Page 30 - Latest Updates on Goods and Services Tax
AI, data analytics help GST collection, loopholes being plugged: Sitharaman
Red-flag reports prepared every month, SMS being sent to those mentioned therein
 "AI, data analytics help GST collection, loopholes being plugged: Sitharaman")
GST compensation fund likely to fall short by Rs 25,000 cr in FY20: Icra
The agency assesses the compensation for the losses related to the goods and services tax (GST), required by all the states for the period from October 2019 to January 2020, at Rs 60,000-70,000 crore
 "GST compensation fund likely to fall short by Rs 25,000 cr in FY20: Icra")
Monetary policy: RBI may explore prudent measures to raise credit offtake
After the 7.35 per cent December CPI inflation print, we expect the January inflation once again to be close to 7 per cent, and then recede down to around 6 per cent for some months
 "Monetary policy: RBI may explore prudent measures to raise credit offtake")
Bengaluru's realty market emerges unscathed from economic slowdown
Besides the traditional segments, the demand for co-living, co-working and senior living is keeping the sector buzzing
 "Bengaluru's realty market emerges unscathed from economic slowdown")
Budget 2020: The focus is on simplifying GST and preventing evasion
The direct tax proposals aim to accelerate economic momentum and ease of living for taxpayers, though the key will lie in smooth administration
 "Budget 2020: The focus is on simplifying GST and preventing evasion")
Budget 2020: States' share in central tax pool seen at 50-year low
The states' revenue from the central tax pool was up 25.8 per cent YoY in FY19, while it was down 0.4 per cent YoY in FY18
 "Budget 2020: States' share in central tax pool seen at 50-year low")
BSNL, MTNL employees taking VRS need to wait till April for dues
This is because the Union Budget does not have provision for any expenditure towards the programme in the current fiscal year
 "BSNL, MTNL employees taking VRS need to wait till April for dues")
Union Budget 2020: It's time to unclutter tax regime, says expert
The budgetary figures continue to not cover many forms of expenditures
Union Budget 2020: Fake invoicing under GST a non-bailable offence
Sitharaman announced that the new GST return framework and e-invoicing would be implemented from April 1, to improve compliance and plug the tax revenue leakages
 "Union Budget 2020: Fake invoicing under GST a non-bailable offence")
Budget 2020: 15th Finance Commission calls for new legal fiscal framework
Expert panel may be set up to define responsibilities of key stakeholders and standards to be followed at all levels of government
 "Budget 2020: 15th Finance Commission calls for new legal fiscal framework")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
FM Nirmala Sitharaman's second Budget a missed opportunity
The government has wasted the chance to firmly establish its reform credentials
 "FM Nirmala Sitharaman's second Budget a missed opportunity")
Budget 2020 ready reckoner: 10 questions you always wanted to ask
Income tax rates have been slashed, but can be availed only if the taxpayer lets go of most exemptions
 "Budget 2020 ready reckoner: 10 questions you always wanted to ask")
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")
Budget 2020: Govt to bring simplified return form for GST from April 2020
In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector
 "Budget 2020: Govt to bring simplified return form for GST from April 2020")
Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme
Chavan said the government must tell by how much income of farmers has increased in the last five years, as part of its promise of doubling their income by 2022
 "Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme")
GST, VAT collection dips as 6 states' tax revenue till November FY20 falls
On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period
 "GST, VAT collection dips as 6 states' tax revenue till November FY20 falls")
Budget 2020: Oil ministry calls for inclusion of natural gas under GST
If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT
 "Budget 2020: Oil ministry calls for inclusion of natural gas under GST")
Budget 2020: Govt may consider tax sops, easier norms to boost investments
Revenue projections may be realistic this time
 "Budget 2020: Govt may consider tax sops, easier norms to boost investments")
