If in the current situation the government does not cut welfare spending or increases taxes, it would need to increase borrowing to inject cash into the market

Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current year

As per the tax notice issued by the taxman, the agency has invoked section 65 of the Central Goods and Services Tax (CGST) Act for an audit of accounts and records from July-March of 2017-18 or from the date of the last audit to FY18

All eyes will be on the budget 2020 with expectations that the government will do what it takes to get the economy back on track

The slew of measures include curbing fraud and evasion cases, checking fake or huge input tax credit claims, linking foreign exchange remittances with IGST refund and seeking bank account details of businesses to tally with their filings

Prescriptions from top experts in business, economics, politics and taxation

As many as 7,100 cases, accounting for Rs 1.7-lakh crore tax litigations, are yet to make up their mind on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019; the deadline to avail the scheme is January 15

The meeting is being organised with the purpose of curbing fraud and evasion, checking fake or huge input tax credit claims, seeking bank account details of businesses to tally with their filings, misuse of refund

As of now, refunds of only Rs 3,604 crore are pending with CBIC and out of about 185,000 exporters, a total of 6,421 exporters (about 3.4 per cent only) including some 'star exporters' have been identified as risky and hence, red flagged

Telecom companies have been goading the government to refund the input tax credit or adjust the refund amount against their statutory dues

The NAA observed that the methodology adopted by Johnson and Johnson to pass on GST rate-cut benefit was 'unreasonable, arbitrary, and incorrect, and hence cannot be accepted'

Businesses across the country are indulging in large GST violations. No wonder there is a huge shortfall in collections

In the 38th GST Council meeting, the government received several suggestions to increase GST revenues including cess on cosmetics, gambling and recreational services

The department is on a campaign mode to recover past arrears as it tries to achieve the direct tax collection target of Rs 13.5 lakh crore factoring in the reduction in the corporate tax, which may cost Rs 1.45 lakh crore

FM Nirmala Sitharaman said a committee of secretaries made a presentation on ways to augment revenue, but it did not contain any direct or indirect suggestions on rate hike or rate reduction

GST Council Meeting: FM Nirmala Sitharaman said that she heard the concerns raised by state finance ministers who are worried that Centre will not be able to meet its compensation obligations to states

The letter by food companies states that the industry has been struggling to maintain its operations due to severe financial constraints and an increase in GST rates will aggravate the sector's troubles

Business Today spoke to various stakeholders to understand their suggestions on what changes they seek from the government to simplify not just the return filing process but also the overall compliance requirement

The GST Network (GSTN), the entity that offers the IT support to the GST system, has now come up with a new way to deal with the rampant ITC fraud

The GST Council may decide to increase the current 5% tax rate on essential products (which includes fabric) and services to 6-8% at its meet on December 18. Simultaneously, the Council may hike the current 12% GST rate on mobile phones to 18%