Page 2 - Cbic

CBIC to roll out pan-India faceless assessment by Dec 31, trial underway

The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975

Customs dept to launch faceless assessment of consignments from Monday

Faceless Assessment shall be the norm pan India by December 31, 2020, CBIC further said.

CBIC clears Rs 11,052 crore GST refund claims since Apr 8 to benefit MSMEs

he finance ministry had on April 8 said that to provide relief during the cor it has been decided to issue all pending GST and custom refunds

Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit

I-T dept releases Rs 5,200 cr refunds to over 800,000 small businesses

Further refunds of about Rs 7,760 cr to be made soon, GST refund claims of Rs 3,800 cr also processed

Customs clearance goes paperless, contactless to speed up essentials import

Expedited clearance of raw materials will facilitate the production of essential items like pharmaceuticals in the country

Businesses can claim GST refund for services, goods contract cancellations

The CBIC issued a set of clarifications in view of certain challenges being faced by taxpayers in adhering to the compliance requirements following the coronavirus outbreak

Coronavirus outbreak: Traders should highlight issues to get govt's help

The govt is trying to identify areas where relief by way of simplifying procedures or extending the deadlines can be provided

Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST

The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30

Treat taxpayers with empathy amid Coronavirus: CBIC chairman to officers

Covid lockdown has acted as a double whammy for the already struggling economy and slowing revenues

Govt's monthly GST lottery scheme to curb tax evasion to begin from April 1

Under the scheme, the revenue department will conduct monthly lucky draws which will have one bumper prize, while there would be second and third prizes state wise

Every penny counts as GST officers send demand notices to companies

Desperate push to meet collection target; firms receive notices for as low as Rs 2

Sabka Vishwas legacy dispute scheme may not add much to govt coffers

Govt faces uphill task of meeting indirect tax target despite scaling it down

GST rates are revenue negative; rejigging slabs will take time: John Joseph

The rates right now are revenue negative and not revenue neutral, he added

Govt appoints M Ajit Kumar as chairman of CBIC ahead of Budget

The appointment comes just two days before the Union Budget presentation

Stressed real estate firms want bank loans to pay tax dues on deep discount

For the first time perhaps, industry has sought government intervention in getting bank loans to pay excise and service tax dues under the Legacy Dispute Resolution Scheme (LDRS) such as Sabka Vishwas

Dealing with GST fraud

Balance between ease of doing business and compliance is tricky

IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending

In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'

New procedures in GST system may be challenged in courts, say experts

Experts said under the pre-GST state-level value-added regime, cancellation of registration rarely happened

CBIC extends last date of filing GSTR3B by three days to December 23

These returns are to be filed by 20th of the month, next to the month of transactions