Page 4 - Latest Updates on Indirect Tax
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
 "The scourge of tax arrears")
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
 "Bring faceless assessment in indirect tax regime, demand textiles exporters")
Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah
Amit Shah said the Narendra Modi government has taken several key decisions to empower and honour honest taxpayers and launch of 'Transparent Taxation-Honoring the Honest' is a gift to the taxpayers
 "Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah")
Happy that govt announced long-awaited taxation reform, says VP Naidu
Vice President M Venkaiah Naidu on Thursday said the "long-awaited" taxation reform announced by the government would lead to greater compliance of tax laws
 "Happy that govt announced long-awaited taxation reform, says VP Naidu")
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
 "Will the country finally have an integrated tax surveillance system?")
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
 "Govt's cost-cutting drive: Proposal to merge CBDT, CBIC back on the table")
Making GST work
Only a simpler tax structure will increase compliance
 "Making GST work")
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
 "Tax-burden on India's GDP to rise further, hitting consumption and savings")
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
 "Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC")
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
 "Treat taxpayers with empathy amid Coronavirus: CBIC chairman to officers")
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
 "SBI says reducing indirect taxes, and not rate cuts, can lift consumption")
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
From vivad to samvad, to gain vishwas
The culture of 'collect first, correct later' needs to change
 "From vivad to samvad, to gain vishwas")
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
 "New GST filing format, e-invoicing to help in reporting for taxes: GSTN CEO")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
Budget 2020: Appliances, consumer electronics sector seeks tax relief, sops
Finance Minister Nirmala Sitharaman is scheduled to present the Budget for financial year 2020-21 on February 1.
 "Budget 2020: Appliances, consumer electronics sector seeks tax relief, sops")
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
 "Fixing the GST")
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
 "Govt orders probe into 'unknown' imports, revenue dept to provide details")
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
 "Amid slowing economy, corporation tax mop-up contracts 1% in Apr-Nov")
