Input Tax-credit

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Input Tax-credit - Total results - 63
GST collection crosses Rs 1 lakh cr mark for third month in a row in January; in line with set target
Business

GST collection crosses Rs 1 lakh cr mark for third month in a row in January; in line with set target

The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.

Budget 2020: Startups expect slew of sops from tax cuts to simplification of GST filing systems from finance minister
Business

Budget 2020: Startups expect slew of sops from tax cuts to simplification of GST filing systems from finance minister

The government is expected to provide tax incentives to startups in the forthcoming Budget to support the growth of budding entrepreneurs

GST Council doubles tax on caffeinated beverages, slashes hotel tariffs; takes in-principle decision to link Aadhaar with registration
Business

GST Council doubles tax on caffeinated beverages, slashes hotel tariffs; takes in-principle decision to link Aadhaar with registration

The tax changes came on a day the government announced big bang reduction in corporate tax rates to boost private investments and pull the economy out of a six-year low growth and a 45-year high unemployment rate.

Daily Bulletin: GST Council to hold meeting; Congress set to name 50 candidates for Maharashtra polls; day's top stories
India

Daily Bulletin: GST Council to hold meeting; Congress set to name 50 candidates for Maharashtra polls; day's top stories

Here are today's top stories: GST Council to meet today, expected to take call on tax rate cut amid slowdown; Amit Shah to chair meeting of Northern Zonal Council in Chandigarh on today; day's top stories and more

GST Council Meet today: Focus on revenue protection, boost for economic growth; no major tax rate cuts likely
Business

GST Council Meet today: Focus on revenue protection, boost for economic growth; no major tax rate cuts likely

The GST meeting will be closely watched as it could help investors gauge the government’s seriousness in reviving growth in Asia’s third-largest economy

Puzzled about GST RET, ANX forms? All you need to know about how to file your returns under new, simplified system
Business

Puzzled about GST RET, ANX forms? All you need to know about how to file your returns under new, simplified system

Under the new return system, there will be one return form called the GST RET-1/RET-2/RET-3, which will be the main return form, containing details of inward and outward supplies, input tax credit and taxes paid.

Govt wants fair competition, will not encourage monopoly, says Telecom Minister Ravi Shankar Prasad to telco CEOs
Business

Govt wants fair competition, will not encourage monopoly, says Telecom Minister Ravi Shankar Prasad to telco CEOs

Telecom minister met CEOs of telecom companies including Bharti Airtel, Reliance Jio, Vodafone Idea and state-owned Bharat Sanchar Nigam Ltd

GST officers book 535 cases of fake invoices involving input tax credit claims of Rs 2,565 cr in current fiscal
Business

GST officers book 535 cases of fake invoices involving input tax credit claims of Rs 2,565 cr in current fiscal

In 2018-19, 1,620 cases of fake invoices were registered involving fraudulent ITC claim of Rs 11,251 crore under the goods and services tax (GST)

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous
Business

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous

The Narendra Modi government’s obsession with foiling profiteering under the Goods and Services Tax (GST) law is going on unabated.

Inclusion of real estate sector in its entirety under GST would help deal with uncertainties caused by various rulings
Business

Inclusion of real estate sector in its entirety under GST would help deal with uncertainties caused by various rulings

GST should ultimately subsume stamp duty payable on land sale agreements; ideally, at least on an immediate basis the Budget should address the issue created by notification in January 2018

Govt identifies 5,106 'risky exporters' who fraudulently claimed GST refunds based on bogus invoices
Business

Govt identifies 5,106 'risky exporters' who fraudulently claimed GST refunds based on bogus invoices

The government on Thursday said it has identified 5,106 "risky exporters" so far who have claimed GST refunds based on bogus invoices, and would manually check their claims before issuing refunds

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised
Business

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised

The CBIC said it has observed instances of availment of IGST refund using fraudulent input tax credit (ITC) claims by some exporters.

GST Network releases prototype of new simplified return filing form; to be launched later this year
Business

GST Network releases prototype of new simplified return filing form; to be launched later this year

Stakeholders can share their comments on 'feedback.newreturn@gstn.org.in', said GSTN, the company which handles the technology backbone of Goods and Services Tax (GST) regime.

Automated GST refunds for exporters by next month as revenue department plans to introduce faceless scrutiny
Business

Automated GST refunds for exporters by next month as revenue department plans to introduce faceless scrutiny

Since the GST Network (GSTN) systems are integrated with Customs, hence, refunds are generally transferred to the bank accounts of such exporters within a fortnight.

Ahmedabad-based Kushal Group's CMD Sandeep Agrawal held for Rs 89 cr GST fraud
Business

Ahmedabad-based Kushal Group's CMD Sandeep Agrawal held for Rs 89 cr GST fraud

The chairman and managing director of Kushal Group, an Ahmedabad-based conglomerate, has been arrested for allegedly availing Rs 88.78 crore input tax credit (ITC) using fake invoices, the CGST Commissionerate here said on Tuesday

From GST on under-construction flats to income tax rebate, key changes kick in today; all you need to know
Business

From GST on under-construction flats to income tax rebate, key changes kick in today; all you need to know

The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of the financial year 2019-20

DLF's sales bookings to jump over two-fold to Rs 2,400 cr this fiscal on rising demand of completed housing units
Business

DLF's sales bookings to jump over two-fold to Rs 2,400 cr this fiscal on rising demand of completed housing units

DLF, the country's largest realty firm in terms of market capitalisation, also expects to sell its finished housing inventories worth Rs 12,500 crore in the next 3-5 years

Govt detects Rs 20,000-cr GST evasion during April-February FY'19; will take more steps to check frauds
Business

Govt detects Rs 20,000-cr GST evasion during April-February FY'19; will take more steps to check frauds

The earlier GST rate on under-construction apartments and affordable housing was 12 percent and eight per cent with ITC, respectively.

GST on real estate reduced: Sales growth depends on whether buyers are comfortable with under-construction homes
Business

GST on real estate reduced: Sales growth depends on whether buyers are comfortable with under-construction homes

GST on the affordable homes being constructed has been reduced to 1 percent, against the current effective rate of 8 percent.