DAILY BUSINESS TIMES 12.04.2021

 


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Centre-State action to plug GST revenue leak

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  GST officers of Andhra Pradesh and the Central governments met here on Thursday to discuss ways to plug revenue leak through coordinated efforts and information sharing. They have drawn up an action plan to monitor and pursue cases where GST returns were not filed, particularly in businesses with a turnover of over `5 crore. In the last four years since the implementation of GST, the major source of revenue leakage has been the unlawful or bogus claims related to Input Tax Credit (ITC) with fictitious invoices, according to the officials. They said close coordination between the state and the Central tax departments was vital to identify the sources of these bogus invoices and claimants of false ITC. “All these issues have been thoroughly discussed in the meeting and decisions have been taken on the modalities for sharing data, intelligence, orders, joint investigations, periodic analysis of different sectors,” Special Chief Secretary (Revenue-Commercial Taxes) Rajat Bhargava, wh...
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High inflation can help reduce your income tax liability. Here's how

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  New Delhi: Inflation in India has risen significantly since the outbreak of the Covid pandemic as supply of various products and services has been impacted. Even prices of fuels like petrol, diesel and LPG have gone up significantly amid the rise in international crude prices and taxes. High inflation has created a hole in the pockets of consumers but it is certainly not bad for taxpayers as it reduces their tax liability. Long-term capital gains, which enjoy indexation benefit, come down due to high inflation. It may be noted that indexation takes into account inflation during the investment period and adjusts the purchase price of the asset upward to reflect the impact of inflation. As a result your net capital gains come down and you pay lower capital gains tax. How indexation benefit is applied in capital gains The government announces a cost inflation index (CII) every year. This inflation rate is applicable for all the assets bought in the same financial year irrespective o...
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Private bank employees booked for defreezing account of GST evasion accused

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  A transaction worth over ₹126 crore was made after defreezing the account between July 27 and July 29, according to the police. As a result of it, a case was registered at Baramati police station against the bank employees as well as the man booked for GST evasion. The accused were identified as Sudhir Dhananjay Sarode, and five others, according to the police. “These other accused are bank employees. We are investigating their role in the case,” said assistant police inspector Palve of Baramati police station who is investigating the case. A complaint in the case was lodged by Subhash Murlidhar Shingare (39) an inspector at Matunga police station in Mumbai. The Matunga police station officials had issued an order on January 4 to freeze the account. The bank employees were found to be in violation of the order. The account was then used to transfer the evaded GST amount. The GST department accounts were credited with ₹126,88,24,800, according to the police. A case was registered ...
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