Skip to main content

Posts

Showing posts from March 19, 2018

Only 16% of initial GST returns filed for July-Dec matched with final returns

 Only 16% of initial GST returns filed for July-Dec matched with final returns  With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.  According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B). These 34 per cent of the businesses have paid Rs 8.16 lakh crore to the exchequer by filing GSTR-3B, whereas analysis of their GSTR-1 data show that their tax liability should have been Rs 8.50 lakh crore.  As per the analysis by the revenue department, initial returns filed and taxes paid by 16.36 per cent of the businesses have matched with their final returns and tax liability. They paid a total tax of Rs 22,014 crore.  However, the data also showed that there was excess tax payment of Rs 91,072 crore by 49.36 per cent of businesses registered under GST b…

E-wallet will address GST refund issue of exporters

E-wallet will address GST refund issue of exporters Introduction of e-wallet mechanism will effectively address the woes of exporters who have been complaining of delays in refund of taxes under the GST regime, Commerce and Industry Minister Suresh Prabhu said. Under the e-wallet mechanism, a notional credit would be transferred to exporters' accounts based on their past record and the credit can be used to pay taxes on inputs. Prabhu said that secretaries in the commerce and finance ministries are working on the matter."The only way it can be addressed properly is through e-wallet (mechanism). Finance ministry has to take a call on this. E-wallet will actually address the issue because then you (exporters) do not have to pay and seek refunds," he told PTI. According to exporters, delay in refund of taxes is blocking their working capital and impacting shipments. The issue of refunds to exporters has been delayed for over eight months now.The revenue department, on the other…

IBC amendment: Language may hold the key to who can bid

IBC amendment: Language may hold the key to who can bid As the government gears up for major changes in the Insolvency and Bankruptcy Code (IBC), those close to drafting these revisions believe the focus is now on getting the language right for ‘’greater clarity’’ in the rulebook While the basic premise and spirit of the Code will remain the same, the commas and the full-stops in the draft report being prepared by a high-level committee will make interpretation of the law simpler, a source told Business Standard. It could take up to 10 days for this panel reviewing the IBC to finalise its recommendations, he said, adding that the ‘’attempt is always to simplify things’’. The panel report will then be taken up by the legislative department of the government for further changes. The government is aiming for the report to be tabled in the current session of Parliament.   Among the changes in the Code likely to be proposed by the committee, it is the tweaking of the layers of prohibited and …

Investment promotion scheme: Notices to Centre, Rajasthan govt, GST Council

 Investment promotion scheme: Notices to Centre, Rajasthan govt, GST Council The Rajasthan Investment Promotion Scheme, announced in October 2014, had given exemption from entertainment tax up to 50 % to multiplexes, water and theme parks, among other sectors for 7 years Businesses have moved courts against the Rajasthan government's decision to not extend benefits earlier promised under the state investment promotion scheme, after the goods and services (GST) rollout.The high court at Jodhpur and its Jaipur bench have sent notices to the Union government, the Rajasthan government and the GST Council in these cases. The Rajasthan Investment Promotion Scheme, announced in October 2014, had given exemption from entertainment tax up to 50 per cent to multiplexes, water and theme parks, among other sectors for seven years.There was exemption from entry tax for companies making investment of more than Rs 7.5 billion on capital goods.Similarly, relief from state value added tax in various …

TRAI consultation paper on revamping MNP scheme by month-end

TRAI consultation paper on revamping MNP scheme by month-end The process of network port-out is set to become faster and simpler for mobile subscribers, as the Telecom Regulatory Authority of India is planning to initiate a review of the Mobile Number Portability (MNP) mechanism. It will issue, by the month-end, a consultation paper that will look at reducing the time taken to switch from one network to another under MNP, and will also seek to simplify the entire process, according to TRAI Chairman RS Sharma. “We will be bringing a consultation paper on expediting MNP. Today, the process takes time. The consultation paper will be aimed at reducing that time and changing the processes. We are currently working on it and will issue it by the month-end,” Sharma told PTI. The Business Standard, New Delhi, 19th March 2018

India should engage with key trading partners if global trade war escalates: Assocham

India should engage with key trading partners if global trade war escalates: Assocham  India should engage bilaterally with its key trading partners to promote exports if the world witnesses an escalation of trade war, industry chamber Assocham today said.  It said that higher level of imports than exports will not provide the country much space to retaliate at the time of increasing trade war as most of the Indian imports are unavoidable.  "So, the best course would be to keep engaged with the major trading partners, without aligning ourselves too much into a single bloc. Wherever, our exports are affected, we must engage bilaterally and use the channel of the World Trade Organisation in a rule based manner," the chamber said in a statement.  India, it said, may end up the current fiscal with a hefty import bill of USD 450 billion against exports of about USD 300 billion. Almost one-fourth of the imports will be only on account of crude and other related items, besides imports …