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Govt unearths over 9,000 fake GST ID numbers February 18, 2021 Move to help curb fake invoices, improve tax collections The Central Board of Indirect Taxes & Customs (CBIC) has claimed that it has unearthed over 9,000 fake GST Identity Numbers (GSTIN). The government had initiated a drive against fake identity numbers in the second week of November. “As on February 13, the Department has made 3,046 cases and unearthed about 9,294 fake GSTINs,” M Ajit Kumar, Chairman of CBIC, said in a communication to the Department. GSTIN is a 15-digits unique alphanumeric identity assigned to each registered assessee. First two digits represent the code of State (each State and UT has been assigned a code like 07 for Delhi, 33 for Tamil Nadu, 28 for Andhra Pradesh and so). Next comes the 10-digits alphanumeric combination which is PAN (ABCDE1234F). The 13th digit is based on the number of registration in a particular State. The 14th digit is Z by default while 15th digit ....
Minnesota January Tax Revenues Beat Forecast by 14% Enter your number to get our free mobile app St. Paul, MN (KROC-AM News) - The latest report on Minnesota tax collections suggests the state s economy outperformed expectations during the first month of the year. The Minnesota Office of Management and Budget is reporting the states that general fund revenues for the month of January were just over $2.4 billion. That is $296 million, or 14.1 percent above the level that was predicted by the state revenue forecast that was issued late last year. Since last November, Minnesota s general fund revenues are nearly $460 million, or about 3.5 percent, higher than forecast. ....
Execution will be critical for the strategic disinvestment policy unveiled in the Budget The government’s spending plans for 2021-22 hinge on better compliance lifting tax collections, and an ambitious plan to raise non-tax revenue. Finance Minister Nirmala Sitharaman has announced large-scale monetisation of government sector assets, including vast tracts of land, and is banking on disinvestment receipts of ₹1.75-lakh crore. This includes likely inflows from the strategic sale of entities such as Air India and BPCL, carried forward from this year’s plans. The listing of LIC could be completed as well, with necessary amendments in the Finance Bill, and that alone could bolster the revenue kitty. Most significant, however, is the new strategic disinvestment policy for public sector enterprises and the promise to privatise two public sector banks and a general insurance company in the year. The policy, promised as part of the Atma Nirbhar Bharat package, states the govern ....
Modern Monetary Theory: Let’s look at it from India’s perspective Photo: Mint Share Via Read Full Story Stephanie Kelton is one of the most influential advocates of Modern Monetary Theory, or MMT. The MMT challenge to mainstream thinking on how to manage an economy has grown in popularity in recent years. It especially challenges the view that government spending to support an economy is constrained by tax collections. Kelton has written a lucid introduction to MMT, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. Much of it deals with the situation in the US. I read it through Indian eyes. Is MMT relevant to India? ....
Under state law, taxpayers have until April 15 to submit their state tax documents and pay any taxes owed. Federal income taxes also must be filed this year by April ....