Page 4 - Indirect Tax

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

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 to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax. The revenue department is now looking at rationalising the tax rates as well as holding period for calculating long-term capital gains and an announcement is likely in the 2023-24 Budget to be presented in Parliament on February 1. Also, a change in base year for computing inflation-adjusted capital gains is being contemplated, the official added. The index year for capital gains tax calculation is revised periodically to make it more relevan

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

Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

Business Standard brings you the top headlines this hour

'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

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

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

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

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 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

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

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.