Page 2 - Latest Updates on Indirect 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")
GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020
This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations
 "GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020")
Statsguru: Customs duty revisions in Budget aimed to boost manufacturing
The share of Customs duty in India's gross tax receipts has more than halved in the past decade
 "Statsguru: Customs duty revisions in Budget aimed to boost manufacturing")
Expanding GST: Focus on land and real estate
It will give an impetus to factor market reforms, which are essential to drive India's growth
 "Expanding GST: Focus on land and real estate")
On the table: Fitment panel working on 2 sets of 3-slab GST structure
The panel is working on two options to keep prices of essential goods in check
GST amnesty scheme: A step forward or a missed opportunity?
While the GST amnesty scheme is a positive step towards improving taxpayer relations, its current form falls short of its potential
'Don't want to raise tariffs to high levels as industry becomes complacent'
Since indirect tax figures are not being released, we are treating GST data in the same manner, he says
 "'Don't want to raise tariffs to high levels as industry becomes complacent'")
Union Budget 2024-25: Lightening the indirect burden on taxpayers
The Budget has taken up several welcome measures for their benefit and overall trade facilitation
 "Union Budget 2024-25: Lightening the indirect burden on taxpayers")
Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0
Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime
 "Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0")
GST: Reimagining input tax credit norms
One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated
Major GST relief for foreign holding cos in intra-loan transactions
18% GST on additional fees, other considerations on providing loans
 "Major GST relief for foreign holding cos in intra-loan transactions")
ESOPs by foreign cos to employees of India unit not to attract GST: CBIC
The clarification forms part of the 16 circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), following the meeting of the GST Council on June 22
 "ESOPs by foreign cos to employees of India unit not to attract GST: CBIC")
