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Tax evasion crackdown: Proprietors, LLPs, HUFs under CBEC scanner now
Thu, Mar 22, 2018
According to the sources, preliminary scrutiny indicated that several newly created LLPs and HUFs as well as proprietary firms have claimed transitional credit for which they were not eligible. The CBEC has already asked chief commissioners to scrutinise all transitional credit claims of over Rs 1 crore. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-GST regime.
Govt recovered less than 9% service tax arrears in FY17: CAG
Tue, Dec 19, 2017
"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.
First post-GST budget likely on Feb 1
Sun, Dec 03, 2017
The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said.
High Court judges, experts brainstorm on likely GST litigations
Sun, Nov 19, 2017
Top domain experts and officials from the GST Intelligence and the Central Board of Excise and Customs (CBEC) briefed judges about the new tax system recently, according to documents available in the public domain.
Hotel, restaurants body meets GST Council over tax rates
Thu, Nov 09, 2017
The Federation of Hotels & Restaurants Association of India today said the body met with GST Council members, including state finance ministers, to press for rationalisation of tax rates for the industry.
Govt says GST rates may be rejigged to reduce burden on SMEs
Mon, Oct 23, 2017
Just few months after the introduction of the GST, the new tax regime has seen several teething troubles and compliance issues.
GST: The transition issues and what it means for India
Fri, Jun 30, 2017
However, GST, as accepted by the Government, is going to see some hiccups in the beginning as is the case with any disruption. Past few weeks has seen companies destocking their products at a rate faster than expected. Industry experts believe that normalisation may return to the Indian economy only by the third quarter (Q3FY18) of the current fiscal, i.e. September to December 2017 period.
Fast forward; GST set to transform face of Indian logistics industry
Fri, Jun 30, 2017
India`s greatest tax reform - replacing an array of provincial duties with a nationwide goods and services tax - is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say.
Sooner or later states will have to bring petroleum under GST, says Arun Jaitley
Wed, Jun 28, 2017
GST rollout: Be ready to pay 18% service tax even at non-AC restaurants
Wed, Jun 21, 2017
On Sunday, Finance Minister Arun Jaitley in 17th meeting said that GST on restaurants in five-star hotels was reduced to 18% from 28%, bringing it at par with standalone air-conditioned restaurants.
GST implementation may increase expense ratio of fund houses
Thu, May 25, 2017
With three per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from July 1, the expense ratio of mutual fund houses across the country will also go up by 3 per cent.
GST cloud hangs over excise mop-up as dealers hold up tight
Sun, May 14, 2017
The collections of excise duty may take hit as dealers are refraining from purchasing goods from manufacturers as they are not sure about tax credits and rates under GST, which is slated for July 1 launch.
GST will not bring major hike in tax burden: Official
Tue, Apr 25, 2017
The government will try to finalise the rates of tax for each item at the earliest, the Revenue Secretary said.
Government issues new guidelines on Service Charge in Hotels, but doubts still remain
Tue, Apr 25, 2017
The Central Government has issued new guidelines on ‘Service Charges’ in hotels. While the guidelines make mandatory collection of service charge an unfair trade practice, the success of this move is still doubtful.
Restaurants cannot decide service charge, Govt says
Fri, Apr 21, 2017
In January, the Department of Consumer Affairs stated that service charge on food bills is not compulsory and a customer can choose to have it waived if not satisfied with experience.
Centre to issue advisory against service charge on food bills
Fri, Apr 14, 2017
"Our Department's view is that imposing service charge is an unfair trade practice and consumers need not pay," Paswan had said in January.
Here's what Service tax, service charge and service tax number mean for your food bill
Thu, Apr 06, 2017
Service tax on a restaurant bill has been laid down in the Service Tax Act.
India's FY17 tax collection reaches Rs 17.10 lakh crore
Tue, Apr 04, 2017
The ministry said, "As against the Revised Estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18% compared to last."
Education, healthcare, pilgrimages not to be taxed under GST
Sun, Apr 02, 2017
Adhia said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and Services Tax (GST) regime.
Land leasing, renting to attract GST from July 1
Tue, Mar 28, 2017
Sale of land and buildings will be however out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha yesterday for approval.