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Please find the tax updates as below:
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GST Media
1) 24.11.2021 : GoM to meet on Nov 27 to finalise report on GST rate rationalisation The panel of state finance ministers looking into GST rate rationalisation will meet on November 27 and finalise its report on rate changes to expand the tax base. Currently, GST is a four-tier slab structure of 5, 12, 18 and 28 per cent. The Goods and Services Tax (GST) fitment committee has proposed raising slab of 5 percent to 7 percent and 18 percent to 20 percent, sources said. There have been demands for merging the 12 and 18 per cent slab. Read more
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2) 24.11.2021 : GST notification to correct tax anomaly in textiles: FM Finance Minister Nirmala Sitharaman on Tuesday said the recent government notification on uniform goods and services tax (GST) at 12 per cent for the textile and apparel sector was aimed at correcting the inverted duty structure that was leading to accumulation of input tax credit by companies. She did not subscribe to the industry’s fears that this would lead to higher prices of finished products. “Every time adjustments in rates do not lead to price increase for customers. Read more
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3) 23.11.2021 : Retailers Association of India urges govt to reconsider proposed GST rate hike on textiles, apparels. Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments and GST Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 % from January saying it will adversely impact 85 % of the sector. Stating that the apparel retail businesses are already ailing, RAI said the 7 % hike has been proposed to address the issue of inverted duty structure in the textile industry faced by a small segment of the total textile. Read more
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Income Tax in Media
1) 15.11.2021 : Income Tax Department conducts searches in Gurugram The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram. Total cash amounting to Rs. 3.54 crore and Jewellery valued at Rs. 5.15 crore have been seized. In total, 18 bank lockers have been placed under restraint. The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs. 600 crore. Read more
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Press Release
1) 23.11.2021 : Income Tax Department conducts searches on a leading Gutkha distributor in Gujarat: The Income Tax Department carried out search and seizure operations on a leading Gutkha distributor of Gujarat on 16.11.2021. The search operation has resulted in the seizure of unaccounted cash of about Rs. 7.50 crore, unexplained jewellery of about Rs. 4 crore, the detection of unaccounted income of more than Rs. 100 crore. Out of this, the group has admitted undisclosed income exceeding Rs. 30 crore. Read more
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2) 22.11.2021 : the government’s tax collection kitty will surpass budget estimates this financial year - With the net direct tax collection till October closing in on Rs.6 lakh crore and average monthly GST mop-up likely around Rs.1.15 lakh crore this fiscal, the government’s tax collection kitty will surpass budget estimates this financial year, revenue secretary Mr. Tarun Bajaj said. Read more
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3) 21.11.2021 : Income Tax Department conducts searches in Gujarat - The Income Tax Department has carried out a search and seizure operation on a prominent group engaged in manufacturing of chemicals and development of real estate on 18.11.2021. The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai. Read more
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GST Article
3) NGOs & Taxability - This write up is to know about NGOs in brief and its taxability in different aspects. NGO Stands... Read more
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Hope the above updates was of use to you. Please share your feedback at [email protected]
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