Page 3 - Latest Updates on Indirect Tax
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")
Dockets the Supreme Court forgot
Judges are compelled to decide cases applying laws whose validity is under challenge
 "Dockets the Supreme Court forgot")
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
 "GST system redesign neither desirable nor feasible, say tax experts")
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'
 "Budget 2020: FinMin seeks industry inputs on direct, indirect tax changes")
High indirect taxes are hurting exports, Make in India initiative: Experts
Exports of goods and services accounted for just 6.9 per cent of India's GDP in 1990-91 and they grew by record high of 25.4 per cent in FY14
 "High indirect taxes are hurting exports, Make in India initiative: Experts")
Need to reduce centrally sponsored schemes to improve spending: N K Singh
Revenue buoyancy continues to be weak in the area of indirect tax, said Singh
 "Need to reduce centrally sponsored schemes to improve spending: N K Singh")
Indirect tax mop-up at Rs 6.12 trn in Apr-Nov; FY19 target at Rs 11.16 trn
Minister of State for Finance Shiv Pratap Shukla said the actual indirect tax collection for 2018-19 would be known after the end of the financial year
 "Indirect tax mop-up at Rs 6.12 trn in Apr-Nov; FY19 target at Rs 11.16 trn")
Simplicity as seen by tax officials
The Central Board of Indirect Taxes and Customs has said Integrated Goods and Services Tax will not be payable on in-bond sales of goods in a bonded warehouse
