Rajat Mohan News

Subscribe to enjoy similar stories. The government has extended key export incentives to goods shipped through the postal route to bring them on par with cargo cleared through ports and airports, a move aimed at boosting e-commerce shipments and easing compliance for small exporters amid rising global trade uncertainty.

GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC). In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched. «This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC,» GSTN said. IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later.

tax evasion related to work down by their overseas offices, a government source said on Thursday, a day after Infosys was slapped with a $4 billion tax demand. In serving its highest-ever tax demand on Infosys, the government accused India's second-largest tech services company of evading taxes and sought Rs 32,000 crore ($3.8 billion), or almost all its revenue for the quarter ended June 30. Infosys said late on Wednesday it had received «pre-show cause» notices from the tax authorities but believed the relevant taxes had been paid. The company said in a statement it had paid its dues and is in compliance with central and state regulations.

GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers.

Telecom companies will have to pay GST along with the instalments paid towards spectrum charges, a senior official said. The Department of Telecom (DoT) will hold the next round of spectrum auction on June 6 for eight spectrum bands meant for mobile phone services. The base price for the auction has been set at Rs 96,317 crore. The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction. The official said Goods and Services Tax (GST) will have to be paid at 18 per cent by telecom companies along with each instalment.

GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal. The official said that after discussions with RERA functionaries about the nature of their function it was decided that GST is not applicable on them.

NEW DELHI : As part of its continuing efforts to cool food prices, India has extended duty-free import of yellow peas by a month up to the end of April, and extended the 20% export duty on parboiled rice, or partially boiled rice, beyond 1 April. The Central Board of Indirect Taxes and Customs (CBIC) said in an order on Thursday that the final date for the export duty on parboiled rice, which was set earlier for the end of March, has been removed.

Real estate developers have topped the list of businesses facing consumer complaints for suspected goods and services tax (GST)-related profiteering, data from the Competition Commission of India (CCI) showed. CCI decides on the merit of customer complaints based on an investigation by the Directorate General of Anti-Profiteering (DGAP), which comes under the Central Board of Indirect Taxes and Customs.

₹ 500 crore, but now it applies to those with annual sales exceeding ₹ 5 crore. It is not required for retail sales to end consumers.

GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20 fiscal to August 31, 2024.

Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on or before March 31, 2023, according to the Central Board of Indirect Taxes and Customs (CBIC). The CBIC issued a notification with respect to the scheme on Thursday.

goods and services tax network (GSTN), the technology support for goods and services tax (GST), has enabled geocoding for businesses across all states and union territories, a move which will make it easier to eliminate fake registration or to locate a tax evader. «GSTN is pleased to inform that the geocoding functionality for the „Additional Place of Business“ address is now active across all States and Union Territories,» GSTN said in an advisory issued on Wednesday. Launched in February this functionality was running on a pilot basis in Delhi and Haryana. This technology enables tax agencies to accurately identify the geographical coordinates of properties, businesses, and taxpayers and will help them identify the exact location of the taxpayers addresses. Also this will allow the determination of the exact location of registered entities and will ensure address details in GSTN records are streamlined leaving less scope for fake GST address and registration. Heat maps and spatial analysis tools can reveal clusters of tax irregularities, helping enforcement agencies allocate their resources more effectively «Geocoding functionality plays a crucial role in apprehending tax cheats by providing tax authorities with precise location data,» Rajat Mohan, Senior Partner, AMRG and Associates said. «By leveraging geocoding, tax authorities can enhance their auditing and enforcement efforts, ultimately contributing to fairer and more efficient tax collection processes,» Mohan added. So far GST Network has geocoded 2.05 crore addresses of registered businesses to verify genuine registrations and provide accurate data in GSTN records.

NEW DELHI : The Finance Ministry has lowered the basic customs duty on select items such as apples, almonds, lentils and chikpeas imported from the US, showed an official order. As per the order, customs duty on lentils imported from the US has now been fully exempted. Earlier it was at 20%.

GST council meeting relating to the valuation methodology to be adopted for discharging GST obligation by the gaming industry. "This shall effectively settle the ambiguity and uncertainty around this issue.

Companies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by directors in his personal capacity, the finance ministry said on Tuesday.In a clarification issued after the GST Council meeting on July 11, the ministry said that only those services which are provided by directors in his official capacity to the company would attract GST under RCM.Under the RCM, entity receiving the services are required to deduct GST while making payments to the supplier.

Companies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by directors in his personal capacity, the finance ministry said on Tuesday. In a clarification issued after the GST Council meeting on July 11, the ministry said that only those services which are provided by directors in his official capacity to the company would attract GST under RCM.

₹1,000/- per day, provided by hotels, clubs, campsites etc. till July 17, 2022. "PG/Hostel Rent paid by inhabitants do not qualify for GST exemption… as the services provided by applicant are not akin to renting of residential dwelling for use as residence," said the Bengaluru bench.

The CBIC on Monday issued a clarification with regard to availment of input tax credit (ITC) on services provided by the head office (HO) to its branch office (BO), a move which will benefit multilocational businesses operating in sectors like manufacturing, IT services and transportation.In respect of the supply of internally generated services by HO to BOs, where full input tax credit (ITC) is available to a BO, the value declared on the invoice by HO to the said BO may be declared as ‘Nil’, and thereby there would be no need for any tax compliance in such cases.

Crypto exchanges and intermediaries dealing with virtual digital assets will now be required to perform KYC of their clients and users of the platform. The Finance Ministry on March 7 notified that entities dealing in virtual digital assets (VDAs) will now be considered 'reporting entity' under the Prevention of Money Laundering Act (PMLA). Entities involved in the exchange between VDAs and Fiat currencies or transfer of VDAs or safekeeping and administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA would be 'reporting entity' for the purpose of the PMLA. Under the anti-money laundering law, reporting entities are required to maintain KYC details or records of documents evidencing the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.