The firm, Tara Chand Saluja and Sons, has contended in its plea that the GST Rule 117 cannot restrict the right provided under the GST Act to claim input tax credit by providing a timeline for the same.
According to the GST returns data, 34 percent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B).
Under the e-wallet mechanism, a notional credit would be transferred to exporters' accounts based on their past record and the credit can be used to pay taxes on inputs.
In a statement the ministry said many of the errors plaguing the claims for refunds are on account of inadequate familiarisation of the exporters with the GST laws and data entry errors in the various GSTRs / forms.
The Centre rolled out Goods and Service Tax on July 1, 2017 and had said that it would compensate the states for any loss of revenues in the first five years of GST implementation, Panneerselvam said after presenting the budget for the 2018-19 at the assembly.
The GST, introduced by the Centre last year, will make Maharashtra the nation's first self-sufficient state, Minister of State for Finance Deepak Kesarkar said today in the Legislative Council.
Stating that the real estate sector faced triple whammy in form of demonetisation, GST and the new realty law, CREDAI President Jaxay Shah said the industry is facing a "critical moment".
The economy is expected to grow at 6.7 percent in the current financial year, the multilateral lending agency said in its biannual publication 'India Development Update: India's Growth Story'.
The housing sector’s contribution to the Indian GDP is expected to almost double to more than 11 per cent by 2020 up from an estimated 5 per cent to 6 per cent.
About 70 percent of the 53 companies currently under probe are FMCG firms, followed by real estate companies
In written reply to a Rajya Sabha question, Finance Minister Arun Jaitley said states are protected from any revenue loss on account of implementation of the new indirect tax regime under the Goods and Services Tax law.
Even as the economy has largely recovered from the shocks of demonetisation and GST implementation, micro enterprises with borrowings of under Rs 10 lakh are yet to fully recover, a report said today.
The impact of customs duty hike on parts and kits by five per cent would raise prices ranging between 3.5 per to five per cent across the various models of JLR, he said.
The Committee also observed that the frequent revisions in rates has "no doubt affected the regime stability, with adverse impact on trade and business."
The deduction of tax at source (TDS), collection of tax at source (TCS) and reverse charge mechanism have been deferred until June 30.
As on March 2, a total of 1,03,99,305 taxpayers are registered under GST, which include 64.42 lakh taxpayers who have migrated from the erstwhile tax regimes and 39.56 lakh who have taken new registration under GST, Minister of State for Finance Shiv Pratap Shukla said.
According to market research company IMARC, ENA market in India has been growing at CAGR (2010-17) of 6% with the current production volume capacity at 3 billion litres (2017).
The Council will also tweak certain rules pertaining to the anti-profiteering mechanism
PM’s Office has convened meeting of finance and commerce ministries
TReDS is an online platform for facilitating the financing of trade receivables of MSMEs from corporate buyers through multiple financiers.
According to a report by Kotak Economic Research, gradual recovery is underway and the country has started to recuperate from the cyclical and structural bottlenecks witnessed over the past two years.
States have collected revenue of Rs 19,961 crore in January while the Centre raised Rs 14233 crore.
Analysis of GSTN data show that in a large number of cases, the refund claimed by an exporter is higher than the GST paid by him and consequently, the information filed by exporters is not forwarded to Customs by GSTN.
GSTN, the company developing the technology backbone for the new indirect regime, has developed the utility which will help buyers to check the tax payment status of their suppliers and make claiming input tax credit (ITC) easier.
The Economic Report of the President (ERP) that shows a path for continued growth and paints a rosy picture for the American economy, alleges that countries, including India and Brazil - both GATT signatories since 1948 - have been far less open, preserving high bound rates and avoiding universal binding coverage.