Page 5 - Latest Updates on Indirect Tax
Interest settlement part of indirect tax scheme with some riders: HC
Tax authorities' order not allowing disputes arising out of interest payment for resolution quashed
 "Interest settlement part of indirect tax scheme with some riders: HC")
Rationalisation in long-term capital gains tax structure on the anvil
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit
 "Rationalisation in long-term capital gains tax structure on the anvil")
Removing IPC offences from GST Act will be welcome move: Experts
Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say
 "Removing IPC offences from GST Act will be welcome move: Experts")
Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000
Business Standard brings you the top headlines this hour
 "Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000")
'Not supply': AAR rules out GST on canteen fees, notice period pay
The announcement by the AAR bench came after the clarifications issued by the Central Board of Indirect Taxes and Customs (CBIC) in August
 "'Not supply': AAR rules out GST on canteen fees, notice period pay")
Like imports, exports to soon have a single window clearance system
Several export consignments need to be checked by various regulatory agencies like drug controllers etc, all these will be integrated into the new customs system
 "Like imports, exports to soon have a single window clearance system")
Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR
Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis
 "Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR")
Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far
Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year
 "Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far")
Govt bans mapping and export of sensitive locations under data regime
The central government has released a list of economic and national security-related strategic and sensitive locations that cannot be mapped and exported
 "Govt bans mapping and export of sensitive locations under data regime")
Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export
The move follows moderation in the Indian basket of crude to $92.53/barrel on average in September compared with the August average of $97.4/barrel
 "Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export")
Disclosing end-use of goods must while claiming concessional import duties
Move aimed at enabling tracking of goods to ensure they don't end up in replacement market
 "Disclosing end-use of goods must while claiming concessional import duties")
Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.
Transport services to civic bodies not exempt from GST in each & every case
Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR
 "Transport services to civic bodies not exempt from GST in each & every case")
SC ruling on IBC will have overriding effect over indirect tax recoveries
The move, according to tax experts, will set a precedent for matters related to recoveries
 "SC ruling on IBC will have overriding effect over indirect tax recoveries")
CBIC directs GST officers to not summon senior execs in first instance
Also instructs them to not arrest a person if he has a different interpretation of law
 "CBIC directs GST officers to not summon senior execs in first instance")
GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1
Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above
5 years of GST: Why the indirect tax regime may not see big-bang reforms
From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies
 "5 years of GST: Why the indirect tax regime may not see big-bang reforms")
Five years of GST: Some biz adapted, some perished, as others thrived
This report from Howrah talks about how the mid-sized and smaller players lost ground
 "Five years of GST: Some biz adapted, some perished, as others thrived")
GST enforcement: A fine balance in catching fraud, not harassing taxpayers
The government has tightened GST norms. But some of the changes have caused 'inconvenience' to taxpayers, to say the least
 "GST enforcement: A fine balance in catching fraud, not harassing taxpayers")
Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj
Revenue secretary attributes it to cuts in excise and Customs duties
 "Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj")