Bharti urges govt to restore telecom sector health

Urging the government to restore the financial health of the telecom sector, Rakesh Bharti Mittal, vice-chairman of Bharti Enterprises on Monday said the settling of the Rs 1 lakh crore worth litigation and addressing the exorbitantly high spectrum prices was among the measures that needed to be taken. “Endless litigation in the sector is causing … Read moreBharti urges govt to restore telecom sector health

GST might have flaws but cannot damn it now: Finance Minister Nirmala Sitharaman

PUNE: Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better. The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was “cursing” the government over … Read moreGST might have flaws but cannot damn it now: Finance Minister Nirmala Sitharaman

GST refunds denied to MNC back offices

New Delhi: A host of back offices of multinational companies in the financial sector face a tax whammy, with Goods and Services Tax authorities denying them refunds of amounts paid on inputs, saying the work done for parent companies can’t be considered as exports and will be counted as a service for the same entity. … Read moreGST refunds denied to MNC back offices

GST authorities arrest 2 for fraudulently availing Rs 127 cr refund

Related News The accused were sent to judicial custody till October 19 by a Gurugram court. (Representational Image) Haryana GST authorities have arrested two persons for generating fake invoices and fraudulently availing input tax credit totalling Rs 127 crore. The arrests were made by the Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), … Read moreGST authorities arrest 2 for fraudulently availing Rs 127 cr refund

A pullback: Good monsoon, increased liquidity help auto industry fare better in wholesale volumes

NEW DELHI: Passenger vehicle sales continued to slide in strong double-digits last month as uncertainty over GST rate cut on automobiles, weak market sentiment and the shradh period prompted customers to defer their buying plans. Shradh is a two-week period in the Hindu calendar when people usually put off any big-ticket purchases such as houses … Read moreA pullback: Good monsoon, increased liquidity help auto industry fare better in wholesale volumes

AI sale gathers pace, Niti Aayog takes up SpiceJet’s ‘industry-wide concerns’

By Nirbhay Kumar New Delhi: As decks are being cleared for privatization of national carrier Air India, government is considering five key suggestions given by Ajay Singh-controlled SpiceJet to make India a global aviation hub. Niti Aayog, the government’s think tank, has written to the Civil Aviation Ministry for giving its recommendation on the five … Read moreAI sale gathers pace, Niti Aayog takes up SpiceJet’s ‘industry-wide concerns’

View: A booster shot for India Inc is nice. But how will this lead to greater consumption?

By Omkar GoswamiAt Panaji, last Friday on September 20, amid a Goods and Services Tax (GST) Council meet, finance minister Nirmala Sitharaman announced major cuts in corporate tax rates. These were in three chunks. First, all Indian companies that are not benefiting from various tax exemptions, tax holidays and other fiscal incentives, will now pay … Read moreView: A booster shot for India Inc is nice. But how will this lead to greater consumption?

GST Fraud Of Rs 400 Crore Involving Special Economic Zone Units Detected

The suppliers are either non-existent or being indirectly controlled by exporters (Representational) Ahmedabad:  The Directorate General of GST Intelligence has unearthed a scam in which exporters from the National Capital Region (NCR) allegedly availed Goods and Services Tax refund of Rs 400 crore in connivance with units in Gujarat’s Kandla Special Economic Zone, an official … Read moreGST Fraud Of Rs 400 Crore Involving Special Economic Zone Units Detected

Passenger vehicle downward cycle bottoming out: Maruti Chairman

NEW DELHI/MUMBAI: Maruti Suzuki chairman RC Bhargava said the passenger vehicle industry is heading towards the bottom of a downward cycle and sales are unlikely to decline further starting with the festive season. “The festive season has just about started. Discounts are very heavy. I don’t know if there is scope for much greater fall … Read morePassenger vehicle downward cycle bottoming out: Maruti Chairman

Auto industry has to find its own balance to enhance demand: SIAM

Industry body SIAM on Saturday said the auto industry would have to “find its own balance” to boost demand, with the GST Council declining to cut rates for the sector. “The auto industry was very hopeful of GST reduction. It is clear that there is no reduction of GST rate on vehicles from 28 per … Read moreAuto industry has to find its own balance to enhance demand: SIAM

GST: Restrictions on ITC claim if you do not file GSTR 1 on time

The GST Council, in its 37th meeting held at Goa, has come up with various proposals to simplify and strengthen the tax filing system and one such decision is aimed at ensuring taxpayers file their GSTR 1 in time. “In order to nudge taxpayers to timely file their statement of outward supplies, imposition of restrictions … Read moreGST: Restrictions on ITC claim if you do not file GSTR 1 on time

Clarity likely on BPO sector today at GST Council meet

Panaji: In what could bring relief to India’s $180 billion IT/ITeS industry, the Goods and Services Tax Council could consider on Friday a proposal to clarify that business process outsourcing services will qualify as exports and not be taxed at 18% here. “We have received representations… the law committee has examined the matter,” a government … Read moreClarity likely on BPO sector today at GST Council meet

Centre To Take Up Issue Of “Hefty” Tax On Hotel Rooms With GST Council

The official said the ministry will represent the issue of GST, brought to its notice (Representational) Bhubaneswar:  The Centre on Wednesday said it will certainly take up the issue of “hefty” GST on hotel rooms’ tariff in the meeting of its council as it impacts the tourism industry. This was stated by Rupinder Brar, Additional … Read moreCentre To Take Up Issue Of “Hefty” Tax On Hotel Rooms With GST Council

GST meeting: Many taxing questions could be answered this Friday

With a crucial GST Council meet just two days away, speculations are hitting fever pitch as to whether or not any relief will come for slowdown-hit Indian industry. The beleaguered automobile sector has been at the forefront in the clamour for a GST cut, which it says will put the wind back in the industry’s … Read moreGST meeting: Many taxing questions could be answered this Friday

Fitment panel rules out GST cut for auto, consumer durables or biscuits

A panel tasked with recommending producer levies has ruled out changes in taxes on cars, consumer durables or cookies, dashing hopes of a reduction in Goods and Services Tax (GST) for automobiles and other consumption oriented industries. The Fitment Committee’s recommendations, which will be discussed by the 37th GST Council in its meeting on 20th … Read moreFitment panel rules out GST cut for auto, consumer durables or biscuits

Companies drag government to court over GST on long-term land lease pacts

Mumbai: Some companies have dragged the government and the indirect tax department to court over goods and services tax (GST) levied on these deals in what could jeopardise longterm land lease deals. As per the current regulations, 18% GST is levied on any long term lease transactions, and industry trackers said the GST paid becomes … Read moreCompanies drag government to court over GST on long-term land lease pacts

Dear investor, don’t worry about cars; keep your eyes on the road

By Andy Mukherjee India’s plunging auto sales are making investors nervous. Their bigger worry should be the vanishing new roads. The country’s top six automakers reported a 29% decline in August sales. A 45% slump in commercial vehicle sales by Tata Motors Ltd., the No. 1 Indian truck maker, added to the gloom. With GDP … Read moreDear investor, don’t worry about cars; keep your eyes on the road

Govt to miss fiscal deficit target despite getting RBI’s money: Reuters

NEW DELHI: India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the central bank, five government officials and advisers said, as tax collections have sunk amid a sharp slowdown. With economic growth falling to a six-year low of 5% in the April-June quarter, the … Read moreGovt to miss fiscal deficit target despite getting RBI’s money: Reuters

Finance minister Nirmala Sitharaman says govt in consultation with different sectors

Finance minister Nirmala Sitharaman said that the government will continue to promote use of electric vehicles but not at the cost of other vehicles which will continue to have their due market share. She said any decision regarding the reduction in GST will be taken by the GST Council. Finance minister Nirmala Sitharaman addressed the … Read moreFinance minister Nirmala Sitharaman says govt in consultation with different sectors

Bring GSTR with invoice matching for all by January: Bengal FM

NEW DELHI: West Bengal finance minister Amit Mitra has sought a probe into rampant goods and services tax evasion. In a letter to finance minister Nirmala Sitharaman, dated August 27, Mitra also sought the introduction of the new return system with invoice matching by October for large taxpayers and by January, 2020, for all tax … Read moreBring GSTR with invoice matching for all by January: Bengal FM

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