to extending deadlines

Over the last two years, the focus of the tax payers has shifted from managing their business to tackling the compliance issues over the modest GST Portal. The introduction of destination-based consumption tax in the form of GST was one of the biggest reforms the current Government brought in. Although GST was been introduced with […]

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Opinion | It’s time for a direct tax regime that’s growth-focused and fair

A more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity India radically overhauled its indirect tax system more than two years ago with the introduction of the goods and services tax (GST). It now has an opportunity to do the same with the direct […]

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Last date to file GST annual returns extended by 3 months to 30 November

The finance ministry on Monday said the last date for filing annual GST returns has been extended by three months to November 30 as taxpayers were facing technical problems in furnishing returns. Earlier, GST taxpayers were to file required returns by August 31. “It is hereby informed that the last date for furnishing of annual […]

http://www.gstindia.com

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