Page 7 - Indirect Tax

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 .

MCA signs pact with CBIC for data exchange to boost regulatory enforcement

The move, expected to enhance ease of doing business, will use data analytics and artificial intelligence to improve regulatory enforcement.

Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts

Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits

The scourge of tax arrears

Over four-fifths of the Centre's direct taxes are blocked in arrears. The goal now should be to reduce disputes, not increase them

Bring faceless assessment in indirect tax regime, demand textiles exporters

A small and medium textiles exporters' association has asked the government to introduce 'faceless assessments and faceless appeals' in the indirect tax regime as well

Will the country finally have an integrated tax surveillance system?

Valuable leads on under-payment of tax have often slipped between CBDT and CBEC, who have been more eager to protect their respective turfs

Govt's cost-cutting drive: Proposal to merge CBDT, CBIC back on the table

Freezing hiring, curtailing allowances, and merging of job categories also on the cards

Making GST work

Only a simpler tax structure will increase compliance

Tax-burden on India's GDP to rise further, hitting consumption and savings

In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP up from 9.3 per cent a year ago and low of 6.1 per cent in FY10

Treat taxpayers with empathy amid Coronavirus: CBIC chairman to officers

Covid lockdown has acted as a double whammy for the already struggling economy and slowing revenues

SBI says reducing indirect taxes, and not rate cuts, can lift consumption

It said a rate cut is unlikely to work in isolation as bank transmission of RBI's rate cut has been slow

From vivad to samvad, to gain vishwas

The culture of 'collect first, correct later' needs to change

New GST filing format, e-invoicing to help in reporting for taxes: GSTN CEO

There is a need for standard to ensure complete interoperability, he said

Indirect tax: Few but well-justified changes in Budget 2020

Customs duties and exemptions need to be streamlined

Dockets the Supreme Court forgot

Judges are compelled to decide cases applying laws whose validity is under challenge