Page 2 - Latest Updates on Indirect Tax
CBIC issues new rules to simplify GST registration, curb official overreach
The revised guidelines aim to curb discretionary demands for extraneous documents, a frequent complaint among taxpayers who have reported harassment and inconsistency in the registration process
 "CBIC issues new rules to simplify GST registration, curb official overreach")
SC junks CBIC plea, says GST errors can be corrected even after deadline
The Supreme Court further emphasised that denying ITC due to human errors results in unfair double taxation, where businesses end up paying tax twice
 "SC junks CBIC plea, says GST errors can be corrected even after deadline")
Govt replaces 'certificate' with 'proof' in Rules of Origin regulations
The amendment, effective from March 18, modifies key rules governing the determination of the country of origin of imported goods - a crucial factor in availing duty benefits under FTAs)
 "Govt replaces 'certificate' with 'proof' in Rules of Origin regulations")
Can GST rate rationalisation make India's tax system truly simple?
The Union government plans to propose GST rate and slab cuts to the GST Council. Can this reform make India's indirect tax system truly simple?
 "Can GST rate rationalisation make India's tax system truly simple?")
Revised Customs duty now closer to Asean average: CBIC Chairman Agarwal
Sanjay Kumar Agarwal spoke about the need to amend rules in the Central Goods and Services Tax Act to overturn the Supreme Court's (SC's) order in the Safari Retreats case
 "Revised Customs duty now closer to Asean average: CBIC Chairman Agarwal")
CBIC notifies rules for entities to get temporary GST identification number
Under Goods and Services Tax (GST) rules, registration is mandatory for businesses with an annual turnover of Rs 40 lakh and Rs 20 lakh in the manufacturing and services sectors
 "CBIC notifies rules for entities to get temporary GST identification number")
Budget 2025: Decoding tax and non-tax revenue and why they matter
As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown
 "Budget 2025: Decoding tax and non-tax revenue and why they matter")
Event organisers to gain ITC benefits as GST Council amends sponsorship tax
GST Council brings sponsorship services under forward charge mechanism
 "Event organisers to gain ITC benefits as GST Council amends sponsorship tax")
GST Council defers key decisions, tackles complexity of tax system
It was clarified that ready-to-eat popcorn mixed with salt and spices attracted a 5 per cent GST rate. It attracts a 12 per cent tax if supplied as pre-packed and labelled
 "GST Council defers key decisions, tackles complexity of tax system")
India to become world's most efficient, trusted trade hub: Revenue secy
He further said technology and trust are two pillars of the revenue department
SC rules in favour of DRI authority; clears recovery of Rs 20,000 cr tax
This ruling confirms that DRI officers qualify as "proper officers" under Section 28 of the Customs Act, enabling them to issue show-cause notices
 "SC rules in favour of DRI authority; clears recovery of Rs 20,000 cr tax")
Good enough vs ideal: Incremental GST reforms may outshine rapid changes
Our guiding principle in taxation should be driven by the principle of what works, not what is theoretically the best idea. The good enough should not be made the enemy of the ideal
 "Good enough vs ideal: Incremental GST reforms may outshine rapid changes")
Consensus eludes GoM on GST rate rationalisation, over 100 items discussed
The outcome of the rate rationalisation discussions will be crucial in shaping the agenda for the upcoming 55th GST Council meeting, expected in November
 "Consensus eludes GoM on GST rate rationalisation, over 100 items discussed")
Infosys GST demand notices: Relief in sight, 2 options on the table
Finance ministry may declare notices null and void or reduce tax liability
 "Infosys GST demand notices: Relief in sight, 2 options on the table")
GoM meeting in Goa: No consensus on GST proposals for real estate sector
Meeting favours States that declare tourism as infra to facilitate exemptions
 "GoM meeting in Goa: No consensus on GST proposals for real estate sector")
Dispute over food GST: Gujarat High Court rules in company's favour
The Gujarat High Court has quashed a show cause notice sent by the GST authorities to a company asking it to pay 18 per cent tax on unfried or uncooked extruded snack pellets
 "Dispute over food GST: Gujarat High Court rules in company's favour")
Robust GST audit system with safeguards can boost state revenue collection
An audit system has great advantages over routine tax return verification but requires greater skills
 "Robust GST audit system with safeguards can boost state revenue collection")
Record Rs 81,875 crore GST evasion detected in online gaming in FY24
In terms of sectors, online money gaming was followed by the BFSI sector, which saw Rs 18,961 crore evaded in 171 cases
 "Record Rs 81,875 crore GST evasion detected in online gaming in FY24")
Underutilised data: GST transactions are a rich mine for policymakers
The GSTN's concerns about privacy and security are important and must be respected, but they are not insurmountable
 "Underutilised data: GST transactions are a rich mine for policymakers")
E-governance journey in CBIC: Moving towards development outcomes
As the IT system became more scalable, it not only led to better compliance but also made CBIC future-ready and resilient
 "E-governance journey in CBIC: Moving towards development outcomes")