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GST collection dips marginally in January to Rs 86,318 crore The collection of Goods and Services Tax (GST) slipped marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December. "The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 86,318 crores," the finance  ministry said in a statement Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision  of the GST Council to cut rates on more than 200 items.The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.  Of the total, 1.23 lakh composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 16.42 lakh composition d

I-T e-assessment: CBDT notifies new central scheme The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government's  ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulates that an internet-based independent centralised communication centre (CCC) will be established in the Income Tax department that will "issue notice" to any person (under section 133C of the Income Tax Act), who is required to furnish information or documents, for the purpose of verification, to the taxman. The Business Standard, New Delhi, 28th February 2018

GST revenues: Growing uncertainty Sluggish GST revenues would mean higher government borrowing and consequently a worsening fiscal deficit position A delayed implementation of the e-way bill will allow more preparation time to businesses already fed up with the government’s ad hoc decisions on the subject. On the other hand, it leaves one wondering how long it will take for GST (goods and services tax) revenue collections to finally stabilize. Wary of declining GST revenue collections, the GST Council in December last year advanced e-way bill implementation from its originally scheduled date of 1 April to 1 February 2018. Trial runs that began on 15 January were fairly successful, say tax experts, who were hopeful that unlike GST returns filing, history would not repeat itself with the e-way bill website. But the e-way bill portal failed the litmus test and yet again, the roll-out had to be deferred. Last week, the group of ministers overseeing GST-related developments recomm

Govt to ease FPI rules in bid to attract foreign investment The government will reduce time required for FPIs to register in India, introduce a single-window clearance for them and allow foreign banks to trade on behalf of their clients without registeringThe government plans to cut red tape and ease rules for foreign portfolio investors (FPI), as it seeks to attract more investments into Asia’s third-largest economy, three people with direct knowledge of the matter said. As part of the plan, the government will reduce the time required for FPIs to register in India, introduce a single-window clearance for them and allow foreign banks to trade on behalf of their clients without registering, the people said, requesting anonymity.The steps come at a time when Indian exchanges have decided to stop sharing market data feeds with overseas exchanges to prevent a flight of liquidity from the country. That decision has been criticized by market participants, including index provider MS

UPI-based system mulled for retail investors in IPOs The securities and Exchange Board of India (Sebi) is considering introducing a UPI-based payment system for retail investors in initial public offerings (IPOs), a move that will help do away with cheque payments and reduce the time taken between the closing of an IPO and listing of the security to just three days. Sources in the know said Sebi and National Payments Corporation of India (NPCI), which manages the UPI (unified payments interface) protocol, were studying the feasibility of the proposal. Initial feedback received by the market regulator from stakeholders was that the project could be executed with a few tweaks to teh current payment framework, said a source The UPI system developed  to promote digital payments in the country . enables instant and seamless payments frome one bank account to another through a mobile-based application. The platform is rapidly gaining acceptance, with over 70 banks being empanelled. A

Individual angels may get tax relief too The government is considering exempting investments made by individuals in certain startups from the so-called angel tax to provide a level playing field with other angel investors and to nudge high net worth individuals to back innovation.The Department of Industrial Policy & Promotion is working with the finance ministry on the details of the proposed exemption. The department has held several meetings with angel investor networks and startups to finalise the new framework. “We felt that investments by individuals who may not be part of the angel network also deserve to get the tax benefit since they are also playing a role in building the startup ecosystem in the country,” a senior government official told ET. Angel tax of about 30% is levied on the amount that exceeds the fair market value of shares issued by unlisted companies, which is treated as income from other sources. However, the levy has startups concerned over the possi

CIC raps GSTN for lack of order, seeks clarity on info disclosure Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, has attracted the ire of Central Information Commission (CIC), which has directed the company to set its house in order and update information in public domain. CIC has taken a grim view of the functioning of GSTN, a company with 1,200 employees managing the entire network.Hearing an appeal filed by applicant R K Jain, who had sought information under the Right to Information Act (RTI) on GSTN’s HR policy and voluntary disclosure of information, Information Commissioner Bimal Julka said, “It is appalling to learn that an important, significant and critical area concerning the implementation of GST Network still required streamlining and consolidation, which needs to be attended to forthwith in the larger public interest”. The commissioner’s observation follows facts that emerged during hearing of the case. Jain had put forward documents