Taxation experts say that Gurugram-based food delivery service Zomato might have to fight litigation for three to five years as it has said that it “strongly believes” it is not liable to pay any goods and services tax (GST) on delivery charges since the amount is collected on “behalf of delivery partners.” “Tax disputes usually […]
Tax collection on course to grow 3 times to over Rs.19 lakh crore in 10 years of Modi Government
Personal income and corporate tax collections are likely to rise to more than Rs.19 lakh crore in 10 years of Prime Minister Narendra Modi-led Government, providing more leeway to come out with people-friendly tax measures. Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from Rs.6.38 lakh crore in FY 2013-14 […]
GST biometric registrations
To bring about transparency in GST registrations, the state government launched 1reg2 GST service centres in November. Based on the pilot project being implemented in Gujarat to carry out biometric authentication of new applicants of GST registration, the applicants can book an online slot to get their registration and verification completed. Some 5,000 biometric authentications have been carried out since November 7. […]
THE PROVISIONAL COLLECTION OF TAXES ACT, 2023
The Provisional Collection of Taxes Act, 2023 received the assent of the President on 28.12.2023. MINISTRY OF LAW AND JUSTICE (Legislative Department) The following Act of Parliament received the assent of the President on the 28th December, 2023 and is hereby published for general information:— 29th December, 2023 THE PROVISIONAL COLLECTION OF TAXES ACT, 2023 […]
An Advocate can be a Judicial Member of the GST Appellate Tribunal
Until now, a Judge of a High Court or a District Judge qualified to be appointed as a Judge of a High Court was qualified for appointment as a Judicial Member of the Appellate Tribunal. Now, an Advocate with 10 years of experience in litigation matters related to indirect taxes can become a Judicial Member. […]
ICICI Bank and Kotak Mahindra Bank hit with hefty GST demand notices
Private sector lenders ICICI Bank Ltd and Kotak Mahindra Bank Ltd on Thursday (December 28) said they have received demand notices from the Goods and Services Tax (GST) Department for Rs.26.8 crore and Rs.62.3 lakh respectively. ICICI Bank said it has received a notice from the Tamil Nadu Goods and Services Tax (GST) Department raising a demand […]
CBDT issues guidelines under section 194-O of the Income-tax Act, 1961
Section 194-O of the Income-tax Act, 1961 (‘the Act’) provides that an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of service, or both, facilitated through its digital or electronic facility or platform. Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines […]
Modi Budget@10: GST crosses several hurdles, time for pole vault with merger of slabs and inclusion of fuel
Since the midnight introduction of the Goods and Services Tax (GST) on July 1, 2017, in a majestic ceremony in the Central Hall of Parliament, slowly but steadily the new indirect tax regime has crossed the hurdle race and is now ready for a pole vault. After hitting many milestones including the introduction of e-invoicing, e-way bills, […]
Mahindra & Mahindra hit with GST penalty
Auto major Mahindra & Mahindra Ltd on Friday (December 29) said it has been imposed a penalty of Rs.4.12 crore by the deputy commissioner, state tax, audit wing of Indore, Madhya Pradesh. The penalty is related to the erstwhile two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which underwent demerger and subsequent merger with M&M. “…we would […]
GST Council gives extra time to tax officials for recovery of dues
The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover tax dues from businesses for the financial years 2018-19 (FY19) and 2019-20 (FY20). This move will allow additional time to central and state tax authorities to address backlogs in tax recovery. For FY19 dues, tax officials now […]