Posts in Category: gst

The Larger Purpose of Demonetisation (#NoteBandi) was to move INDIA from a Tax Non-compliant society to a Compliant society – Finance Minister

 

Demonetisation (#NoteBandi) and its impact on Tax collection and Formalisation of the Economy – Sh. Arun Jaitley

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.

Was the invalidation of the Non-deposited currency the only object of demonetisation?  Certainly Not.  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.

 

How has this been achieved?


Director of a company arrested for evasion of Service Tax

Officers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer.

The power to arrest is provided under Section 91 of the Finance Act 1994 for violating the provisions of Section 89 of the Finance Act 1994 read with Section 174 of CGST Act, 2017. He was produced in the Court of Hon’ble CMM, Patiala House Court and has been sent to Judicial Custody for 15 days. Further investigations are being conducted and the amount of Service Tax evaded is bound to increase.

Government wants to assure taxpayers that compliant taxpayers donot run the risk of facing such punitive action

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CA DAY & GST DAY – Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India

On the occasion of CA Day on 1st July 2018, our Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India; says GST has made India a more tax-compliant society.

The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in presence of Shri Manoj Sinha, Union Minister of State (Independent Charge) for Communications and Minister of State for Railways and Shri P. P. Chaudhary, Union Minister of State for Corporate Affairs & Law and Justice amongst senior officials of ICAI here today.  

Speaking on the occasion, the President said that

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Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum for 10 years. The differential return, i.e. the difference between returngenerated by LIC and the assured return of 8% per annum would be borne by Government

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For Improvement and Expansion of Water Supply in the State of Bihar (Gaya & Bhagalpur), Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan

ADB

Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan for Improvement and Expansion of Water Supply in the State of Bihar.

The Government of India and The Asian Development Bank (ADB) signed a $84 million loan today for improvement and expansion of water supply in Bhagalpur and Gaya towns in Bihar.

The tranche 2 loan is part of the $200 million multi-tranche financing facility (MFF) for the Bihar Urban Development Investment Program that was approved by ADB in 2012 to provide sustainable urban infrastructure and services in four towns in Bihar – Bhagalpur, Gaya, Darbhanga and Muzaffarpur.

“The Project 2 will improve access to better quality and sustainable water supply, for the people of Bhagalpur and Gaya towns. It

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Synopsis of Union Budget 2018-19

Expected GDP Growth

Government says that it is firmly on course to achieve high growth of 8% plus as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround of the economy, growth in the second half is likely to remain between 7.2% to 7.5%.  The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms. IMF, in its latest Update, has forecast that India will grow at 7.4% next year in the backdrop of services resuming high growth rates of 8% plus, exports expected to grow at 15%

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Impact of GST on the Prices of Goods and Services

Since GST bill has been introduced in the Parliament, economists across the country have started analyzing its impact on the economy. Recommended as the biggest reform of Indian economy, GST has a distinctive impact on every touch point from manufacturer and trader to buyer. Since it is about to proceed in the next couple of months, it is the time to analyze the impact of GST on a common man.

GST has been drafted to create a single window for indirect taxation which was incurred under various names until now. It is estimated to boost GDP by 2% in the short-term and will be a mix bag for the people. Many services may become expensive while goods may witness a fall in their prices due to GST. Though there is a

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Inter-State E-Way Bill compulsory from 1st February 2018 – GST Council Decided in its 24th Meeting

The 24th Meeting of the GST Council held on 16th December 2017, through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the States were authorized to continue their own separate e-way

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Frequently Asked Questions (FAQs) with answers on GST

Question 1. What is GST? How does it work?

Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

Question 2. What are the benefits of GST?

Answer: The benefits of GST can be summarized as under:

For business and industry – 


Understanding the GST E-Way Bill – How Will It Work?

Under the newly introduced GST regime, the transporters are required to carry an electronic or e-way bill at the time of moving the goods from one location to another. It is a mandatory requirement and the transporters, consignors, and consignees must comply with it. This is an online version of the earlier accepted Way Bill that they had to obtain from the VAT authorities. In this case, e-way bill is required for the movement of goods above Rs. 50,000 in value. The government is planning to allow generating or canceling this bill through SMS as well. At the time of generating an e-way bill, a unique EBN or E-way Bill Number will be allocated to the supplier, recipient, and transporter.

When Should An E-Way Bill Be Generated?

Whenever there is a movement

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