Page 3 - Latest Updates on Indirect Tax
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")
Understanding GST revenue performance
Contrary to belief, GST underperformed the old tax regime in its initial years but has now begun to exceed expectations, six years after implementation
 "Understanding GST revenue performance")
GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane
The 15 per cent Y-o-Y growth in November came despite weak external conditions
 "GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane")
AAR under GST plagued by conflicting rulings, quality of orders
It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities
 "AAR under GST plagued by conflicting rulings, quality of orders")
Nine-year shift: Taxpayers' income distribution less tilted to super-rich
ITR filing surges 90% during AY13-14 and AY2021-22
 "Nine-year shift: Taxpayers' income distribution less tilted to super-rich")
DGGI serves Rs 55k crore tax notices to gaming firms, biggest to Dream11
The pre-show cause notices are being issued after the GST rates for real money games increased to 28 per cent on the total bet placed at the entry-level
 "DGGI serves Rs 55k crore tax notices to gaming firms, biggest to Dream11")
CBIC mulling organisational restructuring to make it more effective
"A holistic restructuring of the organisation is needed to make it more lean and adaptive to changing times and taxpayer needs," the official told PTI
 "CBIC mulling organisational restructuring to make it more effective")
CBIC slaps Rs 942 crore demand notice on HDFC Life Insurance Company
Insurer faces charge of wrongly availing tax credit under GST rules
 "CBIC slaps Rs 942 crore demand notice on HDFC Life Insurance Company")
50,000 cases to be taken up for GST audit in FY24, says CBIC chairman
Authority's target to be based on risk parameters
 "50,000 cases to be taken up for GST audit in FY24, says CBIC chairman")
Centre to come up with pre-filled GST return forms by year-end: Report
The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices
CBIC circular on pre-import violation cases
The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so
 "CBIC circular on pre-import violation cases")
GST and states, a reality check of how indirect tax system is working
Early fears about the regime have not come true, but there is room for improvement
 "GST and states, a reality check of how indirect tax system is working")
