Tax officials will not summon CEOs, CMDs ‘routinely’
  • 19 Aug 2022 06:07 PM
  • New

Tax officials will not summon CEOs, CMDs ‘routinely’

Source: https://www.livemint.com/news/india/tax-officials-will-not-summon-ceos-cmds-routinely-11660841071950.html

NEW DELHI : The Central Board of Indirect Taxes and Customs (CBIC) has told field officers to be judicious while exercising their power of issuing summons to senior officials of companies such as chief executive officers, chairman and managing directors and chief financial officers (CFOs), an official order issued late on Wednesday said.

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Probe wings of NAA, CCI to be merged
  • 19 Aug 2022 06:10 PM
  • New

Probe wings of NAA, CCI to be merged

Source: https://www.livemint.com/companies/news/probe-wings-of-naa-cci-to-be-merged-11660839960507.html

NEW DELHI : The Union government plans to merge the investigation wings of the National Anti-profiteering Authority (NAA) and Competition Commission of India (CCI) to deal with goods and services tax-related offences.

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5 new Functionality for Tax Payers in GST Portal wef 16.08.2022
  • 18 Aug 2022 05:39 PM
  • New

5 new Functionality for Tax Payers in GST Portal wef 16.08.2022

Source: https://taxguru.in/goods-and-service-tax/functionality-tax-payers-gst-portal-wef-16-08-2022.html

GSTNB enables Functionality for Tax Payers in GST Portal wef 16.08.2022 related to CORE Amendment Link For Taxpayers who fail To Update Bank account, Changes in HSN length validation in Form GSTR-1, HSN based validation in Form GSTR-9, Generation of GSTR-11 based on GSTR-1 and GSTR- 5 for UIN holders and Updation of Statistics on GST Portal.

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Kerala launches app to curb GST evasion by offering attractive prizes to users
  • 17 Aug 2022 05:46 PM

Kerala launches app to curb GST evasion by offering attractive prizes to users

Source: https://www.livemint.com/news/india/kerala-launches-app-to-curb-gst-evasion-by-offering-attractive-prizes-to-users-11660653005616.html

THIRUVANANTHAPURAM : In a first in India, the Kerala government has launched an app that aims to curb Goods and Service Tax (GST) evasion. The app, ‘Lucky Bill App’, was launched by chief minister Pinarayi Vijayan on Tuesday.

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Fixing these design flaws can help states collect more GST
  • 17 Aug 2022 05:53 PM

Fixing these design flaws can help states collect more GST

Source: https://www.livemint.com/opinion/online-views/fixing-these-design-flaws-can-help-states-get-more-gst-11660727399855.html

At a meeting with the state chief ministers, Prime Minister Narendra Modi has asked the state governments to work to improve their collections of the Goods and Services Tax (GST).

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GST officials detect tax credit abuse with data analytics
  • 16 Aug 2022 11:19 AM

GST officials detect tax credit abuse with data analytics

Source: https://www.livemint.com/companies/news/gst-officials-detect-tax-credit-abuse-with-data-analytics-11660579951492.html

CBIC said that CGST officials in Delhi detected a case involving availing and using inadmissible input tax credit of more than ₹53 crores without the receipt of services

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GST: From payment for not serving notice period to cheque dishonour, CBIC clears the air
  • 16 Aug 2022 05:21 PM

GST: From payment for not serving notice period to cheque dishonour, CBIC clears the air

Source: https://economictimes.indiatimes.com/small-biz/gst/gst-from-payment-for-not-serving-notice-period-to-cheque-dishonour-cbic-clears-the-air/articleshow/93583074.cms

The Circular also mentions non-compete fees, late payment charges by utility providers of electricity, water or cancellation charges levied by railways, airlines, hotels, tour operators as examples of payments made towards the independent activity of tolerating an act.

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No GST when residential unit rented to private person
  • 13 Aug 2022 01:45 PM

No GST when residential unit rented to private person

Source: https://www.livemint.com/news/india/no-gst-when-residential-unit-rented-to-private-person-11660317847213.html

NEW DELHI : The government on Friday clarified that renting of residential unit is taxable only when it is rented to a business entity and that there is no Goods and Services Tax (GST) when it is rented to private persons for personal use.

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Why higher GST on chit funds is a bad idea
  • 12 Aug 2022 01:24 PM

Why higher GST on chit funds is a bad idea

Source: https://www.livemint.com/opinion/online-views/the-gst-hike-on-chit-funds-may-deprive-many-indians-of-funding-11660148216024.html

Despite 75 years of independence, access to borrowings from commercial banks, especially for meeting emergency needs, remains elusive for the majority of Indian households. Many Indians work in the informal sector or are self-employed. They do not have stable income streams, proof of regular income or the collateral that banks need to sanction personal as well as small business loans. This forces them to rely on sources of credit such as non-banking financial companies (NBFCs), friends and relatives, and local money lenders and pawnbrokers.

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