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Referencer Library - Latest Documents - Last 90 Days

Latest News - From Newspaper Headlines

1. 

Purchase without bill may be big GST leakage source - Officials Fear Emergence Of Parallel System For Evasion.

26.11.2019

New Delhi: Tax authorities have identified B2C sales as a key source of leakage of goods and services tax (GST) as consumers are often cajoled into paying in cash without taking a bill and are looking to incentivise digital payments to plug revenue leakages.

read more »

2. 

GST filings rise 8.2% to 64.8L in Nov.

22.11.2019

New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) on Thursday said the filing of GSTR-3B returns shot up by 50% on Wednesday, the deadline for filing returns, with close to 18.3 lakh returns being filed through the online network, as against 12.2 lakh in read more »

3. 

‘Student’ held for smuggling in ?2.7cr watch granted bail.

22.11.2019

Mumbai: A month after a 24-year-old Vile Parle “student” was arrested by air intelligence unit (AIU) for allegedly smuggling in a watch worth Rs 2.7 crore, a sessions court recently granted him bail and said that prima facie a receipt disclosed that its value was below Rs read more »

4. 

5 STATE FMs SEEK PAYMENT - ‘Finances under stress due to GST compensation delay’.

21.11.2019

New Delhi: Five state finance ministers on Friday released a joint statement expressing concern over the delay in the release of GST compensation by the Centre, which has put finances of states under stress and some have been prompted to resort to short term borrowing from the read more »

5. 

Mitra urges FM to plug GST frauds.

20.11.2019

New Delhi: West Bengal finance minister Amit Mitra has written to FM Nirmala Sitharaman, urging her to convene an urgent meeting to discuss revenue augmentation measures as well as devise a strategy to plug rampant leakages.

“I have also been repeatedly writing about GST read more »

6. 

Centre to seek public feedback to address concerns over GST.

17.11.2019

New Delhi: GST commissioners across the country will seek feedback from taxpayers and practitioners next month as the government moved to address all concerns related to filing of returns, while asserting the overall IT system is robust.

All circles have been instructed to obtain read more »

7. 

Imports decline for 5th straight mth.

16.11.2019

New Delhi: The country’s exports fell by 1.1% to $26.4 billion in October as shipments of petroleum and leather goods contracted, the third consecutive month of decline for exports while imports dropped sharply indicating demand slowdown.

While the contraction was narrower than the previous read more »

8. 

Rs. 104cr of red sanders shipped out as ‘auto parts’ on fake docus.

16.11.2019

Mumbai: The city crime branch probing the red sanders export smuggling racket has found that a gang forged documents submitted to the customs authorities and shipped 58,000 kg of red sanders worth Rs 104 crore out of the country over the last one year.

read more »

9. 

RACKET BUSTED - 600kg red sanders worth Rs. 3cr seized from Mum airport cargo

12.11.2019

Mumbai: City crime branch busted another smuggling racket with the seizure of 600kg of red sanders worth Rs 3.05 crore from cargo at Mumbai international airport on Sunday. This is second biggest seizure by crime branch this year. In September, unit IX had seized 1,556kg of the read more »

10. 

FROM TODAY - E-generated doc required for indirect tax notices.

08.11.2019

New Delhi: The government has ordered GST and customs officials to issue search authorisation, summons, arrest memo, inspection notices and letters issued in the course of any enquiry only with a computer generated document identification number.

The new order applicable from Friday, comes after read more »

11. 

GST collections slip 5% to Rs. 95,380 crore in Oct.

02.11.2019

New Delhi: GST collections fell over 5% to Rs 95,380 crore in October due to muted domestic demand and shrinking imports. Although the initial sales spurt due to Navaratra did help the mop-up improve from Rs 91,916 crore collected in September, it remained below the Rs 1-lakh-crore read more »

12. 

OPTION TO PAY FINE IN LIEU OF CONFISCATION UNDER THE PROVISIONS OF THE CUSTOMS ACT, 1962.

01.11.2019

Introduction

Fine means inter alia "a sum of money required to be paid especially to the Government as a penalty for an offence". Whenever any goods are confiscated under the provisions of the Customs Act, 1962 after due process of adjudication, the read more »

13. 

DRI seizes Rs. 3cr ganja, naxal link under lens.

30.10.2019

Mumbai: Directorate Revenue of Intelligence (DRI) on Saturday busted a major interstate drug-trafficking racket with suspected links to naxalites. DRI Nagpur and Mumbai units on Saturday intercepted a truck in Nagpur ferrying two tonnes of ganja worth more than Rs 3 crore.

While the read more »

14. 

Gold worth Rs. 2.5cr seized in Bengal, four arrested.

28.10.2019

Kolkata: In two separate operations, the Directorate of Revenue Intelligence (DRI) has seized 6 kg smuggled gold valued at Rs 2.5 crore from Siliguri and Howrah in West Bengal and arrested four persons, a statement issued by the agency here said.

Acting on a read more »

15. 

Air hostess caught with 4kg gold dust in baggage.

20.10.2019

Mumbai: An air hostess with a private carrier was arrested by Customs at Mumbai airport on Saturday for trying to smuggle in 4kg of gold dust worth Rs 1 crore from Dubai. Sanna Pathan (30) was on duty when she was caught by the Air Intelligence Unit read more »

16. 

HC relief for Adani in import overvaluation case.

18.10.2019

 

Mumbai: A Bombay high court order has brought to a halt an overseas investigation by the Directorate of Revenue Intelligence into the Rs 29,000-crore overvaluation of Indonesian coal imports by the Adani Group.

The high court quashed all Letters Rogatory (LR) sent by read more »

17. 

Man flies into Mum with Rs.2.7cr watch, lands in jail.

18.10.2019

Mumbai: The air intelligence unit (AIU) of customs has arrested a Vile Parle resident for smuggling in a watch costing crores.

The AIU on Wednesday intercepted Kavinkumar Mehta (24) after he landed in Mumbai from Bangkok. On suspicion, detectives searched his baggage and found read more »

18. 

Horse owner must pay 18% GST on racing prize.

17.10.2019

Mumbai: Vijay Baburao Shirke, owner of several winning racehorses, is often spotted at derby matches and in the sports sections of newspapers. This time, he is in the limelight due to an advance goods and services tax (GST) ruling sought by him.

Advance ruling read more »

19. 

India seeks checks on 50% Chinese imports in trade pact - RCEP Deal Held Up, Efforts On To Find Solution In 10 Days.

14.10.2019

 

New Delhi: India’s insistence on providing a safety valve to cover at least 50% of Chinese imports under Regional Comprehensive Partnership (RCEP), the proposed 16-nation trading bloc, has held up conclusion of talks for the mega trade agreement that has been in the works for over read more »

20. 

Exports of gems & jewellery drop 7.5% in Apr-Sept.

13.10.2019

Chennai: Weighed down by a high custom duty of 7.5% on cut and polished diamonds, and a 12.5% import duty for gold introduced in the Union Budget this July, exports of gems and jewellery are seeing a negative trend.

In the first half of read more »

21. 

Slowdown in 3 sectors, dip in imports hit GST collection - Auto, Cement, Iron & Steel See Lower Mop-Up Of Rs.6,200Cr.

13.10.2019

New Delhi: The slowdown in three sectors — automobiles, cement and iron & steel — along with falling imports have taken a toll on GST collections, even as the services sector has managed to hold firm.

Collections in September fell 2.7% to a little read more »

22. 

TO MISS FISC DEFICIT TARGET - GST a major cause of slowdown, says PMEAC chairman.

12.10.2019

New Delhi: The Centre will miss the fiscal deficit target of 3.3% of gross domestic product set in the Budget for the current financial year, a top policy adviser said on Thursday, adding that he believes the government will cut personal income tax rates.

read more »

23. 

RCEP talks trigger import surge worry - As Ministries Fear Spike From China, Goyal May Seek More Items In Safeguard List.

12.10.2019

New Delhi: Commerce and industry minister Piyush Goyal heads to Bangkok for the final leg of negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) Agreement, amid mounting worries of an import surge, especially from China, once the mega free trade pact, involving 16 countries, kicks in.

read more »

24. 

Govt orders biggest review of GST since its launch - Rates & Slabs Likely To Be Tweaked.

12.10.2019

New Delhi: Two years after its launch, the Union government has begun the biggest review of GST—including a possible resetting of rates along with a scrutiny of the slabs—to tone up collections and plug leakages.

The task has been assigned to a 12-member committee read more »

25. 

Govt announces 5 percent hike in dearness allowance for employees and pensioners.

09.10.2019

The Central government on today (09-10-2019) hiked dearness allowance (DA) given to central government employees by five per cent taking it to a total of 17% in what seems to be a move aimed at reviving consumer demand amid an economic slowdown. Dearness Allowance or DA is read more »

26. 

More items may face import curbs - Govt May Hike Duty To Push ‘Make In India’, Protect Domestic Industry.

09.10.2019

New Delhi: The government has identified hundreds of products including electronics, toys, blankets and several daily-use items for possible “import substitution” by discouraging their shipments into the country.

While a detailed list of products has been prepared by the commerce department, which is spearheading read more »

27. 

Flyer held for smuggling Rs. 2cr diamond necklace.

09.10.2019

Mumbai: Customs officials early Monday arrested a 41-year-old man from Patna in Bihar for smuggling a diamond necklace worth Rs 1.85 crore from Bahrain.

The Air Intelligence Unit (AIU) of Customs has booked Mohammed Nawab Alam under the Customs Act. Though Alam is from read more »

28. 

Customs Department duped of Rs. 77 lakh in revenue deposit fraud.

07.10.2019

The main accused identified as Vijay Prajapati is says to have duped the De­partment from 2011 till 2017 and managed to avail cash by giving fake docu­ments.

The Nhava Sheva police have booked a Customs House Agent (CHA) and his other accomplices for read more »

29. 

SoBo bizman held in gold smuggling racket.

05.10.2019

Mumbai: A businessman from south Mumbai, Suresh Sohanraj Raysoni (57), who had purchased around 9kg of gold, was arrested by Directorate Revenue of Intelligence (DRI) on Friday, in one of the biggest gold smuggling rackets. In March, the DRI had seized 110kg of gold, concealed in scrap, read more »

30. 

GST Sahaj, Sugam forms not simple for claiming tax credit.

03.10.2019

Mumbai: Small GST payers are discovering that the proposed GST forms — Sahaj and Sugam — may create a new pain point in obtaining input tax credit (credit for taxes paid on inputs used). As of now, GST payers are grappling with the inability to rectify GSTR-1. read more »

31. 

23% GST payers can file returns via SMS - No Monthly, Quarterly Submission From April.

02.10.2019

New Delhi: One in five GST payers will get away without having to file monthly or quarterly returns from April. Instead of filling up the form online, all that those with ‘Nil’ returns will have to do is to send an SMS to a specified number and read more »

32. 

Floods, auto slowdown: GST mop-up dips 3% - At Rs. 91,916Cr, Sept Monthly Collection Lowest In 19 Mths.

02.10.2019

New Delhi: Goods and services tax (GST) collections in September fell 2.7% to Rs 91,916 crore, the lowest monthly mopup in 19 months, as floods and the auto slowdown took a toll on government revenue.

Latest data released by the finance ministry showed that read more »

33. 

Booked hotel rooms? Slashed GST from Oct 1 entitles you to a refund.

28.09.2019

Mumbai: Guests of luxury hotels are likely to gain from the recent government decision to slash goods and services tax (GST) on rooms priced at over Rs 7,500 to 18% from 28% now, and below that tariff to 12% from 18%. The new rates will be effective read more »

34. 

Making rebates WTO-compatible.

23.09.2019

The Finance Minister, in a press conference, announced that the present Merchandise Exports from India Scheme (MEIS) is to be replaced with one called 'Rebate of Duties and Taxes on Export Products’ (RoDTEP). This would be from the beginning of 2020, with the outlay likely to be read more »

35. 

MAY HIT STATE COMPENSATIONS - Govt expects Rs. 40k-cr GST shortfall.

23.09.2019

New Delhi: The government is expecting a shortfall of around Rs 40,000 crore in the GST collections over what has been budgeted for 2019-20. This could put pressure on the compensation that states are eligible for in case tax growth falls below 14% during the year.

read more »

36. 

SINGLE RATE - Govt looks at 28% GST on lottery.

18.09.2019

New Delhi: The government is looking at a single rate of 28% goods and services tax (GST) on lottery as part of the “one-nation, one-tax” principle, while also exploring the option of putting restrictions on online lottery. The GST Council, which meets in Goa on Friday, is expected to read more »

37. 

GST Council not likely to reduce levy on biscuits - Fears Same Demand From Other Biz, Govt Cites Revenue Loss.

18.09.2019

New Delhi: The GST Council may stay clear of reducing goods and services tax (GST) on biscuits, whose case is being aggressively pushed by companies led by Parle, as it may open the doors to same demand from sectors that face a similar levy.

Government’s calculations read more »

38. 

STC, once among top PSUs, to be wound up.

17.09.2019

New Delhi: The government has decided to shut down the 63-year-old State Trading Corporation (STC), once among the largest public sector companies, along with PEC (earlier Project and Equipment Corporation of India Ltd), which are remnants of the “import-licence raj”, when they were sole agencies responsible for routing foreign read more »

39. 

Cheaper cover likely for small exporters.

17.09.2019

New Delhi: The commerce ministry will soon approach the Cabinet for reduction in insurance premium rates to 0.6% for small exporters having an outstanding limit of less than Rs 80 crore, Union minister Piyush Goyal said on Monday.

The commerce and industry minister said the premium read more »

40. 

PLUGGING GAPS - Centre, states staring at massive shortfall in GST revenue mop-up.

16.09.2019

New Delhi: To plug GST leaks, the finance ministry is planning to ask states to put in place a mechanism under which an enhancement in the limit to claim tax credit will require payment of 20% as the margin money. So, if your turnover is Rs 50 lakh and read more »

41. 

Centre looks to plug GST leaks, boost collections; meet on Friday.

16.09.2019

New Delhi: Having detected frauds of close to Rs 50,000 crore, the Centre is looking to tighten processes, including those related to claiming input tax credit, and will focus on getting states to okay plans to plug leaks and evasions at this week’s GST Council meeting.

read more »

42. 

Imports dip for 3rd month in a row.

14.09.2019

New Delhi: India’s exports in August fell for the second time in three months, while imports declined for the third straight month, indicating weak demand in the economy. Exports dropped over 6% to $26.1 billion in August as 22 of the 30 major sectors — including petroleum, engineering, leather, read more »

43. 

Most states demand GST cess extension for 3 years - Fin Panel To Hold Talks On Road Map For Rates In Future.

14.09.2019

New Delhi: In what will come as a blow to consumers, most states have pitched for extending the GST cess on automobiles, soft drinks, coal, tobacco and pan masala by another three years to compensate them for “revenue loss”, N K Singh, chairman of the 15th Finance Commission (FFC), read more »

44. 

PART TWO - Tough to claim input tax credit for donated goods.

12.09.2019

Mumbai: With floods causing havoc in many parts of India, several companies — as part of their corporate social responsibility (CSR) obligations — are engaged in providing relief. This can include donating food, drinking water, tarpaulins and other essentials.

In the absence of any clarification, it read more »

45. 

GST relief for auto cos may raise burden on other goods - States Must Agree To More Cess Or Forgo Compensation.

12.09.2019

New Delhi: Amid intense lobbying for a reduction in goods and services tax (GST), the government is expected to send a message that a tax cut is only possible if the compensation cess on luxury and sin goods such as tobacco, soft drinks and cars is increased or its read more »

46. 

1,500kg red sanders worth Rs.7cr headed for China seized.

11.09.2019

Mumbai: In one of the biggest seizures of red sanders in recent times, the city crime branch on Tuesday arrested three persons and seized 1,556 kg of the prized sandalwood worth Rs 7.5 crore which was to be smuggled to China.

The arrested accused have been read more »

47. 

Is Maha a dry state, asks HC; ‘why permit at duty-free shops’.

11.09.2019

Mumbai: Bombay high court recently asked if Maharashtra is a “dry state” after being told that passengers who purchase foreign liquor at duty-free shops in Chhatrapati Shivaji Maharaj International Airport are required to carry a permit for it.

The court expressed surprise on learning that a read more »

48. 

GST rate cut on auto, other products to be political call - Officials Worried By Fiscal Constraints, Revival Of Demand.

09.09.2019

New Delhi: A decision to reduce goods and services tax (GST) on automobiles and other products will be a political call even as finance ministry officials remain unconvinced of the utility of bowing to the clamour for a rate cut. They point out both — lack of fiscal space read more »

49. 

Exporters still face various problems.

09.09.2019

Last week, Manmohan Singh, the former Prime Minister and Noted Economist, expressed worry on the economic situation. And, asked the Government to engage with thinking minds to take it out of a man-made crisis. He mainly blamed demonetisation and hastily implemented Goods and Services Tax (GST) for read more »