Page 6 - Latest Updates on Indirect Tax
Centre's indirect tax share in GDP rises in FY21 after four years
Share of corporation tax collections in gross tax revenue falls to 10-year low
 "Centre's indirect tax share in GDP rises in FY21 after four years")
Centre surpasses its revenue targets but higher food subsidy cancels gains
While govt made Rs 1.16 trn more revenue, it spent Rs 1.18 trn more on food subsidy too. But it can be said that the govt used the gains it made to settle FCI arrears once and for all
 "Centre surpasses its revenue targets but higher food subsidy cancels gains")
Printing of dynamic QR code on B2C invoices deferred till July 1
The government has deferred by three months till July 1 the requirement of printing dynamic QR code on B2C (business-to-consumer) invoices generated by businesses.
 "Printing of dynamic QR code on B2C invoices deferred till July 1")
MCA signs pact with CBIC for data exchange to boost regulatory enforcement
The move, expected to enhance ease of doing business, will use data analytics and artificial intelligence to improve regulatory enforcement.
 "MCA signs pact with CBIC for data exchange to boost regulatory enforcement")
Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts
Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits
 "Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
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")
