Page 4 - Indirect Tax

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

Intra-company services by offices registered separately to attract GST: AAR

GST applicable even if employees appointed for firm as a whole, says Tamil Nadu authority

CBIC extends interest waiver on customs duty payable via ECL till April 13

The CBIC has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. After the members of the export-import trade complained of difficulties in making duty payments via ECL in the automated system, CBIC last week said that no interest would be charged on customs duty paid through ECL till April 10. In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023. Through the Customs (Waiver of Interest) Second Order dated April 11, the CBIC waived the whole of interest payable for the period from April 11 to April 13, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger. AMRG & Associates Senior Partner Rajat ...

GST mop up at all-time high of Rs 18 trillion in FY23, shows data

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

GST Council will decide on cement tax rate after expert study, says CBIC

NEW DELHI (Reuters) - India's Goods and Services Tax Council will decide whether to cut tax rates on cement after an expert team submits its recommendation, chairperson of the CBIC said on Friday.

Indirect taxes: Budget proposals aligned with govt's strategic priorities

Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth

Budget 2023 aims at providing a stable direct tax regime

At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts

Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24. As per the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, Goods and Services Tax (GST) will contribute 17 paise in every rupee of revenue, while corporation tax will account for 15 paise. The government is also looking to earn 7 paise out of every rupee from excise duty and 4 paise from customs duty. Income tax will yield 15 paise. The collection from 'borrowings and other liabilities' will be 34 paise, according to the Budget 2023-24. On the expenditure side, the biggest outlay is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 18 paise. Allocation for defence stands at 8 paise. Expenditure on central sector sc

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