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March 28, 2022

Imprisonment under GST is only in cases of serious nature: FM

by CA Shivam Jaiswal in Income Tax

Imprisonment under GST is only in cases of serious nature: FM

Corporate tax cut helped economy, govt & companies… In 2018-19, corporate tax collection was Rs 6.6 lakh cr. In spite of rate reduction & COVID, we collected Rs 7.3 lakh cr (till date). The corporate tax cut is helping the flow of money and is also making sure the health of companies is improving, thereby improving the possibilities of greater employment.

Tax is a matter in which Congress party never thought of reducing the common man’s burden whereas we’re constantly working to make sure that people are not burdened.

People who make and run businesses are treated with a sense of pride so that they can create jobs. We don’t treat them as people from whom we have to suck out everything.

Even in 1951, Pt. Jawaharlal Nehru could say that a Korean war can affect Indian inflation…But if today in a globally connected world, we say that Ukraine (war) is affecting us, it is not accepted.

Smt. Nirmala Sitharaman on GST in Lok Sabha

Imprisonment is only in cases of serious nature & not for minor mistakes or wrong entries…GST law also doesn’t provide for imprisonment in cases where amount of tax evaded or ITC availed & utilised is less than threshold limit of Rs 1 cr.

Smt @nsitharaman on GIFT-IFSC in the Lok Sabha.

21 banks have got licenses, banking asset size increased by $25 bn…Footfall, extent of business & generation of activity is there for all to see. Fiscal concessions given have shown tangible results.

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