Page 7 - Latest Updates on Indirect Tax
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
Centre needs another Rs 4.2 trillion to meet FY18 indirect tax target
Now, of the Rs 1.9 trillion through IGST, data from the controller general of accounts shows Rs 1.38 trillion was sitting on the government book at the end of November
 "Centre needs another Rs 4.2 trillion to meet FY18 indirect tax target")
Indirect tax share in GDP at all-time high of 10.5%
Experts say higher taxes could be one of the reasons for a demand slowdown in economy
 "Indirect tax share in GDP at all-time high of 10.5%")
Chidambaram asks FM Jaitley to cut indirect taxes immediately
Chidambaram said that slashing indirect taxes would push consumption and in turn perk up production
 "Chidambaram asks FM Jaitley to cut indirect taxes immediately")
Tata Motors, Kingfisher owe over Rs 1000 cr each in indirect taxes
Tata Motors has outstanding excise duty of Rs 629.76 crore in 91 cases and service tax dues of Rs 516.09 crore in 5 cases
 "Tata Motors, Kingfisher owe over Rs 1000 cr each in indirect taxes")
Indirect tax mop-up rises 27.5% to Rs 3.36 lakh crore till August
Net collections of Service Tax during April-August stood at Rs 92,696 crore
 "Indirect tax mop-up rises 27.5% to Rs 3.36 lakh crore till August")
Indirect tax mop-up rises 33% in May
Indirect tax mop-up stood at Rs 1.31 lakh crore up to May this fiscal, which is 16.8% of Rs 7.78 lakh crore estimated in the budget
 "Indirect tax mop-up rises 33% in May")
Indirect tax collections jump 42% in April
The collections in April are 8.3% of the Budgeted target for the 2016-17 fiscal
 "Indirect tax collections jump 42% in April")
