Page 7 - Indirect Tax

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

Re-think GST: No economy can afford to persist with a failed tax experiment

Let's pretend no more that the system isn't broken. The Centre needs to break heads in the GST Council and work out new slabs and rates (the fewer the better) and make a fresh start, writes T N Ninan

Fixing the GST

Fundamental improvements to the flawed structure needed

Govt orders probe into 'unknown' imports, revenue dept to provide details

India's overall imports stood at $514 billion in 2018-19, up by 11 per cent from the previous year

Budget 2020: FinMin seeks industry inputs on direct, indirect tax changes

'Views may be supplemented and justified by relevant statistical information about the production, prices, revenue implication of the changes suggested'

Amid slowing economy, corporation tax mop-up contracts 1% in Apr-Nov

The collection numbers are expected to worsen further once the impact of the corporation tax rate cuts becomes visible in the third advance tax collection instalment due on December 15

GST system redesign neither desirable nor feasible, say tax experts

Experts want the GST Council to prepare a detailed road map for the next two-three years to provide an environment of tax certainty for businesses