Page 3 - Latest Updates on Indirect Tax
Swiggy isn't the only company complaining about forced GST payment
Tax consultants allege many others face coercion from field officers
 "Swiggy isn't the only company complaining about forced GST payment")
Centre's fiscal deficit at 35% of budget estimates vs 115% a year ago
To be lower than budgeted 6.8%, say economists even when total expenditure is expected to exceed BE
 "Centre's fiscal deficit at 35% of budget estimates vs 115% a year ago")
GST Council likely to reject CCI plea for exemption of indirect tax
Fitment committee recommends rejecting MoSPI request for a waiver
 "GST Council likely to reject CCI plea for exemption of indirect tax")
GST Council to weigh bringing fuel under indirect tax regime: Report
Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories
Formal sector, administration raises tax kitty 29% in Apr-July from FY20
Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier
 "Formal sector, administration raises tax kitty 29% in Apr-July from FY20")
Centre-states may discuss early inclusion of natural gas into GST fold
The Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.
Retro tax must be resolved via Indian law, not arbitral award: Somanathan
Somanathan says that the government doesn't support retrospective taxation since it creates sudden and fresh liability and is not in line with the stability and predictability of taxation
 "Retro tax must be resolved via Indian law, not arbitral award: Somanathan")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
View from the edge
The Union government is so fiscally ineffective that it can only spend an incremental 0.4 per cent of GDP on healthcare in a pandemic, against a global average of 1.2 per cent, writes Rathin Roy
GST at four: A dive into the milestones and the unfinished agenda
GST Council must maintain revenue momentum, simplify rate structure, and strengthen cooperative federalism in spirit and letter
 "GST at four: A dive into the milestones and the unfinished agenda")
E-way bill generation picks up pace in June as states start unlock process
E-way bill generation rose by 22.6 per cent in the week ended June 27 at 14.6 million compared to 11.9 million in the previous week
 "E-way bill generation picks up pace in June as states start unlock process")
Advance tax collection surges 146% despite Covid-19-led economic disruption
Net direct tax mop-up zooms 100% till June 15
 "Advance tax collection surges 146% despite Covid-19-led economic disruption")
Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more
Here are the best of Business Standard's opinion pieces for Tuesday
 "Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more")
Dangers of a wrong diagnosis
Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree
Centre's indirect tax share in GDP rises in FY21 after four years
Share of corporation tax collections in gross tax revenue falls to 10-year low
 "Centre's indirect tax share in GDP rises in FY21 after four years")
Centre surpasses its revenue targets but higher food subsidy cancels gains
While govt made Rs 1.16 trn more revenue, it spent Rs 1.18 trn more on food subsidy too. But it can be said that the govt used the gains it made to settle FCI arrears once and for all
 "Centre surpasses its revenue targets but higher food subsidy cancels gains")
Printing of dynamic QR code on B2C invoices deferred till July 1
The government has deferred by three months till July 1 the requirement of printing dynamic QR code on B2C (business-to-consumer) invoices generated by businesses.
 "Printing of dynamic QR code on B2C invoices deferred till July 1")
MCA signs pact with CBIC for data exchange to boost regulatory enforcement
The move, expected to enhance ease of doing business, will use data analytics and artificial intelligence to improve regulatory enforcement.
 "MCA signs pact with CBIC for data exchange to boost regulatory enforcement")
Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts
Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits
 "Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
