Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
'Shouldn't our investigation agencies be fiercely independent and conduct fair investigations, show some spine and say no to such witch hunting?' 'That they will not be cowed down by what the Centre wants them to do.'
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
The FIEO on Thursday reiterated that the Customs authorities at several ports in India had ordered a sudden examination of Chinese consignments without any official word from the government, and this may have led to the Chinese retribution.
Chinese manufacturers are re-routing their products through the markets of other countries that India has Free Trade Agreements with.
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
The issue is set to be discussed early next week as the commerce department meets with industry bodies to discuss the widening supply gap for key imports.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
Prime Minister Modi will be conferred with the Maldives' highest honour "Rule of Nishan Izzuddeen".
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
As much as Rs 8,000 crore worth of mobile phones in this segment - out of a total of Rs 15,000 crore - come into the country through the grey market. The government imposed the duty on these phones primarily to encourage domestic production but the strategy has failed as the bulk of high end mobile phones are currently imported.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
Keen to salvage its engagement with Washington DC that has gone southbound ever since the Trump administration came in, India has called for a final set of meetings with US trade officials, soon, reports Subhayan Chakraborty.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
Experts point out that National Anti-profiteering Authority does not have the power to advise companies on depositing amounts voluntarily.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
'If the mandis were not working in Delhi, or the onion market in Nashik got affected, or there were disruptions because of unloading or loading in any sector in south India, we intervened.'
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
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