The ‘Good and Simple Tax’, which completely revamped India’s indirect tax structure, completes six years on 1 July. At the time of its inception, some of the objectives envisaged were: Removing the multiplicity of taxes, mitigating their cascading effects through a seamless flow of credit, widening the tax base, reduction of the cost of goods and services to consumers, simplification of the compliance mechanism, and bringing efficiency as well as transparency with the help of increased use of technology.
Read MoreThe now six-year-old tax regime has resulted in multiple benefits for the government and taxpayers, even as the GST Council has set an example of cooperative federalism, but it still needs to rationalize taxes and not worry about collections that are unlikely to get hit
Read MoreThe Sixteenth Finance Commission (16th FC) is likely to be appointed soon. It is a good time to reflect on some challenging issues of fiscal federalism that the 16th FC may have to face.
Read MoreIntroduction In an ongoing battle against fraudulent practices, the Directorate General of GST Intelligence (DGGI), Jaipur Zonal Unit, has made a significant breakthrough. The unit successfully exposed a massive Delhi-based crime syndicate, implicating it in a wide-ranging scam involving hundreds of fake firms and fraudulent ITC claims.
Read MoreSource: https://taxguru.in/goods-and-service-tax/cgst-busts-fake-firms-nexus-arrests-suspect.html
CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations
In a critical crackdown on financial malpractices, the CGST Delhi West Commissionerate has successfully busted a network of more than 30 fake firms. The apprehension of a key individual in the process provides a glimpse into the depths of GST fraud in the region.
CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations
Read MoreTata Sons challenges a ₹1,500 crore tax claim settlement on defunct Docomo telecom, arguing that GST is not liable for liquidity damages. The case is ongoing.
Read MoreThe GST on lithium ion batteries used for utility or grid-scale power projects is18% and that on non-lithium ion batteries is 28%.
Read MoreSource: https://taxguru.in/goods-and-service-tax/amnesty-scheme-gst-avails-benefits-30th-june-2023.html
Hurry up Taxpayers! 30th June, 2023 is the last day to avail the benefits of the Amnesty Scheme Under GST. Amnesty scheme under the Goods and Services Tax (GST) scheme offers benefits to non-filers of GSTR-4, GSTR-9, and GSTR-10 returns, as well as for the revocation of cancellation of registration and the deemed withdrawal of Best Judgement Assessment orders.
Read MoreIn FY23, a good 56% of individual annualized premium equivalent (APE) for the company was from the bank channel. Going ahead, it plans to increase the number of policies for improving APE growth.
Read More