PRATIK JAIN
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
GST council has taken some far-reaching steps: Pratik Jain, PwC India
The GST on petrol and diesel and all the passenger fuels will take a lot of time. GST on ATF and natural gas could come in hopefully soon, but for other petroleum products like petrol and diesel and other passenger fuels, where a lot of revenue is involved, it will take some time, says Pratik Jain, Partner, PwC India
'Lakshmir Bhandar' tilted scales for Mamata, poor candidate choice cost BJP steeply: I-PAC chief
Pratik Jain, co-founder and director of I-PAC, credited Mamata Banerjee's 'Lakshmir Bhandar' scheme for women in West Bengal as the key factor behind Trinamool Congress' 2024 victory. He highlighted BJP's flawed candidate choices and negative campaigns for the party's defeat in West Bengal. Jain revealed the agency's strategies that empowered rural women and countered BJP's narrative, leading to TMC's landslide win. He also shared insights on campaign adjustments and internal challenges faced during the elections.
Record GST mop-up reflects robust eco, audit efficacy; raises hope for further reforms: Experts
Tax experts hailed the record-breaking GST collection of Rs 2.10 lakh crore in April, attributing it to a robust economy and effective audit and scrutiny by the tax department. They anticipate this achievement to pave the way for further tax reforms after the formation of the new government. The surge in collection is seen as a result of higher self-compliance, better enforcement measures, and increased consumer spending on items like air conditioners and beverages to combat the summer heat.
Northeastern India’s first API/Bulk Drug Plant inaugurated in Guwahati
Chemex Global's pharmaceutical API manufacturing facility in Guwahati, first of its kind in the region, positions Assam as the next big pharma hub in India. It aims to expand trade routes with Gujarat, Hyderabad, Sikkim, and Southeast Asia.
- Go To Page 1
On offer: Govt mulls some relief on levy of GST on vouchers and gift cards
Some vouchers have GST levied on them at the time of purchase, which leads to double taxation when they are used to buy goods or services that also include the tax. The proposed clarification is expected to clear the air on the taxability of vouchers and gift cards, suggesting they should not be taxed at the point of sale.
AAR ruling could offer advantages to e-commerce platforms facilitating logistic
The GST Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the company behind the ride-hailing app 'Namma Yatri,' is considered an e-commerce operator under GST regulations. However, the AAR clarified that Juspay Technologies is not required to collect and remit GST on transportation fares, as the supply of passenger transportation does not occur "through" their platform.
Thousands of taxpayers get GST notices for FY18
Tax experts said this would lead to an increase in litigation over the next three months while hitting cash flows of companies as they would be required to furnish 10% of the total liability as a deposit for filing an appeal.
Google, Facebook, Edtech companies may have to pay up to 18% IGST
As per a notification issued by the Central Board of Indirect Taxes and Customs these services will no longer be exempted from integrated goods and services Tax (IGST). "This will cover overseas companies providing advertising, cloud services, music, subscriptions based service, online education and even information to all individuals and government irrespective of whether it is used for personal or business purpose," a senior official told ET.
Suppliers' ranking on GST compliance likely next FY
The Indian government is developing a database of suppliers that will be ranked based on their compliance with the goods and services tax (GST). The ranking will consider factors such as GST compliance track record, credit history, transaction and supply history, and past defaults.
Corporate guarantees given to subsidiaries land many Indian holding companies in a GST pickle
GST authorities hold the corporate guarantee given by a holding company to its subsidiary to be a free supply between related parties, thus falling within the ambit of a taxable ‘schedule-1’ transaction.
Indian units of foreign cos under GST scanner over ESOPs
Indian subsidiaries of foreign companies, particularly in the technology sector, are facing GST scrutiny over issues with employee stock option plans (ESOP) and employee share purchase plans. Authorities are reportedly demanding the 18% service tax as the obligation lies with the Indian subsidiary to provide shares under an employment contract.
GST 2.0: Is this the right time? And what kind of reforms do we need?
As the GST collection turns robust — an outcome of widening tax base and plugging of leakages — this is the right time to usher in the next phase of India’s most ambitious tax reform. So, what kind of reforms should be part of GST 2.0?
Jobs aggregation startup OTU India raises $1 million in funding led by Dream 11's Harsh Jain
OTU India offers a video feature to potential employers, wherein it prepares a profile for candidates and connects them to organised employers across the country with the help of technology.
Groyyo gets $4.6 million seed funding from Alpha Wave, others
Groyyo, a B2B manufacturing and automation startup, will use the funding to build teams across key manufacturing clusters in South Asia, and for expansion into the US and the Middle East.
GST registration after physical verification of biz place if Aadhaar not authenticated: CBIC
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar number, he shall, with effect from Friday (August 21), undertake the said authentication while submitting an application.
GST cuts: Get more for same price
Authorities had written to companies to pass on the benefits of cuts in GST to consumers. And companies are now devising ways to comply with these requests.
Pre-GST rollout grind taxes life, health & relationships
Weight issues, deferred marriages and divorce threats are some side effects of the soldiers working on the new tax regime.
GST may mean short term pain for consumers but a good bargain for brighter future: Pratik Jain, PwC
Earlier this week, the government published a list of 89 items, where the GST incidence is believed to be lower than the effective incidence of current taxes.
GST: Imported goods may turn costlier
Those selling imported goods will need to claim deemed credit of 60% or 40% of the central GST paid, depending on the tax rate levied on the products.
GST: 10 groups set up under senior taxmen to examine issues and report by April 10
A senior government official told ET that most issues have been addressed through feedback but it was felt some sectors needed a closer look.
Service contracts set to be renegotiated under GST
Experts point out that GST will impact several sectors like infrastructure and real estate. In some cases the contracts are already being renegotiated.
Agriculturists, small traders exempt from registering under GST
The GST Council has decided to keep the revenue exemption limit at Rs 20 lakh for all states but Rs 10 lakh for the North-Eastern and the hill states.
Budget 2017: FM Jaitley’s assurance about GST corroborates govt’s intent for earliest rollout
Government’s decision not to go ahead with the hike in service tax rate will come as a pleasant surprise to both industry and the common man
What the next steps in GST rollout should be
Where GST has been implemented, businesses get a year to prepare. India will have to manage this transition in 3 to 4 months. Therein lies the challenge.
Government may consider anti-profiteering clause to ensure benefits of GST reach consumers
Arun Jaitley has hinted that the govt could consider an anti-profiteering clause to ensure the benefits of GST are passed on to consumers and prices don’t spike.
India Inc hails model GST law, expects rollout from next fiscal
The govt has put up the model GST legislation for public consultations and hopes to get the bill passed during the monsoon session of Parliament.
Load More
