GST

According to sources, as per the calculation by the GST arm, the tax liability of Uber India stands around Rs 800 crore, while that of Ola Cabs is around Rs 300 crore.

Those arrested by the Directorate General of GST Intelligence (DGGI) and the CGST Commissionerates include six Chartered Accountants and one Company Secretary, sources said.

Sources privy to the development said that based on Petroleum Ministry's suggestion, the Centre may take up with GST Council the issue of bringing natural gas under the Goods and Services Tax (GST) regime to begin with before entire oil and gas sector is brought under it.

Out of the total GST revenue collection of Rs 1,15,174 crore, Central GST (CGST) was Rs 21,365 crore, State GST (SGST) was Rs 27,804 crore, Integrated GST (IGST) was Rs 57,426 crore (including Rs 27,050 crore collected on import of goods), said a Finance Ministry statement.

In its recommendations for the upcoming Union Budget, the industry body has also sought production-linked incentive (PLI) schemes for manufacture of laptops, tablets, printed circuit board assembly (PCBA), and wearables. ICEA Chairman Pankaj Mohindroo is of the view that imports are no longer a threat and duty of 20 per cent can be brought down since large-scale manufacturing is well on the way and the Indian industry can face competition.

According to the Ministry of Finance's Revenue Department, the deadline for filing ITR by those taxpayers whose accounts are to be audited has been extended till February 15, 2021. Besides, the deadline for filing ITR by other taxpayers has been extended till January 10.

Revenue from the tax has been on an uptrend after staying in contraction mode for six months since March because of the Covid-19 pandemic and the 68-day nationwide lockdown.

Out of this, an amount of Rs 5,516.60 crore has been released to 23 States and an amount of Rs 483.40 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council.

The industry body has asked the government to incentivise investments in infrastructure. A stimulus to investments in infrastructure can provide a major fillip to the growth engine, creation of jobs and spur in demand, it said. A benefit similar to section 10(23G) of the Act to incentivise investments in infrastructure may be provided in the upcoming budget, it added.

The new functionality will provide a communication platform for taxpayers wherein a purchaser or recipient can ask his suppliers to upload any particular invoice/s that has not been uploaded but is required by the purchaser to avail input tax credit (ITC).