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The new tax return forms are likely to be notified for use starting 1 January 2019 The government on Monday released the draft of the goods and services tax (GST) return forms as it looks to make the return filing process simpler for taxpayers.  Taxpayers, who are seeking clarity in the tax filing regime, have been eagerly awaiting the tax return forms. The GST return forms are also crucial for tax authorities as they look to verify input tax credit claims and shore up tax revenues.  The new tax return forms are likely to be notified for use starting 1 January 2019, though there may be a trial period in December. These return forms replace the complicated tax return system initially envisaged that required the filing of multiple forms adding to the compliance burden of both small and big taxpayers. Taxpayers will have to file a single return form monthly, which will be due for every month on the 20th of the next month. The return filing dates for taxpayers will be staggered based

To ensure that the prices are reduced, the anti-profiteering authority was set up in November last year MNCs which were pulled up for not cutting prices post GST implementation have argued before the anti-profiteering authority that prices of some products could not be lowered as there was difficulty in adjusting them to decimal points.  The authority, in turn, has asked these MNCs why they could not adjust the quantity so that the benefit of GST rate cut could be passed on to the consumers. The authority, sources said, asked the Multinational Companies (MNCs) to follow the rules laid down in The Legal Metrology Act while fixing the price to the nearest decimal point.  Some companies have argued that they reduced the prices of large packets but could not do the same for smaller packets and sachets, in some cases, as the quantum of price reduction was very low in decimal points, sources told PTI. In a lot of cases the reasoning given by the MNCs for not passing on the rate cut b

MANY PARTICIPANTS don’t see a change in the stance in favour of an extended period of rate hardening India’s central bank may raise the benchmark reference rate by a quarter percentage point for the second time in two months, citing upside risks to inflation, an ET survey ahead of this week’s bi-monthly policy meeting on setting broader financing costs showed. In the poll conducted among 22 market participants, more than half the respondents said they expect an increase of 25 basis points in the crucial rate, with the Reserve Bank of India (RBI) continuing its vigil on prices after the Monetary Policy Committee had raised the cost of financing in June — the first increase since the Narendra Modi administration was voted into power.  “There has been an incremental deterioration in the inflation outlook since the June RBI policy meeting,” said Shashank Mendiratta, India economist at ANZ bank. “The RBI has been highlighting several long-standing risks to inflation. The key ones incl

After the July 21 rate revisions, the number of companies unwilling to pass on GST benefits is higher than after the Novemeber 2017 round of rate revisions.  The latest round of rate revisions introduced by the Goods and Services Tax (GST) Council on July 21 has led to a peculiar situation. The number of companies unwilling to pass on GST benefits is higher than in previous rounds.  While the November 2017 round of rate revisions saw mainly eating joints unwilling to pass on GST benefits, this time round, sanitary napkin makers, TV manufacturers and even paint companies have said passing on GST benefits is not a feasible exercise. Firms in each of these categories have their reasons for the resistance. The Feminine and Infant Hygiene Association (FIHA), which represents the country's top sanitary napkin makers including Johnson & Johnson, Procter & Gamble, Kimberly Clark and Unicharm, said the decision of putting the item on the exempt list was unlikely to achieve the d

The legislation is aimed at helping bankers take business decisions without fear In a move aimed at providing relief to bankers and helping them take business decisions without fear, the Rajya Sabha on Thursday passed the Prevention of Corruption (Amendment) Act, 2013. It comes at a time when bankers are facing intense scrutiny for their lending decisions with many former and current bankers arrested by investigative agencies over loans that have now turned non-performing. Bankers have been awaiting the amendments for a long time and have argued that they should not be prosecuted for lending decisions made honestly. According to the amendments, a police officer will now have to take prior permission from appropriate authorities while pursuing cases. Further, bankers cannot be pulled under the corruption law unless they have accumulated assets disproportionate to their income or have misappropriated assets entrusted to them.  “The amendment to Prevention of Corruption Act is a wel

Bill seeks to give powers to centre to confiscate local, overseas assets of offenders such as Nirav, Mallya The Lok Sabha on Thursday passed the Fugitive Economic Offenders Bill, 2018, which seeks to bring back white collar criminals, who have fled the country, to face trial in India.  The government has been facing severe criticism from opposition parties for its failure to prevent economic fugitives from fleeing the country.  When the bill becomes law, it will empower the centre to seize both local and overseas assets of alleged offenders, such as Vijay Mallya, Nirav Modi and Mehul Choksi, who chose not to return to India to face the law even after arrest warrants were issued.  It seeks to target fugitives for offences exceeding `100 crore. The bill will extend not only to loan defaulters and fraudsters, but also to individuals who violate laws governing taxes, black money, benami properties and financial corruption. According to the provisions of the bill, all individuals atte

But custodian banks tell Mauritian officials Sebi told them to prepare list India’s capital market regulator Sebi has told the Mauritius government that it will not come out with a list of “high-risk jurisdictions”. Senior Sebi officials assured this at a meeting with a delegation led by the CEO of the Financial Services Commission (FSC) of Mauritius, Harvesh Seegolam, on Wednesday.  “Sebi gave assurance that it is neither working on, nor contemplating to produce any list at its level, which will identify Mauritius as a high-risk jurisdiction,” FSC said in a statement. However, on Monday and Tuesday when Mauritian officials met custodians (of foreign funds) to understand the basis on which they had identified Mauritius as a high-risk jurisdiction, officials of custodian banks said they had prepared the list of high-risk countries at Sebi’s direction. In the light of a recent Sebi circular, tagging a country as ‘high-risk’ would mean large investors and beneficial owners of funds