The all empowered GST Council (GSTC) had its 39th meeting on 14th March, 2020. The meeting deliberated with a three pronged focus, viz, changes in law and procedure for trade facilitation, GST rates rationalization and I.T. facilities. The GSTC also took certain decisions to defer the new facilities/utilities and/or extend the due dates and date […]
Today in GST Council’s 39th meeting in New Delhi. Amid economic slowdown and under the threat of Corona virus now, there are dark clouds hovering over Indian and global economy. At this point in time, one does not know the overall impact of virus on economy and lives. If it damages more, as it appears, […]
A major controversy these days is on payment of interest for delayed GST on gross or net amount (net of ITC). Department is now demanding interest on gross amount and has sent numerous recovery notices throughout the country. However, there are few high court judgments to the contrary.
The next GST Council meeting is scheduled for 14 March, 2020 at New Delhi. It will, inter alia, take up the issue of compensation to states in the backdrop of revenue shortfall. States are already concerned over delayed release of compensation cess to them. Meanwhile, centre has already released a total of Rs. 1.20 lakh […]
Tax evasion and related arrests on tax offences have increased in last few weeks and the amounts involved are huge running into few thousand crores. Is it tax terrorism ! not for evaders. However, compliances continue to be troublesome. ‘We evolve and mature as we grow’ seems to be the Government’s stance. CBIC appears to […]
So far as GST is concerned, the focus of budget is on simplification and curbing tax evasion. A new return regime will happen from April 2020 including SMS based filing of Nil returns, return pre-filing and improved input tax credit. Electronic invoices will check tax evasion while refunds would be easier with so manual interface. The Budget also proposes to impose penalty on fake GST invoices.
The gross GST revenue collected in the month of December. 2039 is Rs. 1,03,184 crore of which CGST is Rs. 19,962 crore, SGST is Rs. 26,792 crore, IGST is Rs. 48,099 crore (including Rs. 21,295 erore collected on imports) and Cess is Rs. 8,331 crore (including Rs. 847 crore collected on imports). The total number […]
In any tax law, tax has to be paid on the value which is subject to tax. In case of GST, valuation principles are relevant. (a) To arrive at the fair value of consideration, to take out the effect of all the factors which could lead to suppression of value. (b) To arrive at the […]
Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulatory oversight of NBFCs, monetary easing, […]
The opposition parties, mainly Congress have claimed that GDP for the Q3 of financial year 2019-20 is going to be further down, given the state of economy. India’s economic growth, GDP, has slipped to slab 5% level @ 4.5% in July – September quarter, which is a six year low. India’s GDP grew by 4.5% […]
