Page 2 - Latest Updates on Indirect Tax
SC ruling on IBC will have overriding effect over indirect tax recoveries
The move, according to tax experts, will set a precedent for matters related to recoveries
 "SC ruling on IBC will have overriding effect over indirect tax recoveries")
CBIC directs GST officers to not summon senior execs in first instance
Also instructs them to not arrest a person if he has a different interpretation of law
 "CBIC directs GST officers to not summon senior execs in first instance")
GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1
Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above
 "GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1")
5 years of GST: Why the indirect tax regime may not see big-bang reforms
From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies
 "5 years of GST: Why the indirect tax regime may not see big-bang reforms")
Five years of GST: Some biz adapted, some perished, as others thrived
This report from Howrah talks about how the mid-sized and smaller players lost ground
 "Five years of GST: Some biz adapted, some perished, as others thrived")
GST enforcement: A fine balance in catching fraud, not harassing taxpayers
The government has tightened GST norms. But some of the changes have caused 'inconvenience' to taxpayers, to say the least
 "GST enforcement: A fine balance in catching fraud, not harassing taxpayers")
Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj
Revenue secretary attributes it to cuts in excise and Customs duties
 "Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj")
April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23
CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears
 "April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23")
What is sin tax? What is it imposed on?
Govts earn revenue by charging taxes. But, it also imposes a special tax to wean people off bad habits. It is called sin tax. Govts impose sin tax on alcohol and tobacco products
 "What is sin tax? What is it imposed on?")
Indirect Taxes: Union Budget 2022 is a transformative and progressive
The focus on India's startup ecosystem, the ease of doing business and green energy will shore up growth momentum and benefit multiple stakeholders.
 "Indirect Taxes: Union Budget 2022 is a transformative and progressive")
Ready Reckoner: FM Sitharaman's fourth Budget places emphasis on growth
Indirect taxes shall rise 5.5 per cent, on the back of a 15.6 per cent increase in spending in FY23
 "Ready Reckoner: FM Sitharaman's fourth Budget places emphasis on growth")
Union Budget 2022: No tax break but important aspects addressed
NPS is the only scheme without any rupee value limit (the limit is a percentage of salary and not a specific rupee value) on the deduction
LIVE: This Budget brings more infra, more growth and more jobs, says PM
Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights
 "LIVE: This Budget brings more infra, more growth and more jobs, says PM")
What are direct and indirect taxes?
There are two types of taxes which the government collects -- direct and indirect taxes. Get clarity on them ahead of the Union Budget for 2022-23, which may keep modest targets for tax collections
 "What are direct and indirect taxes?")
Budget 2022: Key sectoral expectations from Indirect Tax perspective
Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable
 "Budget 2022: Key sectoral expectations from Indirect Tax perspective")
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
 "Sharing of powers of direct taxation and indirect taxation is unfair: TN")
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
 "Kanpur: Rs 150 cr found at UP businessman's home during tax raid")
IRS officer Vivek Johri takes charge as CBIC Chairman
Johri, a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer, has been a member of the board
 "IRS officer Vivek Johri takes charge as CBIC Chairman")
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
 "Robust GST collections likely in November, uncertainty about December")
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
 "Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST")
