Page 3 - Latest Updates on Indirect Tax
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")
Most of top-level executives have positive GST perception: Survey
Reflecting growing confidence in GST, the survey found that about 84 per cent of respondents reported a positive perception of GST in 2024, up from 72 per cent in 2023 and 59 per cent in 2022
 "Most of top-level executives have positive GST perception: Survey")
CBIC cautions public to stay alert against frauds in name of Indian Customs
CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers
 "CBIC cautions public to stay alert against frauds in name of Indian Customs")
Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation
The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July
 "Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation")
Senior tax officers can issue directions for early GST recovery: CBIC
Generally, recovery proceedings are undertaken by the jurisdictional Deputy or Assistant Commissioner of Central Tax
 "Senior tax officers can issue directions for early GST recovery: CBIC")
Gross GST collection in April shoots past Rs 2 trn to record high
Net mopup rises 15.5% on strong domestic activity
 "Gross GST collection in April shoots past Rs 2 trn to record high")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
 "Budget 2024: Here's what FM Nirmala Sitharaman said about income tax")
Interim Budget: FM sticks to fiscal consolidation path in Budget speech
Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%
 "Interim Budget: FM sticks to fiscal consolidation path in Budget speech")
Union Budget 2024: 10 terms to boost the know-how of key financial exercise
The Union Budget, laid out on February 1 annually, is the financial roadmap that shapes the country's economy. Here are 10 key Budget terms for better insights into the key financial exercise
 "Union Budget 2024: 10 terms to boost the know-how of key financial exercise")
GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec
Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23
 "GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec")