'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce," Jet staff told SBI.
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
The Supreme Court on Wednesday asked the Centre to ensure that the ongoing income tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, do not get time barred and be completed by March next year.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
The I-T department expects that some more revenue would be garnered.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said on Sunday. A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab. Currently, GST is a four-tier structure attracting a tax rate of 5, 12, 18 and 28 per cent.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
G20 summit noticeably lacked in responses to illicit financial flows, one of the largest drags on development worldwide
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Experts say only three per cent individuals pay taxes.
The ED had summoned Patel, 70, twice for questioning in the case but the Congress Rajya Sabha MP from Gujarat later cited prevailing COVID-19 guidelines that advises senior citizens to stay indoors in order to remain safe from the pandemic.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
Addressing chartered accountants on the foundation day of the Institute of Chartered Accountants in India, Modi also said CAs should take a pledge to bring people in the tax bracket rather than boasting about the number of clients they have saved from paying taxes.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
Formula One Chief Executive Bernie Ecclestone has been indicted in Germany in a case relating to the sale of a stake in the motor racing business eight years ago, a spokesman for a Munich court said on Wednesday.
'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
The case dates back to January, 2007 when the man was arrested with an AK series assault rifle, 200 bullets, five hand grenades and a satellite phone by the Karnataka Police.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
Some may lose competitiveness due to higher compliance costs
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
A large number of people using cards at PoS Cards being used more frequently Small-ticket transactions Mastercard South Asia head Porush Singh calls these the three key trends for a cashless future. And post-demonetization India, he believes, is steadily moving towards it.
A day after the Union cabinet withdrew a controversial ordinance on convicted lawmakers it had earlier cleared, yoga guru Baba Ramdev on Thursday termed the decision as "strangulation of democracy" as it was effected after condemnation by Congress Vice President Rahul Gandhi.
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
CM Siddaramaiah called it a 'politically motivated' move.
Images from Thursday's action in the Europa League Europa League - Round of 16 Second Leg - matches.
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