Page 5 - Latest Updates on Indirect Tax
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")
Swiggy isn't the only company complaining about forced GST payment
Tax consultants allege many others face coercion from field officers
 "Swiggy isn't the only company complaining about forced GST payment")
Centre's fiscal deficit at 35% of budget estimates vs 115% a year ago
To be lower than budgeted 6.8%, say economists even when total expenditure is expected to exceed BE
 "Centre's fiscal deficit at 35% of budget estimates vs 115% a year ago")
GST Council likely to reject CCI plea for exemption of indirect tax
Fitment committee recommends rejecting MoSPI request for a waiver
 "GST Council likely to reject CCI plea for exemption of indirect tax")
GST Council to weigh bringing fuel under indirect tax regime: Report
Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories
Formal sector, administration raises tax kitty 29% in Apr-July from FY20
Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier
 "Formal sector, administration raises tax kitty 29% in Apr-July from FY20")
Centre-states may discuss early inclusion of natural gas into GST fold
The Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.
Retro tax must be resolved via Indian law, not arbitral award: Somanathan
Somanathan says that the government doesn't support retrospective taxation since it creates sudden and fresh liability and is not in line with the stability and predictability of taxation
 "Retro tax must be resolved via Indian law, not arbitral award: Somanathan")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
View from the edge
The Union government is so fiscally ineffective that it can only spend an incremental 0.4 per cent of GDP on healthcare in a pandemic, against a global average of 1.2 per cent, writes Rathin Roy
GST at four: A dive into the milestones and the unfinished agenda
GST Council must maintain revenue momentum, simplify rate structure, and strengthen cooperative federalism in spirit and letter
 "GST at four: A dive into the milestones and the unfinished agenda")
E-way bill generation picks up pace in June as states start unlock process
E-way bill generation rose by 22.6 per cent in the week ended June 27 at 14.6 million compared to 11.9 million in the previous week
 "E-way bill generation picks up pace in June as states start unlock process")
Advance tax collection surges 146% despite Covid-19-led economic disruption
Net direct tax mop-up zooms 100% till June 15
 "Advance tax collection surges 146% despite Covid-19-led economic disruption")
Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more
Here are the best of Business Standard's opinion pieces for Tuesday
 "Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more")
Dangers of a wrong diagnosis
Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree
