Page 2 - Tax Department

14,277 GST appeals pending against disputed tax demands by authorities

As many as 14,227 appeals against disputed tax demands raised by Central GST authorities are pending as of June 2023, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said the 49th meeting of the GST Council had approved the setting up of GST Appellate Tribunals across the country. "It has been planned to establish the State benches in a phased manner based on the request of states," the Minister said in a written reply in the Lok Sabha. He also gave details of the number of GST appeals against demands by Central GST authorities pending at various levels. During 2023-24 (up to June 2023), 14,227 appeals were pending. The number was gone up from 11,899 pending appeals as of March 2023. Setting up of GST Appellate Tribunal benches in states would help in faster dispute resolution. Currently, taxpayers aggrieved with the ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts a

Sanjay Kumar Agarwal takes charge as CBIC chairman, succeeds Vivek Johri

IRS officer Sanjay Kumar Agarwal has taken charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). "Sh. Sanjay Kumar Agarwal, IRS (C&IT:1988) takes over as Chairman of Central Board of Indirect Taxes and Customs (CBIC) w.e.f August 05, 2023," the CBIC tweeted. Agarwal succeeds Vivek Johri who superannuated as CBIC chief on May 31. In an order issued on August 5, the finance ministry had appointed Agarwal, who was holding charge of CBIC member compliance management, looking into investigations. The CBIC, which deals with policy making in indirect taxes -- GST, customs, excise -- is headed by a chairman and has six members in the board. The board is assisted by principal chief commissioners/chief commissioners and principal director generals/ director generals.

Examine top 30 cases of TDS falling short: CBDT to tax department

Apex body releases interim action plan for the first half of FY24

K'taka HC grants interim relief to Flipkart in Rs 1,100-cr tax demand case

The assessee (Flipkart) argued that the matter was already decided in its favour by the income-tax appellate tribunal (ITAT) Bengaluru on the same issue earlier during assessment year 2015-16

Taxing demands

Unrealistic revenue targets will affect business environment

GST officers to seek details of all invoices in case of ITC mismatch

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

Liquidity slips into deficit; RBI cash injections at over one-month high

Tax outflows drive tightness; banks face pressure to raise deposit rates

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Have Form 16 from two employers? Be careful not to claim tax benefits twice

A mistake in calculating tax liability could lead to a notice from the tax department

Tax department raids multiple premises of media group Dainik Bhaskar

The Income Tax Department on Thursday conducted raids against the media group Dainik Bhaskar in multiple cities over alleged tax evasion, official sources said

Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit

Vivad se Vishwas scheme: Settlement, a fact-intensive decision

From taxpayers' point of view, this scheme provides a good window of opportunity to reduce litigation and it must be evaluated positively.

I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme

All communications from tax dept to assessees to carry DIN from Oct 1: CBDT

Earlier, Prime Minister Narendra Modi had assured honest and law-biding taxpayers that they will not be harassed by the tax department

'High-risk remittance' data under Income Tax department's scanner

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

Can we eliminate tax terrorism?

The tax department itself has marked 94 per cent of all direct tax arrears as "demand difficult to recover"

Tax department extends date for filing SFT by banks, MFs till June 30

CBDT had last week asked the entities required to furnish SFT under 114E of Income Tax Rules