SIGN IN SUBSCRIBE

News Update

Cus - Export of non-basmati rice - Notification 20/2023 insofar as it denies the benefit of the transitional arrangement as contained in para-1.05 of the FTP 2023, is bad in law: HCCus - Refund of SAD - 102/2007-Cus - Areca Nut and Supari are one and the same - Objections with regard to name, nature and status of importer or buyers or the end use of goods purchased by them etc. are extraneous: HCCX - Interest on Refund - Since wrong order annexed by petitioner in paper book, Bench is unable to proceed further - Petition is dismissed with liberty to file a fresh one: HCGST - No E-way bill - When petitioner imports machinery and after Customs clearance, transports same to his own factory, it cannot be said that such a transportation would fall within the definition of term 'supply' - Penalty imposable under second limb of s.129(1)(a): HCGST - Fix responsibility on officers who allowed BG to lapse - Petitioner not justified in not renewing BG - Cost of Rs.15 lacs imposed, to be paid to PM Cares Fund: HCGST - Since the parties agree that petition can be disposed of on the basis of records available before Appellate Authority, petitioner is directed to enclose all documents filed before Appellate Authority in a compilation, in form of a paper book: HCWrong RoadST - Whether any service is used for personal consumption or not is certainly question of fact and being question of fact, no substantial question of law arises: HCGovt proposes to amend Geographical Indication of Goods Rules; Draft issued for feedbackST - If what has been paid as tax is without authority of law, Revenue should refund the same - Denial of credit would result in the whole exercise being tax neutral: HCWarehousing Authority notifies several agri goods to be stored in only registered warehousesST - Even if the petitioner may have a case on merits, it is best left to be decided by the Appellate Authority under the hierarchy prescribed under the FA, 1994: HCUS FDA okays Eli Lilly Alzheimer’s drugGST - Petitioner challenges jurisdiction of assessing officer - Petitioner is entitled to file an appeal u/s 107 by availing an alternate efficacious remedy: HCFive from Telangana killed in car accident on Pune-Solapur HighwayGST - Existence of an alternative remedy is a material consideration but not a bar to the exercise of jurisdiction: HCHush money case against Donald Trump - Sentencing deferred to Sept 18GST - It is open to a trader to take goods by whichever route he opts, unless the law otherwise requires, destination point being intact: HCDeadly hurricane Beryl smashes properties in JamaicaGST - Conclusion that taxable person is providing a service to supplier while taking the benefit of a discount by facilitating an increase in the volume of sales of such supplier is ex facie erroneous and contrary to the fundamental tenets of GST law: HCIsrael claims 900 militants killed in Rafah since May monthGST - Order expressly records that personal hearing notice was returned with endorsement 'no such person at address' - Since petitioner has shifted to a new premises, it is just and necessary to provide an opportunity to contest demand: HC116 die in stampede at UP ’Satsang’I-T- Application for revision of order dismissed in limine on grounds of delay; case remanded for re-consideration: HCWe are deepening economic ties with India, says US officialI-T- As per Section 119(2)(b), power to condone applications relate to claims for amount exceeding Rs 50 lakhs are to be considered by CBDT; however it is impermissible for CBDT to pass order on merits: HC8 Dutch engineers build world’s longest bicycle - 180 feet, 11 inchesI-T- Additions framed u/s 68 for unexplained income & u/s 69 for unexplained expenditure not tenable where complete transactional details are furnished & not doubted: HCRailways earns Rs 14798 Crore from Freight loading in June monthI-T- Delay in filing ITR is per se insufficient reason to estimate assessee's profit @15% on turnover, more so where audited financial report is filed in timely manner: ITATMoD inks MoU to set up testing facilities in Unmanned Aerial System in TN Defence Industrial CorridorI-T- For invoking section 69A, assessee should be found to be owner of any money, bullion, jewellery or other valuable article & which is not recorded in the books of account: ITATGovt proposes Guidelines for ethical approach to Coal MiningI-T- TDS credit can be allowed based on AIS, where details pertaining to TDS, advance tax & other payments are reflected in Form 26AS: ITATVaishnaw to inaugurate Global IndiaAI Summit 2024I-T- Lending money with the primary intention of earning interest can be considered a business activity, but nature and manner of lending, as well as the frequency, should be taken into account: ITAT
 
GST - If tax base grows, there is scope for reduction in tax rate: Finance Secretary

By TIOL News Service

NEW DELHI, JULY 24, 2020: THE Finance Secretary, Dr Ajay Bhushan Pandey, yesterday said that GST rates can be reduced further if the tax base increases. “Once the tax base increases, if we are able to enforce our tax laws, and everyone pays taxes properly there will be definitely scope for further reduction of taxes,” he said.

Addressing a session on ‘Digitization in Governance’ at CAPAM 2020, Dr Pandey said, “We are quite aware of this and we are undertaking the exercise. The ultimate aim should be that we collect minimum taxes at minimum rates. Government should collect taxes which are absolutely necessary and to that extent we need to increase our tax base.”

Dr Pandey further said that Government is also working on reducing the number of forms under the GST. He said that there were 495 forms in the pre-GST era with 17 different taxes which were levied by various states. “After the introduction of GST, the number of forms has have reduced to 17-18 and we want to further cut down the number of forms in GST.”

He added that with IT-enabled platforms, there is no inspector raj now, and GST regime has become faceless.

Elaborating on the new measures undertaken for income tax assessment, including the faceless assessment of taxpayers, he said that the Government is working on promoting self-compliance. He added that Government is also working on providing full tax profile for each taxpayer. “We have all the information and if it can be shared in a secure manner, protecting the privacy of the individual, this will help also help in securing loans from banks. The entire digital exercise is being undertaken across various government departments. We are making all that information available and providing it to each taxpayer,” added Dr Pandey.

He also said that all the information is getting integrated for the benefit of the citizens, including ease of doing business, ease of living and is also enhancing our capabilities.

Stressing on the importance of digitization, Dr Pandey said that India is the only country to have Aadhaar, Aadhaar-enabled payment system, direct benefit transfer scheme and UPI payment scheme. “Use of digitization in governance has improved our speed, effectiveness, efficiency and capabilities,” he added.

Dr Pandey noted that in last 3 months, the total Aadhaar-enabled transaction has crossed Rs. 50,000 crore and UPI transaction has taken over debit card transaction and cash withdrawals.

Highlighting the revenue trend and the potential of the Indian economy, Dr Pandey said, “All figures are giving an encouraging signal that the economy is coming back on track sooner than what was being anticipated when the lockdown started.”


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
India's Path to Becoming a Superpower: An Interview with Pratap Singh

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST