Latest news with #MonikaYadav
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Business Standard
19 hours ago
- Business
- Business Standard
GST evasion detection hits all-time high of ₹2.23 trillion in FY25
FM Nirmala Sitharaman urges faster probe closures and easier registrations Monika Yadav The Central Board of Indirect Taxes and Customs (CBIC) detected Goods and Services Tax (GST) evasion of ₹2.23 trillion in the financial year 2024-25 (FY25), an all time high figure which was 10 per cent more than the previous year's ₹2.02 trillion. In FY23, the GST evasion stood at ₹1.01 trillion. In FY25, voluntary payments by taxpayers stood at ₹28,909 crore, according to data shared at the CBIC Conclave held in New Delhi on Thursday. Chairing the meeting, Finance Minister Nirmala Sitharaman called for speedy closure of investigations in Customs and CGST cases, stronger action on tax evasion, and time-bound improvements in GST registration and grievance redressal. Audit coverage under GST rose from 62.21 per cent in FY23 to 88.74 per cent in FY25, with officials highlighting that no taxpayer had been audited more than once in a three-year span. Refund performance also improved, with 85 per cent of claims processed within the statutory 60-day limit. The national average for GSTR-3B return filing reached 94.3 per cent during the FY25. 'An impressive 95 per cent to 97 per cent of CPGRAMS appeals are being disposed of within 30 days. This performance has placed CBIC among the top 5 out of 90 central ministries in CPGRAMS rankings since February 2024,' the release stated. Sitharaman urged the department to intensify awareness campaigns among taxpayers and trade bodies, particularly on the documentation required for GST registration-- citing frequent rejections due to issues with proof of principal place of business. She called for dedicated helpdesks within CGST zones to assist with registration applications. In Customs, cargo facilitation through the Risk Management System rose to 86 per cent in 2025, up from 82 per cent in 2022. The finance minister asked zones to further reduce dwell time for imports and exports at ports and Inland Container Depots (ICDs) to improve India's trade logistics competitiveness. As per the government, CBIC handed over 2,140.35 kg of seized gold to the Security Printing and Minting Corporation of India (SPMCIL) in FY25.
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Business Standard
4 days ago
- Business
- Business Standard
Draft Income tax Bill, 2025: LLPs likely to retain LTCG benefits
Govt likely to fix key omission regarding AMT Monika Yadav New Delhi Listen to This Article The government is likely to fix a key omission in the draft Income Tax (I-T) Bill, 2025, which could have widened the scope of alternate minimum tax (AMT) for non-corporate taxpayers such as partnership firms and limited liability partnerships (LLPs) that were earning only long-term capital gains (LTCG), according to a senior official. The proposed legislation had removed a reference to Chapter VI-A deductions, which serves as a key qualifier for when AMT applies to non-corporate entities. Without this reference, the draft Bill appeared to imply that such entities would be liable to pay AMT. AMT, levied at 18.5 per
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Business Standard
10-06-2025
- Business
- Business Standard
Why corporate guarantees have emerged as a new battleground in tax disputes
Before the introduction of GST in 2017, corporate guarantees between related parties were not considered taxable under the service tax regime, unless there was a direct consideration involved Monika Yadav New Delhi Listen to This Article In the business world, corporate guarantees serve as a routine internal mechanism. They allow group entities to support one another, often enabling subsidiaries to raise loans or obtain credit lines with the backing of a stronger parent company. These transactions typically happen without any monetary consideration. However, under India's Goods and Services Tax (GST) law, they have become a subject of legal uncertainty, leading to growing disputes and concerns among companies and tax experts. Before the introduction of GST in 2017, corporate guarantees between related parties were not considered taxable under the service tax regime, unless there was a direct
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Business Standard
28-05-2025
- Business
- Business Standard
'US remittance tax, tariffs to cost India billions in lost investments'
The original version of US President Donald Trump's "One Big Beautiful Bill" included a 5 per cent excise duty on outward remittances Monika Yadav New Delhi Listen to This Article A proposed 3.5 per cent US tax on remittances, combined with 10 per cent reciprocal tariffs on imports, could significantly impact India's economy, according to analyses by the Centre for WTO Studies. The measures are projected to reduce remittance inflows by billions of dollars and amplify trade costs, disproportionately affecting Indian households reliant on overseas earnings. 'The policy move by the US could have multiplying effects on the economy, including tightening household budgets in India, slowing local consumption, reduced returns from physical and financial assets due to lower investment, and weakening one of the country's most resilient sources of foreign
Business Standard
25-05-2025
- Automotive
- Business Standard
IFTRT bats for GST rate rationalisation to boost green logistics push
Calls for slashing of rates to promote green mobility, single tax slab for goods transport services Premium Monika Yadav Delhi Listen to This Article The Indian Foundation of Transport Research and Training (IFTRT) has called for urgent rationalisation of Goods and Services Tax (GST) rates to promote the adoption of green commercial vehicles (CVs), fuel-efficient radial tyres, and simplified taxation for goods transport services. In its representation to the GST Council ahead of the constitutional body's next meeting, IFTRT has recommended slashing the GST rate on electric and CNG commercial vehicles from the existing 18 per cent to 5 per cent, aligning them with the concessional rate already available to electric passenger vehicles. The think tank argued that lowering the GST burden on green
