Works under SBM to attract GST if not done for govts, authorities: AAR

• Nov 18, 2022
  
  

• Even if supplies are made under a government scheme, these may not be exempt from Goods and Services Tax (GST) if these are not directly supplied to governments or local authorities. Work done for State Urban Development Agency (SUDA) under the Swachh Bharat Mission (SBM) and Mission Nirmal Bangla would not be exempt from GST, according to the state Authority for Advance Rulings (AAR). The work will attract 18 per cent GST, broken into 9 per cent each for central and state GSTs, it ruled. The case pertains to a contract received by Simoco Telecommunications (South Asia) Ltd from SUDA for sewage and waste collection treatment and disposal and other environmental protection services in a number of municipalities in West Bengal.

GST

Tamil Nadu GST Department Issues Instructions For Initiation Of Action On Non-Filers Of GST Returns

• Nov 18, 2022
  The Tamil Nadu GST Department has issued instructions in respect of procedures for initiation of action against non-filers of returns under the Tamil Nadu Goods and Service Tax Act, 2017 (TNGST Act). If the registered person fails to file returns under Section 39, even after the expiration of the time limit in the notice issued under Section 46, the proper officer shall proceed to assess the tax liability under Section 62 for the person. The powers for cancellation of registration are vested with the proper officer under Section 29(2) of the TNGST Act 2017 and Rule 21 of the TNGST Rules 2017. If taxpayers file monthly returns in Form GSTR-3B and do not file the return for a continuous period of six months, their GST registration will be cancelled. If a taxpayer is filing returns under the QRMP scheme and does not file returns in GSTR-3B for two consecutive tax periods, the GST registration will be cancelled.
  

GST

Govt of India to Abolish National Anti-profiteering Authority

Nov 19, 2022

NAA’s investigation arm will continue to function in some form under CCI. The official said that the move will reduce the multiplicity of regulators as CCI can handle cases independently. The plan is to transfer cases to CCI after NAA’s term ends. Why This Transfer? NAA’s role is to make sure that the benefit of tax rate reduction reaches the consumer immediately. This has been the role of NAA primarily because the GST council has been rejigging the rates in the last five years. NAA has little to do when rates go up.

GST

Govt may remove penal offences covered under IPC from GST law

Nov 21, 2022

He government is considering to remove the penal offences which are already covered under the Indian Penal Code (IPC) from the GST Act to make it more taxpayer-friendly, an official said. The proposal, part of the exercise to decriminalise GST law, is likely to be taken up in the next meeting of the GST Council. Once approved by the GST Council, the Finance Ministry will propose amendments to the GST law, which could be taken up in the upcoming winter session of Parliament next month. "Law committee has finalised the changes in Section 132 of the GST Act as part of the exercise to decriminalise the law," the official told PTI. The offences that are similar to those covered under the Indian Penal Code would be removed from GST law, the official added.

GST

What Is TDS Rate for Different Type of Payments?

Tax Deduction at Source

TAN/TDS > TAN Registration

Tax Deduction at Source

Budget may not be right time to restructure capital gains tax: Revenue secy

• Nov 30, 2022
  
  

• The new alternative tax regime should be incentivised to encourage more taxpayers to adopt it, says Revenue Secretary Tarun Bajaj in an interview with Shrimi Choudhary. Bajaj, who superannuates today, suggests this could be done by raising the lower tax slab up to Rs 7-7.5 lakh, from the current Rs 2.5 lakh. He also stresses that restructuring the capital gains tax regime requires detailed consultation and the run-up to the Budget may not be the right time to do this.

Income Tax

I-T dept sends notices to firms to enquire about their foreign assets

• Nov 29, 2022
  The Income Tax (I-T) Department's Foreign Asset Investigation Unit (FAIU) has reportedly sent notices to local companies, including some listed entities enquiring about the hidden assets overseas. The bid to hunt for black money by FAIU was earlier limited only to individuals but has now expanded to companies, a report by the Economic Times (ET) said. The intelligence unit has sent notices to at least eight Mumbai firms and asked for information on their directors. Earlier, FAIU's enquiries were limited to residents' hidden assets, including their bank accounts and shareholding in foreign firms and trusts.
  

• "But now, the FAIU is enquiring into payments by Indian companies to overseas persons and entities. Probably, they may have found cases where there were reasons to believe that the foreign recipients of the money were just intermediaries," a senior tax practitioner told ET.

  
  
  

Income Tax