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tax refunds

Nov 22, 2019, 02.46 AM IST

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TAX REFUNDS

Govt eases input tax refunds for exporters

Delay in the issuance of refunds has been a sore point for exporters since the switchover to goods and services tax (GST) regime in July 2017. The new directive from the Central Board of Indirect Taxes and Customs (CBIC) follows assurance from finance minister Nirmala Sitharaman to the industry on easing of compliances.

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  • Corporate affairs secretary Injeti Srinivas said that the helpline was set up was a major step to address the concerns of various claimants, according to a government release. The helpline was an initiative by the IEPFA with the help of Common Services Centre (CSC) e-Gov SPV under the IT and electronics ministry.

    Companies have been under scrutiny from indirect tax offices as far apart as Kolhapur, Rajahmundry, Vijaywada, Mysore and Mangalore. Now, several financial services companies have started receiving written enquiries from tax officers based in small towns seeking details around organisational structures, revenues and Goods and Services Tax (GST) paid.

    It can be noted that five Opposition-ruled states led by Bengal and Kerala had on Wednesday threatened to sue the Centre for not transferring their GST share since August. Also, barring for April, GST mop-up has never touched the Rs 1 lakh monthly target this fiscal, averaging below Rs 95,000 crore.

    This was one of the better earnings seasons anytime in last 3-4 years, says Vivek Mavani.

    The CGST department has arrested four persons for allegedly making false input tax credit (ITC) claims causing loss to the exchequer to the tune of at least Rs 400 crore.

    "A social audit has been conducted in the Swadesh Darshan scheme and there is a lot of room for changes. We have moved the cabinet for the same. We have discussed whether we should work on select circuits or one circuit at a time or should include circuits on all states at the same time," the minister said.

    Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT.

    Income Tax sleuths raid Tollywood producer Suresh Babu's Ramanaidu studios in Hyderabad. The raids were carried out to examine alleged ‘tax ...

    The move could have a huge implication for the country’s restaurant sector Restaurants across India, such as McDonald’s and Pizza Hut, are currently levied 5% GST and they cannot claim ITC on the tax paid on expenses, including raw materials and rent.

    NPS offers two types of accounts for an individual - Tier-I and Tier -II. It is mandatory to open a Tier-1 account to invest in NPS. However, there are certain conditions that must be met to make partial withdrawals from a Tier-1 account.

    The indirect tax department wants real estate developers, who were setting off taxes paid under earlier tax regime against the GST, to reverse the credit claimed as transition credit, said people in the know. Realty players hoped they would pass sales and indirect taxes to the customers and claimed this under the transition credit mechanism.

    The move is aimed at reducing the waste that the civic body collects from households on a daily basis and that will in turn save money spent on the collection of waste.

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