Government to prepare a list of ‘risky’ companies created to evade GST
The government will use artificial intelligence (AI) and Aadhaar registration to segregate dubious firms purposely created for Goods and Services Tax (GST) evasion and put them under the “risky” category to closely monitor their activities, two finance ministry officials said. The customs department has already created a database of “risky” exporters who fraudulently availed input […]
Protected: GST leads to Rs 320 monthly saving for households: Study
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Challenges in current GST structure: A way forward
The Goods and Service Tax System or the revolutionary tax system took more than a decade of intense debate to come to fruition and finally it came into existence two-years before. GST was introduced to the country to reduce the tax burden on producers and foster growth through more production. Though the tax structure has […]
Government orders biggest review of GST since its launch
Two years after its launch, the 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 of state and central government officials to “augment GST collection and administration”, […]
Lower GST on diamond job work, sector cheers over Rs 200-cr export refund
The government’s move to slash goods and services tax (GST) on job work services in diamond trade to 1.5% from 5% will help arrest job losses in Gujarat, the country’s diamond cutting and polishing hub, and get exporters a refund of Rs 200 crore which was blocked on this account, said industry executives. Simultaneously, silver […]