Page 5 - Indirect Tax

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.

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

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

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

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

Five years of GST: Some biz adapted, some perished, as others thrived

This ground report from Howrah talks about how the mid-sized and smaller players lost ground

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.

Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj

Revenue secretary attributes it to cuts in excise and Customs duties

April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23

CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears