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'4-tier GST rate may lead to classification disputes'

'4-tier GST rate may lead to classification disputes'

The four-tier GST rate structure will open up floodgates of classification disputes with tendency among businesses to demand lower rate for their goods or services, says a research paper.

Nagaland Assembly ratifies GST

The Nagaland Legislative Assembly on Friday ratified the Goods and Service Tax (GST) Constitution Amendment Bill.

GST to enable voluntary tax compliance: Mani

The country is slowly moving towards Goods and Services Tax (GST) regime which will enable voluntary tax compliance, facilitate simple and transparent tax administration, said K.M. Mani, who headed the Empowered Committee of State Finance Ministers on GST, on Friday.

GST to be a reality soon: FinMin

Minister of State for Finance Nirmala Sitharaman also emphasised that the NDA government has zero tolerance towards corruption and would focus on "accountability in the tax administration".

Govt sets up Tax Administration Reform Commission: Shome

Hopefully there would be dynamic recommendations and once the recommendations are out, it would be discussed by the tax administration and tax payers, Parthasarathi Shome said.

India seeks automatic info-sharing to deal with tax avoidance

India on Friday called for automatic exchange of key financial information and greater cooperation among G20 nations to deal with cases of tax avoidance.

TARC to submit its first report by May-end

The Tax Administration Reform Commission (TARC), announced in last year's Budget, would submit its first report to the government by May-end, Chairman of the panel and Advisor to Union Finance Minister Parthasarathi Shome said Friday.

E-returns: CBDT may soon do away with submission of ITRV form

"The decision could happen soon as this concerns a lot of taxpayers and will be seen as customer-friendly," a source privy to the development said.

FinMin assures India Inc of efficiency in tax administration

"As per law we will go for revenue, but what is due, we will do as per rules ... Please trust us. Ultimately we need to trust you, you need to trust us. Without trust, nothing can move on," Revenue Secretary Sumit Bose said at a CII event here.

BRICS nations to cooperate in seven areas of tax policy

The five BRICS (Brazil, Russia, India, China and South Africa) countries have indentified seven areas of tax policy and tax administration for cooperation.

India should focus on data mining, analysis of tax admin: Shome

India should strengthen the Large Tax Payers Unit (LTUs) and focus on data mining and analysis of tax administration, expert Parthasarathi Shome said Thursday.