- 29 Aug 2024 06:44 PM
- New
Mint Explainer: Why Tiger Global’s win against the taxman is a major victory for Indian companies
The Delhi High Court on Wednesday overturned the Authority of Advance Rulings’ order denying Tiger Global Management the benefits of grandfathering provisions under the India-Mauritius Double Tax Avoidance Agreement (DTAA) when it sold its investments in Flipkart in 2018.
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- 28 Aug 2024 06:17 PM
- New
ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority
The company will challenge the GST demand notice with the Commissioner (Appeals) within the prescribed timeframe, according to the statement. In addition to the GST demand, the notice also includes interest and penalties, as noted in the post-market exchange filing.
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- 28 Aug 2024 06:14 PM
- New
Unified Pension Scheme will not be rolled back, says government official in response to trade union demand
No major decision on tax rate rationalization is expected in the upcoming GST Council meeting, slated to be held in New Delhi on 9 September
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- 26 Aug 2024 06:14 PM
‘18% GST on health, life insurance is a burden,’ Derek O’Brien pens Sitharaman
‘18% GST on health, life insurance is a burden on 45 crore Indians’: Derek O’Brien pens Nirmala Sitharaman
TMC leader Derek O'Brien urges Finance Minister Nirmala Sitharaman to remove the 18% GST on health and life insurance premiums ahead of GST Council meeting on September 9.
- 26 Aug 2024 06:18 PM
Follow-up on Unscrupulous practices by SGST Officials to harass stakeholders
Chartered Accountants Association (CAAS) of Surat has expressed continued concern over the unscrupulous practices of SGST officials in Gujarat, which persist despite previous representations and assurances of corrective actions. In a follow-up communication, CAAS highlighted ongoing issues with delayed registrations, refunds, and high-pitched assessments, all of which are allegedly manipulated by officials seeking bribes. Despite the implementation of mechanisms to expedite processes, stakeholders across Gujarat report widespread delays, arbitrary rejections, and unnecessary hurdles. CAAS points out that these delays not only hinder business operations but also violate citizens’ fundamental rights under Article 19(1)(g) of the Constitution. The association also criticized the backlog of appeals, which they claim is a deliberate attempt by the SGST department to pressure taxpayers into paying bribes instead of pursuing litigation. Furthermore, the CAAS highlighted the misuse of discretionary powers in assessments, where officers pass inflated tax orders without proper consideration of submissions, urging the department to address the incompetence and deliberate malpractice of officials. The association warned that without immediate corrective action, they would seek constitutional remedies to protect the rights of stakeholders.
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- 24 Aug 2024 06:07 PM
IIT Delhi and six educational institutions receive GST exemption notices: Report
IIT Delhi, six other educational institutions receive GST exemption notices totaling approximately ₹220 crore: Report
A CNBC TV 18 report said all seven institutions were given show-cause notices in early August for non-payment of GST on grants received for conducting research
- 22 Aug 2024 06:43 PM
GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report
The Centre may provide relief to corporates, including Infosys, foreign airlines, and shipping lines, amid concerns over ease of doing business. The GST Council is set to meet on September 9.
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- 21 Aug 2024 06:23 PM
GST formations must focus on fake GST registrations: Revenue Secretary
The second edition of the National Conference of Enforcement Chiefs of State and Central GST Formations was held in New Delhi, chaired by Shri Sanjay Malhotra, Revenue Secretary. The conference emphasized the ongoing two-month special drive, launched on 16th August 2024, to identify and eliminate fake GST registrations. The Revenue Secretary stressed the need for a balanced approach between enforcement and ease of doing business, urging a focus on identifying masterminds behind fake Input Tax Credit (ITC) schemes. CBIC Chairman Shri Sanjay Agarwal highlighted the importance of targeting real tax evasion instead of interpretative issues. The conference featured discussions on sector-specific enforcement, technological initiatives to combat evasion, and case studies from various states. Maharashtra’s GST Enforcement Management System (GEMS) was showcased as a model for tracking enforcement actions. The event also emphasized the importance of building a national register of enforcement actions and proactive engagement with the trade sector to reduce the need for intrusive enforcement. The conference provided a platform for experience sharing and collaboration between Central and State GST formations, with a focus on ensuring compliance while maintaining business facilitation.
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- 21 Aug 2024 06:14 PM
Bombay High Court quashes ₹2,237 crore GST demand against Larsen & Toubro
Subsequently, the company received the High Court's order on August 19, granting approval to the Writ petition filed by the company and nullifying the show cause notice issued by the GST authorities, according to the filing.
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- 21 Aug 2024 06:17 PM
Focus on real tax evasion, not issues prone to interpretation, tax officials told
Sanjay Agarwal, chairman of Central Board of Indirect Taxes and Customs (CBIC) spoke about the need for enforcement agencies to stay ahead of evaders
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