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The importers had warehoused the goods in free trade warehousing zones (FTWZs) even before the May 15 government notification on changing the category to “free.” ....
Updated Jul 26, 2021 | 08:37 IST The indirect tax department has issued notices to several individuals and companies in July after it found discrepancies in their income tax and indirect tax filings. Representational image Key Highlights Tax departments have used big data analytics in the last few years In the past, the direct tax and the indirect tax departments operated independently and would not share data. New Delhi: Recently, many individuals and companies, who may have hidden some income from the tax department, have come under the taxman’s lens following an elaborate investigation based on application of data analytics and machine learning and robust data sharing between various tax authorities. ....
Several companies, individuals get tax notices as data analytics uncovers gaps in filings indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Confusion over GST on annuity from govt: Infra companies under taxman’s lens SECTIONS Share Synopsis Industry trackers said that some of the infrastructure and construction companies are already reeling under financial pressure. Some of them had not factored in the GST in their cost and this could impact some of their operations. Agencies Several infrastructure companies that are building highways have come under the tax department’s scrutiny for misinterpretation of the word “annuity” in the goods and services tax (GST) framework. The tax department had said that annuity is outside the gamut of the GST framework. By this the government meant that the toll paid as annuity or in bulk will also be exempt. ....
Brand promotion expenses not part of cost, can t be subjected to duty, says Supreme Court SECTIONS Brand promotion expenses not part of cost, can t be subjected to duty, says Supreme CourtBy Share Synopsis The tax department had claimed that several multinational companies were undervaluing imports and that marketing spend is nothing but a mandatory requirement embedded in the cost to hoodwink Indian authorities Money spent by importers of sports goods on brand promotions and appointment of brand ambassadors cannot be subjected to import duty, the Supreme Court has said. The ruling came in the backdrop of revenue officials issuing notices to several dealers who had imported golf kits, badminton and table tennis rackets and had roped in brand ambassadors, including PV Sindhu and Saina Nehwal. ....