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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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Hot Stocks: Bharti Airtel, GE Shipping & Naukri top stocks to buy for short term

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On the other hand banks, financials and autos are expected to face pressure amidst the COVID and lockdown uncertainties. Metals are the only bright spot in this market where it will be interesting to see how the markets react post the quarterly results. Here is a list of stocks for the next 3-4 weeks: Bharti Airtel: Buy | LTP: Rs 552 | Target: Rs 600 | Stop Loss: Rs 530 After a long consolidation, the counter has given a breakout and cleared the immediate supply zone of Rs 540-550 levels. The daily charts is suggesting a visible higher high – higher low sequence while the Relative Strength Index has given a buy crossover with supportive volumes. GE Shipping: Buy | LTP: Rs 344 | Target: Rs 400 | Stop Loss: Rs 320 The stock has given a multi-year breakout above Rs 330-340 zone where the counter has faced resistance on multiple occasions in the last three years. The breakout is accompanied by huge delivery volumes witnessed over the past few trading sessions, along with buy crossover on t...
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