The Comptroller and Auditor General (CAG) has raised concerns about potential tax evasion within India’s Goods and Services Tax (GST) composition scheme. The CAG’s audit found that many taxpayers are at risk of exceeding the turnover limit for the scheme, leading to potential misuse of benefits. The audit recommends that the Finance Ministry take steps to identify and remove ineligible taxpayers to prevent further tax evasion.
The Goods and Services Tax (GST) Council is set to meet next month to discuss the controversial issue of GST on insurance premiums, a matter that has sparked debate and political controversy. The meeting will also address rate rationalization, aiming to simplify the GST structure and enhance revenue collection.
Naresh Dhoundiyal, a prominent figure in the real estate sector, believes that the Goods and Services Tax (GST) regime is a significant step forward in simplifying taxes and boosting the Indian economy. He argues that the unified tax system streamlines business operations, reduces costs for developers, and attracts more investments. The article explores how GST benefits the real estate sector, fosters economic growth, and creates a more favorable environment for both consumers and businesses.
Infosys, India’s second-largest IT services company, has received a pre-show cause notice from Karnataka State GST authorities for alleged GST evasion of Rs 32,403 crore. The notice pertains to expenses incurred by overseas branch offices during July 2017 to March 2022. Infosys maintains that GST is not applicable on such expenses and has responded to the notice. The company also received a similar notice from the Director General of GST Intelligence.
This week’s data highlights a shrinking informal job market in India, growing trade ties with Russia, surging mutual fund investments, and the potential for a GST cut to boost consumption. Plus, the food services sector is booming, and streaming platforms are embracing ads.
July 1st is a day filled with historical milestones that continue to shape our world. From the implementation of the Goods and Services Tax in India to the return of Hong Kong to China, this day holds significance in various spheres. It’s also a day to celebrate the selfless service of doctors and share some laughs with International Joke Day.
Online food delivery platform Zomato has been hit with another GST demand notice, this time for Rs 9.45 crore from the Karnataka tax authorities. This comes after similar notices from Delhi in recent months, raising concerns about the company’s tax compliance. Zomato, however, maintains its stance, claiming a strong case and plans to appeal the order.
This news update covers a range of topics, including a significant GST notice issued to Zomato by the Karnataka government, a surge in market capitalization of top BSE firms led by Reliance Industries, and flash flood warnings issued by the IMD across India. Additionally, we delve into PM Modi’s latest Mann Ki Baat address, retirement announcements from prominent cricketers, and a resolution to the TISS staffing crisis.
The GST Council has introduced a new optional facility, Form GSTR-1A, allowing taxpayers to amend their outward supply or sales return form GSTR-1 before paying taxes for a month or quarter. This amendment can be used to add missing details, correct errors, or make changes to previously declared information. Additionally, taxpayers with an annual turnover of up to Rs 2 crore are exempt from filing annual returns for FY 2023-24.
The GST Council has approved biometric-based Aadhaar authentication for combating fake invoicing. The council also discussed bringing petrol and diesel under GST, a uniform rate for milk cans, and GST exemption for Indian Railways’ services. Other news includes the Speaker Protem row, Paytm layoff allegations, IMD weather updates, and the formation of a high-level committee for NEET 2024.
