The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information. The platform, created by the Reserve Bank of India (RBI) subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said "the Central Government, on the recommendation of the Council, notifies 'Public Tech Platform for Frictionless Credit' as the system with which information may be shared by the common portal based on consent...". The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally.
Read More →The Supreme Court recently issued a notice to the Centre on the “anti-profiteering provisions” in the Central Goods and Services (CGST) Act, as well as the rules issued, on an appeal against a Delhi High Court ruling. Priyansh Verma explains what the mechanism is meant for, and the controversy around it l What are the anti-profiteering norms?THE GOODS AND Services Tax (GST), due to its comprehensive nature, and embedded facility of seamless credits to businesses for input taxes, was supposed to have a sobering effect on prices. The government is keen the benefits of any reduction in tax rate and input tax credit for businesses reach the final consumers by way of a commensurate reduction in the prices of then relevant goods and services.
Read More →In a recent ruling, the Telangana State Authority for Advance Ruling (AAR) has held that the All India Institute of Medical Sciences (AIIMS) located in Bibinagar, Telangana, is not eligible to claim Goods and Services Tax (GST) exemption on pure services received by it from vendors. AIIMS-Telangana, a prestigious addition to the All India Institute of Medical Sciences network, was established to meet the rising demand for high-quality healthcare, medical education, and research in the region. It sought an advance ruling on whether it could claim GST exemption on pure services received from vendors, including manpower, housekeeping, and consultancy services, which were subject to an 18% GST rate. The institution had been reversing the entire Input Tax Credit (ITC) availed, as it provided exempt services (In other words its output services were exempt from GST).
Read More →The Income Tax department on Monday said it has identified mismatches in ITRs filed by some taxpayers and information on dividend and interest income received from third parties. In a statement, the Central Board of Direct Taxes (CBDT) said an on-screen functionality has been made available in the compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers to provide their response.The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers. In many cases, taxpayers have not even filed their ITRs, it said.
Read More →Income Tax Waiver Limits: CBDT Clarifies Rs 1 Lakh Cap, Exempts Future Interest The Central Board of Direct Taxes (CBDT) has established a maximum ceiling limit of Rs 1 lakh for the waiver of eligible income tax demands. However, an exclusion from this calculation, as outlined in the CBDT's order dated February 13, 2024, is future interest, which will not be considered when determining the overall amount of income tax demand. CBDT said, "Consequent to the aforesaid remission and extinguishment of entries of outstanding demand, there shall not be requirement of calculation of interest on account of delay in payment of demand under sub-section (2) of section 220 of the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 and Gift-tax Act, 1958 and therefore, the same shall not be considered for the purpose of determining the ceiling of Rs 1,00,000 (Rupees one lakh)."
Read More →The Central Board of Direct Taxes (CBDT) has fixed the maximum ceiling limit as Rs 1 lakh for waiving eligible income tax demands. However, in an order dated February 13, 2024, CBDT said that future interest will not make part of this calculation of the overall amount of income tax demand. CBDT said in the order, "Consequent to the aforesaid remission and extinguishment of entries of outstanding demand, there shall not be requirement of calculation of interest on account of delay in payment of demand under sub-section (2) of section 220 of the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 and Gift-tax Act, 1958 and therefore, the same shall not be considered for the purpose of determining the ceiling of Rs 1,00,000 (Rupees one lakh)."
Read More →The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget.The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement.The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished “subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee”.The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge.However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act.Nangia Andersen India Partner Maneesh Bawa said the directive further specifies that this waiver or cancellation does not entitle taxpayers to any claims for credit or refunds.
Read More →How ITR's Automated Reconciliation Works The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department. In some select cases, people who did not file I-T returns (ITR) can use the automated reconciliation facility. In the first phase, information mismatches related to financial years 2021-2022 and 2022-2023 will be considered. Sources said no notice needed to be issued for this, and the I-T department would send alerts through SMS and e-mail to taxpayers where mismatches were identified.
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