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Indirect Tax
What is Indirect Tax
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Latest Updates on Indirect Tax
GST mop up at all-time high of Rs 18 trillion in FY23, shows data
The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds
 "GST mop up at all-time high of Rs 18 trillion in FY23, shows data")
Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month
With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months
 "Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month")
GST Council will decide on cement tax rate after expert study, says CBIC
NEW DELHI (Reuters) - India's Goods and Services Tax Council will decide whether to cut tax rates on cement after an expert team submits its recommendation, chairperson of the CBIC said on Friday.
 "GST Council will decide on cement tax rate after expert study, says CBIC")
Indirect taxes: Budget proposals aligned with govt's strategic priorities
Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth
 "Indirect taxes: Budget proposals aligned with govt's strategic priorities")
Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation
The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26
 "Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation")
Budget 2023 aims at providing a stable direct tax regime
At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts
 "Budget 2023 aims at providing a stable direct tax regime")
Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer
The government will spend 8 paise out of every rupee on 'other expenditures'
Interest settlement part of indirect tax scheme with some riders: HC
Tax authorities' order not allowing disputes arising out of interest payment for resolution quashed
 "Interest settlement part of indirect tax scheme with some riders: HC")
Rationalisation in long-term capital gains tax structure on the anvil
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit
 "Rationalisation in long-term capital gains tax structure on the anvil")
Removing IPC offences from GST Act will be welcome move: Experts
Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say
 "Removing IPC offences from GST Act will be welcome move: Experts")
Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000
Business Standard brings you the top headlines this hour
 "Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000")
'Not supply': AAR rules out GST on canteen fees, notice period pay
The announcement by the AAR bench came after the clarifications issued by the Central Board of Indirect Taxes and Customs (CBIC) in August
 "'Not supply': AAR rules out GST on canteen fees, notice period pay")
Like imports, exports to soon have a single window clearance system
Several export consignments need to be checked by various regulatory agencies like drug controllers etc, all these will be integrated into the new customs system
 "Like imports, exports to soon have a single window clearance system")
Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR
Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis
 "Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR")
Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far
Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year
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 bans mapping and export of sensitive locations under data regime")
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
 "Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export")
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
 "Disclosing end-use of goods must while claiming concessional import duties")
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
 "Transport services to civic bodies not exempt from GST in each & every case")
