Dream11, Baazi Games, Zupee and WinZO among others are invited for the discussion with the anti-money laundering watchdog.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
The Enforcement Directorate (ED) has uncovered "multiple irregularities" in the operations of TASMAC, the state-run monopoly controlling liquor trade in Tamil Nadu. The agency found evidence of "manipulation" in tender processes and "unaccounted" cash transactions worth Rs 1,000 crore through distillery companies. The ED alleges that these irregularities involved "kickbacks" to secure increased supply orders from TASMAC and systematic inflation of expenses by distillery companies to siphon off unaccounted cash.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
GSTN said those who do not want to give their Aadhaar numbers would have to undergo physical verification.
Close to 202,000 new entities have registered under the GST Network
Several opposition ruled states expressed concern over Centre's decision to allow enforcement directorate (ED) to share information with GST Network, with finance minister of AAP-ruled Punjab Harpal Singh Cheema on Tuesday saying it amounts to 'tax terrorism' and scaring small business. The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities with which ED will share information. At the 50th GST Council meeting on Tuesday, Aam-Aadmi Party ruled Delhi and Punjab voiced concerns over the notification and demanded a discussion.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
'Peninsular Indians could ask 'Why should we contribute half of India's tax revenues if we account for only a quarter of the seats in the Lok Sabha?'.' 'The rest of the country seems likely to counter that 'democracy means one vote per person irrespective of where that person resides in India'.' 'With no easy answers to this thorny debate, the south's economic ascendancy could end up creating a Hobson's choice.' A revealing excerpt from Nandita Rajhansa and Saurabh Mukherjea's book, Behold the Leviathan: The Unusual Rise of Modern India.
As auto major Mahindra & Mahindra (M&M) became the number two player in the retail passenger vehicle segment for the first time in February, powered by its new launches, the company is setting its sights on technology upgrades.
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.
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
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 GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
Proliferation of home chargers of around 7 KWh and above, which take six to seven hours to fully charge a car depending on the model, bring running costs down by a third or so. That, coupled with the increasing range of modern electric cars, can lead to a massive increase in sales.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
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.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
GSTN is planning a disaster recovery drill and hence services will not be available for 12 hours, between 9am and 9pm, on July 1, and has requested the taxpayers to plan GST-related activities on the portal accordingly.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
The window for registration is open up to September 30
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
Deadline ends, after two extensions and only 70% file detailed return for July
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