Page 31 - Latest Updates on Goods and Services Tax
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")
What can macro policy do?
Long-term structural reforms are required, such as a uniform GST and direct tax rates
 "What can macro policy do?")
Budgetary over-reach: There is a price for trying to do too much in Budgets
The larger economy suffers more than the central govt, as New Delhi is allowed to get away with behaving arbitrarily and then hiding the reality behind bogus numbers, writes T N Ninan
Budget 2020: Prakash Javadekar hints at 'action plan' for economic revival
Markets to open for regular trading on February 1
 "Budget 2020: Prakash Javadekar hints at 'action plan' for economic revival")
Budget 2020: DPIIT seeks more funds to boost infrastructure in hinterland
The government had severely cut down on expenditure in this area, with the 2019-20 (FY20) Budget providing Rs 909 crore, down from the RE of Rs 1,707 crore in the earlier one.
 "Budget 2020: DPIIT seeks more funds to boost infrastructure in hinterland")
Governance in India has been economics illiterate; here's how to fix it
The government needs to appoint economists in secretary level positions in all ministries for things to improve
 "Governance in India has been economics illiterate; here's how to fix it")
A lesson to learn: Economic problems can have counter-intuitive solutions
From drug price ceiling to additional duties on steel imports and export ban to counter onion shortage - govt response to several problems shows the lessons may not have been learnt, writes T N Ninan
HC clears confusion over contentious issue of composite supply under GST
The company went to the Kerala high court against the judgement. The high court wondered as to how AAR came to the conclusion that it was a composite supply
 "HC clears confusion over contentious issue of composite supply under GST")
Govt may propose GST refunds on capital goods purchases to exporters
Currently, under the LUT route, they need not pay tax on their export bills, but they stand to lose refunds on taxes paid on capital goods. Taxes on all other inputs get refunded
 "Govt may propose GST refunds on capital goods purchases to exporters")
Revenue dept detects 931 fraudulent GST claim cases through data analytics
Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current financial year
 "Revenue dept detects 931 fraudulent GST claim cases through data analytics")
Checking fraud in revenue leakage
One measure being considered is to link foreign exchange remittances with refund of IGST for risky and new exporters, apparently to curb fraudulent IGST refund claims
Budget 2020: Why govt must look beyond taxes, do more with its money
Though non-tax revenues, including borrowings, account for 40% of the Budget, there seems to be little focus on boosting these or reducing borrowings by saving on expenditure, writes T N Ninan
Telecom industry urges govt to facilitate funding at lower interest rate
Representatives from the industry met telecom ministry officials to communicate their suggestions to help the debt-ridden sector
 "Telecom industry urges govt to facilitate funding at lower interest rate")
New year begins on positive note
The government's new year gift is extension of the time limit to avail of the service tax and central excise dispute resolution scheme by 15 days
States face over Rs 1 trillion revenue gap post GST compensation withdrawal
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula
 "States face over Rs 1 trillion revenue gap post GST compensation withdrawal")
Finance Ministry ramps up efforts to meet direct tax collection targets
Field officers were asked to make efforts to identify and initiate actions against willful tax evaders or those using fake invoices or e-way Bills
 "Finance Ministry ramps up efforts to meet direct tax collection targets")
Govt's sops for auto sector: Hero reiterates demand of cutting GST
Hero's stance brings to fore the difference between them and rival Bajaj Auto which wants a GST cut closer to BSVI norms kicking in
 "Govt's sops for auto sector: Hero reiterates demand of cutting GST")
Hero MotoCorp asks govt for phased GST reduction to avoid revenue losses
The two-wheeler market in India is pegged at around 20 million units per year with lower than 150-cc bikes accounting for the bulk of sales
 "Hero MotoCorp asks govt for phased GST reduction to avoid revenue losses")
FinMin to discuss ways with tax commissioners to plug GST leaks on Jan 14
Even as the GST collection crossed Rs 1-trn mark for the 2nd month in a row in December, the receipts were nowhere near Rs 1.10 trn required every month from Dec onwards to meet the target for 2019-20
 "FinMin to discuss ways with tax commissioners to plug GST leaks on Jan 14")
Revenue Secy to hold meet for streamlining GST refunds, curbing evasion
They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation
