Page 6 - Indirect Tax

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

Kanpur: Rs 150 cr found at UP businessman's home during tax raid

This is the biggest recovery ever in the history of CBIC, says CBIC chairman Vivek Johri

IRS officer Vivek Johri takes charge as CBIC Chairman

Senior bureaucrat Vivek Johri on Wednesday took charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Johri, a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer, has been a member of the board. He has succeeded M Ajit Kumar, who completed his tenure on November 30. "Vivek Johri, IRS (C&IT:1985) takes over as Chairman of Central Board of Indirect Taxes and Customs (CBIC) from today, December 01, 2021," CBIC tweeted. The Appointments Committee of the Cabinet had last month approved the appointment of Johri as the Chairman of the CBIC, which is the apex body related to customs and other indirect taxes.

Robust GST collections likely in November, uncertainty about December

The generation in the first two weeks of November does not augur well for December collections

Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST

While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation

Swiggy isn't the only company complaining about forced GST payment

Tax consultants allege many others face coercion from field officers

Centre's fiscal deficit at 35% of budget estimates vs 115% a year ago

To be lower than budgeted 6.8%, say economists even when total expenditure is expected to exceed BE

GST Council likely to reject CCI plea for exemption of indirect tax

Fitment committee recommends rejecting MoSPI request for a waiver

GST Council to weigh bringing fuel under indirect tax regime: Report

Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories

Formal sector, administration raises tax kitty 29% in Apr-July from FY20

Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier

Centre-states may discuss early inclusion of natural gas into GST fold

The Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.

View from the edge

The Union government is so fiscally ineffective that it can only spend an incremental 0.4 per cent of GDP on healthcare in a pandemic, against a global average of 1.2 per cent, writes Rathin Roy

GST at four: A dive into the milestones and the unfinished agenda

GST Council must maintain revenue momentum, simplify rate structure, and strengthen cooperative federalism in spirit and letter

E-way bill generation picks up pace in June as states start unlock process

E-way bill generation rose by 22.6 per cent in the week ended June 27 at 14.6 million compared to 11.9 million in the previous week

Advance tax collection surges 146% despite Covid-19-led economic disruption

Net direct tax mop-up zooms 100% till June 15

Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more

Here are the best of Business Standard's opinion pieces for Tuesday

Dangers of a wrong diagnosis

Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree

Centre's indirect tax share in GDP rises in FY21 after four years

Share of corporation tax collections in gross tax revenue falls to 10-year low

Centre surpasses its revenue targets but higher food subsidy cancels gains

While govt made Rs 1.16 trn more revenue, it spent Rs 1.18 trn more on food subsidy too. But it can be said that the govt used the gains it made to settle FCI arrears once and for all

Printing of dynamic QR code on B2C invoices deferred till July 1

The government has deferred by three months till July 1 the requirement of printing dynamic QR code on B2C (business-to-consumer) invoices generated by businesses. Quick response code or QR code help users verify the details in the digitally signed e-invoice. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) waived the amount of penalty payable by a registered person for non-compliance of provisions of dynamic QR code in B2C invoices till June 30, 2021, subject to the condition that businesses comply with the provisions from July 1, 2021. AMRG & Associates Senior Partner Rajat Mohan said large taxpayers having an aggregate turnover beyond Rs 500 crore would get relief from the said penalty waiver, which required the printing of a dynamic QR code on every B2C invoice. EY Tax Partner Abhishek Jain said, "Some of the clarifications on issues around B2C QR code were released by the government only a few weeks ago, leaving very limited time for the industry to .