Page 5 - Indirect Tax

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

What is sin tax? What is it imposed on?

Govts earn revenue by charging taxes. But, it also imposes a special tax to wean people off bad habits. It is called sin tax. Govts impose sin tax on alcohol and tobacco products

Indirect Taxes: Union Budget 2022 is a transformative and progressive

The focus on India's startup ecosystem, the ease of doing business and green energy will shore up growth momentum and benefit multiple stakeholders.

Ready Reckoner: FM Sitharaman's fourth Budget places emphasis on growth

Indirect taxes shall rise 5.5 per cent, on the back of a 15.6 per cent increase in spending in FY23

Union Budget 2022: No tax break but important aspects addressed

NPS is the only scheme without any rupee value limit (the limit is a percentage of salary and not a specific rupee value) on the deduction

What are direct and indirect taxes?

There are two types of taxes which the government collects -- direct and indirect taxes. Get clarity on them ahead of the Union Budget for 2022-23, which may keep modest targets for tax collections

Budget 2022: Key sectoral expectations from Indirect Tax perspective

Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable

Sharing of powers of direct taxation and indirect taxation is unfair: TN

Tamil Nadu, according to the Finance Minister P T R Palanivel Thiagarajan, is one of the major States producing handloom, powerloom textiles and hosiery goods in the country