This week India surpassed Russia to become third worst-hit country with over 740,000 infections.
The Director-General of GST Intelligence (DGGI) sourced information from online platforms such as Amazon, Flipkart, Snapdeal and PayTM and has circulated a list of 62 sellers after finding that manufacturers had paid 12% GST instead of 18%.
Given its importance in the context of the pandemic, NK Singh, chairman of the FC, said for the first time the commission’s final report would contain an entire chapter devoted to healthcare financing.
Growth of Chinese investments in India since 2014 has been largely a transactional trade relationship.
Measures such as e-way bills, GST collections and exports were on the rebound with lockdown ease.
The E-way generation which used to be around 20 lakh a day, in regular times, had drastically come down after the enforcement of the lockdown. March witnessed the steepest fall in E-way bill generation plunging to a low of approximately 0.50 lakh on 25th March, the lowest figure on the first day of the nation-wide lockdown.
For BPCL, in which the government is selling 52.98 per cent stake, the deadline has been extended till July 31. For 100 per cent stake sale in Air India, the deadline for bid submission is now August 31.
Income tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period.
"Country at this juncture needs liquidity. Without liquidity our economy's wheel will not accelerate... Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy," the Road Transport, Highways and MSME Minister said.
Officials said some investors may be keen to avoid scrutiny and may be waiting for the detailed clarifications to emerge, which will specify things like the definition of "significant beneficial ownership"
States are yet to be compensated for March. GST collections, which were clocking an average ₹ 1 lakh crore a month in FY20, have seen a drop in the ongoing financial year.
In a message to tax officers on the third anniversary of Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs.
India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD's Global Forum on transparency and exchange of information for tax purposes.
Citizen groups, residents welfare associations and experts have raised questions about the old property tax data, which was gathered over the last 12 years, not being utilised in the new portal made by National Informatics Centre.
GAME said these businesses were struggling even before Covid-19 and would need financial and compliance related reforms by the government to tide over the ongoing crisis.
The RBI, as a temporary measure, had increased the borrowing limit of scheduled banks under the marginal standing facility (MSF) scheme from 2 per cent to 3 per cent of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020.
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