SpiceJet’s Ajay Singh blasts Govt’s approach towards aviation

Ajay Singh, Chairman of Spicejet and the man who came up with the slogan ‘Abki Bar Modi Sarkar’, today blasted the government’s approach towards the aviation sector. Speaking at the 12th International Conference-cum-Awards on Civil Aviation & Cargo by FICCI, Singh was unsparing in his criticism of government’s taxation policy towards his industry. “There is […]

Authorities bust fake GST input tax credit racket in Delhi

In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the GST regime, any company can get a reduction in the tax they have to pay if they produce receipts of raw material purchase, to the […]

India’s garment industry suffocates under GST bottlenecks

Apparel Export Promotion Council of India has sounded alarm on the continued decline in apparel production in India and said India won’t be able to meet the garment export target of $20 bln this year. “If the capital blockage continues and the cost competitiveness of the industry is not restored, the slippage in exports will […]

Income Tax dept identifies millions of non-tax payers using software

The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]

Demonetization unearths Rs 25,000 cr of black money so far – Govt

The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]

GST complaints coming mainly from tax-evaders – Adi Godrej

Adi Godrej, chairman of one of India’s largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. “The complaints about the GST are mainly coming from people who used to evade taxes in […]

Hindustan Unilever says early sales in Jul-Sep quarter affected by ‘GST myths’

Hindustan Unilever, the country’s largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors. “Early part of SQ’17 (July-September 2017) was affected by various myths in trade,” the company said at Arisaig Consumer Symposium today. […]

Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit

Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed. The numbers indicate that the company’s free offers have helped Indians save a […]