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Haryana first state to reimburse GST on Covid-related donations

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  Haryana on Tuesday became the first state in the country to allow reimbursement of goods and services tax (GST) paid on Covid-related donations made to the state and state-run facilities. This will be applicable till June 30. The move is aimed at encouraging efforts by corporations, non-government organisations (NGOs) and individuals and facilitating donations of items such as oxygen concentrators, Covid-19 vaccines, Remdesivir injections, etc. as the country battles the intense second Covid-19 wave. Haryana will reimburse GST already paid on such Covid-19 related items, subject to conditions. “Haryana is facing an acute shortage of liquid medical oxygen and other health equipment such as ventilator, medicines etc… in order to encourage efforts by corporates, NGOs and individuals coming forward to help the state government … by way of donations, it is necessary in the public interest to facilitate donation of such items,” the state government said in a notification on Tuesday. Re...
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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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