- 22 Aug 2024 06:43 PM
- New
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 06:17 PM
- New
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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- 21 Aug 2024 06:14 PM
- New
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 06:23 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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- 20 Aug 2024 06:02 PM
Small businesses still outside the formal structure? There exist challenges.
Last month, we celebrated seven years of the rollout of the goods and services tax (GST). Its promise has been the elimination of the cascading impact of a tax on tax, inbuilt interlocking incentives which improve compliance, less tax leakage and the removal of friction in commerce across state boundaries.
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- 20 Aug 2024 06:07 PM
‘Ketchup sachets have a quality check, but not India’s gaming sector’
Facing a 28% tax and state bans, India's online gaming sector struggles with funding and legality issues. The E-Gaming Federation calls for a whitelist and stronger regulatory framework to protect consumers and attract investments.
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- 20 Aug 2024 06:09 PM
Finance Ministry should identify high-risk taxpayers in the GST composition scheme: CAG
After analyzing data from 8.66 lakh composition taxpayers under central jurisdiction during the 2019-20 to 2021-22 fiscal years, the CAG found that many GST taxpayers are at significant risk of exceeding the turnover threshold for the composition levy scheme (CLS).
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- 20 Aug 2024 06:14 PM
Top news on August 19: Sensex ends flat, PM Modi to visit Ukraine, BJP demands Mamata Banerjee’s resignation & more
Top news on August 19: Sensex ends flat, Nifty 50 closes 0.2% higher led by metal, PSU Bank, energy stocks. PM Narendra Modi to visit Ukraine on August 23, says MEA. BJP demands resignation of West Bengal CM over Kolkata doctor's rape-murder.
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- 20 Aug 2024 06:25 PM
Government steps up fight against fake GST registrations
India's tax authorities are on a warpath against businesses that exist only on paper. The Central Board of Indirect Taxes & Customs (CBIC) has announced a nationwide special drive targeting fake GST registrations. Set to run from 16 August to 15 October, this initiative seeks to safeguard government revenues and ensure the integrity of the tax system.
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- 20 Aug 2024 06:34 PM
GST Council Newsletter July 2024
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-july-2024.html
The GST Council Secretariat, New Delhi, marks the completion of 7 years of GST on July 1, 2024, reflecting ongoing efforts to simplify taxation and enhance compliance. Significant amendments were introduced in the Union Budget 2024, including a uniform time limit for issuing demand notices under Section 74A of the CGST Act, applicable from FY 2023-24. Further relief includes the waiver of interest and penalties for demands under Section 73, provided full tax payment is made by March 31, 2025. Recent circulars address various issues: Circular No. 223/18/2024 reassigns responsibilities to Central Tax Superintendents following changes in GST back-office operations; Circular No. 224/18/2024 provides guidelines for recovering outstanding dues where GST Appellate Tribunals are yet to be operational; and Notification No. 12/2024-CT introduces a new form for taxpayers to adjust mistakenly paid amounts. Finally, Circular No. 225/19/2024 clarifies taxability and valuation issues related to corporate guarantees between related persons. These developments aim to enhance clarity and streamline compliance under the evolving GST regime.
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