Page 4 - Latest Updates on Indirect Tax
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
 "Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far")
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")
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
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?")
