New Delhi: The airline industry expects the government to announce measures that imp-rove the operating climate for airline companies in India through measures that reduce cost of operations for the airline, Vistara CEO Vinod Kannan said Monday.
Read MoreNEW DELHI : The Supreme Court on Monday issued a notice to the government seeking a response to a plea filed by online gaming companies on tax demands adding up to ₹1.5 lakh crore. The court, however, did not issue a stay on the tax notices issued by the government.
Read MoreSource: https://www.livemint.com/economy/gst-evasion-of-over-44-000-crore-detected-11704648615922.html
New Delhi: Finance ministry said on Sunday that suspected tax evasion related to Goods and Services Tax (GST) credit of more than ₹44,000 crore has been detected since last May in a drive against non-existent tax payers.
The drive unearthed 29,273 bogus firms involved in the suspected tax credit evasion leading to arrest of 121 persons, the ministry said in a statement.
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Read MoreGoods and services tax (GST) authorities issued demand notices totaling ₹1.45 lakh crore to around 1,500 businesses in December, a report said. The notices were sent due to inconsistencies in annual returns and input tax credit claims for the financial year 2018, according to officials.
Read MoreCome the new year, multiple large companies have received gifts from the Goods and Services Tax (GST) department in the form of demand notices.
Among these, the Life Insurance Corporation of India (LIC) alone was slapped with notice for around ₹806 crore on January 1. The next day, Hindustan Unilever was sent a GST demand of ₹447.5 crore. Similarly, a series of notices to Asian Paints, Eicher Motors, ICICI Prudential, and Nestle India, with regards to pending GST dues and penalties for FY19 and FY20, have rattled corporate India.
Introduction: The introduction of GSTR-1 Tables 14 and 15 in January 2024 marks a transformative juncture in the Goods and Services Tax (GST) landscape. These tables, focusing on reporting e-commerce transactions, aim to enhance transparency and streamline compliance. In this article, we unravel the intricacies of Tables 14 and 15, exploring their purpose, reporting details, and the profound implications they carry for businesses and e-commerce platforms. As businesses navigate the complexities of these tables, a new era of accurate reporting, reconciliation, and simplified tax administration unfolds, promising a more efficient tax ecosystem under the GST regime.
Read MoreSource: https://taxguru.in/goods-and-service-tax/pay-gst-credit-card-debit-card.html
Introduction: In an era where digital transactions govern financial landscapes, the Goods and Services Tax Network (GSTN) has taken a significant stride by introducing a streamlined method for taxpayers to settle their GST liability. This novel approach allows individuals and businesses to leverage the convenience of Credit Cards or Debit Cards. However, it’s crucial to note that this option is currently available in specific states. This comprehensive article delves into the intricacies of this payment method, providing a detailed analysis of the steps involved, associated transaction charges, and the states where this facility is presently accessible.
Read MoreSource: https://taxguru.in/goods-and-service-tax/gst-crackdown-bogus-firms-evade-tax.html
Introduction:
In an intensified effort against tax evasion, the Goods and Services Tax (GST) formations, led by the Central Board of Indirect Taxes and Customs (CBIC) and State/UT Governments, have unearthed 29,273 sham firms involved in suspected Input Tax Credit (ITC) evasion amounting to Rs. 44,015 crore since May 2023. This crackdown, aimed at non-existent taxpayers, has resulted in 121 arrests, marking a significant stride in curbing GST fraud.
Source: https://www.livemint.com/economy/what-the-surprise-manufacturing-slowdown-means-11704645690648.html
What was surprising about the PMI data?
The manufacturing PMI for December came in at 54.9 as against 56 in November. It was also the lowest since October 2022 when the index fell to 55.3. A reading above 50 means expansion while that lower than 50 means contraction. This surprised many as the economy had just registered a strong 7.6% growth in the July-September quarter on the back of a 7.8% growth in the April-June quarter. The just-concluded festive season, if consumer goods companies are to be believed, has been good, with outstanding retail loans crossing ₹50 trillion for the first time in November last year.