The Parliament on Wednesday approved a legislation to further amend the Central Sales Tax Act, 1956 and facilitate smooth functioning of the Appellate Authority with the Rajya Sabha returning the bill by a voice vote.
The Supreme Court has issued notices to 23 states and three UTs on a petition by Tata Motors seeking quashing of the Central Sales Tax Appellate Authority's decision asking it to pay Central Sales Tax to the tune of around Rs 14 crore (Rs 1 40 million) on sale of bus chassis to the Andhra Pradesh government.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
To decide whether capital gains on surrender of call options are taxable
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.
GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28 per cent plus cess.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase any plot, apartment or building, in a project without registering with the authority.
The government has provided a long-term vision.
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