Page 3 - Indirect Tax

Most of top-level executives have positive GST perception: Survey

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. The Deloitte GST@7 survey, engaging C-suite and C-1 level executives across diverse industries through online platforms, highlights areas which have resulted in growing confidence in GST, specifically on the positive role of GST automation/ technology and consultative environment, in policy making. 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. Automation of tax compliance, including e-invoicing, continues to be voted as a top performance area. Also, enhanced and continued stakeholder consultation, leading to the issuance of clarificatory circulars/instructions was considered as a ...

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. 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. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested. The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity. With regard to direct taxes, the ministry said the suggestions could be also on

Senior tax officers can issue directions for early GST recovery: CBIC

The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period. However, in exceptional cases where it is necessary in the interest of revenue, the proper officer, after recording the reasons in writing, may ask a taxable person to pay the amount within a period shorter than three months. The Central Board of Indirect Taxes and Customs (CBIC) said it has been brought to its notice that some of the field formations are initiating recovery before the specified period of three months from the date of service of the order, even in the cases where the taxable person has not been specifically required by the proper ...

Gross GST collection in April shoots past Rs 2 trn to record high

Net GST collections rise by 17%

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

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%

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

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

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

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

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

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

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

CBIC mulling organisational restructuring to make it more effective

The CBIC is mulling a comprehensive restructuring of the organisation, set up 6 decades ago, to make it more effective and remove overlapping, if any, as many of its functions have undergone transformation following introduction of new technologies, abolition of service tax and roll-out of GST which has subsumed several levies. The Central Board of Indirect Taxes and Customs or CBIC (formerly knows as Central Board of Excise and Customs) was set up in 1964. Last in 2014, a cadre restructuring and reorganisation of field formation was undertaken under which 23 central excise zones, 4 service tax zones, 11 customs zones, 60 appeal commissionerates, 45 audit commissionerates, 8 large taxpayer units and 20 directorate generals/directorates were approved to be set up. Extensive use of big data analytics, introduction of faceless assessment in Customs and electronic filing of various documents, claims and payment of taxes have made this organisational restructuring a necessity, an officia

CBIC slaps Rs 942 crore demand notice on HDFC Life Insurance Company

Insurer faces charge of wrongly availing tax credit under GST rules

50,000 cases to be taken up for GST audit in FY24, says CBIC chairman

Authority's target to be based on risk parameters

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

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