CBIC says new rule will help control those who issue fake invoices and show high turnovers but have no financial credibility; CAIT urges Finance Minister Nirmala Sitharaman to defer its implementation and terms it a \"counter-productive\" measure

Finance Secretary Ajay Bhushan Pandey said the generation of e-way bills has gone up 21 per cent in October, while the number of e-invoice generation has touched 29 lakh IRNs a day

While refunds for 'risky' exporters have been a contentious issue, tax consultants with sizeable client base said that technical glitches are also being cited for pending GST refunds

Gross mismanagement of the economy, starting with demonetisation in November 2016 and continued with untimely, unplanned and sudden nation-wide lockdown has compounded the GST problem. Centre's refusal to pay compensation to states now may derail it completely

Finance Ministry said that despite the lobbying against the crackdown, the government is planning to take stern action against the risky exporters, who have claimed IGST refunds worth Rs 2,020 crore and now are untraceable

The government on Friday approved Remission of Duties and Taxes on Exported Products, a scheme for reimbursement of taxes and duties to exporters

Share Market Update: BSE 30-share S&P Sensex closed 143 points lower at 39,745 and NSE 50-share index Nifty50 closed 45 points lower to 11,633.

While importers have to fill Bill of Entry with Customs department while importing goods, exporters have to file Shipping Bill

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Budget 2020: In today's speech, the FM broke her own record and delivered the longest Union Budget speech, which was 159 minutes long

In a circular issued on January 23, CBIC's GST policy wing asked its commissioners to inform all exporters whose scrolls had been kept in abeyance for verification to complete the verification formalities for release of funds

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

Income Tax Department has also rolled back its decision to bar taxpayers who deposited more than Rs 1 crore, spent Rs 2 lakh on foreign travel, and paid electricity bills over Rs 1 lakh from filing ITR-1 Sahaj

ITR-1 Sahaj is used to file returns by ordinary resident individuals whose total income does not exceed Rs 50 lakh. Form ITR-4 Sugam is meant for resident individuals, HUFs and firms except LLPs with a total income of up to Rs 50 lakh and presumptive income from business and profession

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

Cyrus Mistry says not returning as Tata Sons chairman, will protect minority shareholders' rightsCyrus Mistry has said that he is not pursuing the position of Tata Sons' executive chairman, the office he was unceremoniously terminated from in October 2016, or directorship of any of the Tata group companies. He added that he will, however, \"vigorously pursue all options to protect our rights as a minority shareholder\". Mistry's statement on Sunday came in the backdrop of an NCLAT...

The Central Board of Indirect Taxes and Customs reportedly used data analytics to tally data with the Income Tax Department, and under Goods and Services Tax regime and customs to nab the exporters who fraudulently claimed GST refunds

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

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