Page 2 - Taxation Laws

Interim Budget 2024: Some key imperatives that are need for the economy

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

CBIC notifications use complex language; need simplification, says GTRI

The complex language used in the notifications of the CBIC regarding customs duties needs simplification to help industry in understanding those orders as they carry crucial details, economic think tank GTRI said on Thursday. The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details. This will help over a lakh firms importing merchandise exceeding USD 660 billion in 2023 and it will also add to the ease of doing business with zero cost to the government and immense benefit of clarity to the Indian industry, it said. "Notifying import duties is a critical mandate of CBIC. Firms pay import duties as notified by CBIC, but firms cannot do it on their own as the CBIC notifications use complex language and mostly refer to back notifications unintentionally hiding complete details needed to know the duty or impo

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

Upcoming Marrakech meet: Global deal for 15% min tax on MNCs on anvil

India is also expected to outline its roadmap for implementing Pillar 1 of the proposed deal, which would require amendments to domestic laws

Simplify whole system of business taxation, says NITI Aayog member Virmani

NITI Aayog member Arvind Virmani has made a case for simplification of the whole system of business taxation as has been done in case of personal tax, saying faceless assessment may not work in all the cases. Virmani further said that he is hearing from large corporations that faceless assessment sometimes can mean a kind of ignorance, because business by itself requires judgments of every expenditure. "Business taxation is inherently problematic. And sometimes you need to explain it," he told PTI. Virmani noted that business taxation for business doesn't mean only corporate tax, it also means the business elements of personal taxation. "So, you can have a faceless assessment, it may work for 80 per cent cases but it may create more problems for 10 per cent. "My solution is, you got to simplify the whole tax system for business taxation," the eminent economist opined. In recent years, the government has simplified the income tax regime in India. Virmani also reiterated that si

GST Council to decide on taxation on online gaming, definition of MUVs

The GST Council at its meeting on Tuesday is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. It is also expected to finalise contours for setting up appellate tribunal, and demand of the industry for reimbursement of full CGST and 50 per cent IGST in 11 hill states under the 'scheme for budgetary support'. The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. Also, a

GST council may mull steps to prevent fake generation of ITC: Official

GST Council in its meeting next month, likely to discuss measures to ensure strict provisions for preventing fake generation of Input Tax Credit, aiming to prevent tax evasion, a senior official said

Maintain proper documents proving source of funds remitted abroad

Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity

Himachal Excise, Taxation Dept inspects stocks of Adani Wilmar at Parwanoo

The Parwanoo South Zone Enforcement wing of Himachal Excise and Taxation Department inspected stocks of Adani Wilmar Ltd at Parwanoo late Wednesday evening. It was a routine inspection of stock, officials of the excise and tax department told the PTI on Thursday. The company, engaged in warehousing of Kirana (grocery items), also provides goods to the civil supplies department and police department in the state. It has recorded a business of Rs 135 crore last year. The company's entire GST input was adjusted through tax credit but no payment was made in cash, the excise department has said. Seven companies of the Adani Group are doing business in the state.

GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

House panel flags poor placements, under-utilisation of funds in PMKVY 3.0

The committee is particularly concerned about the third edition of the scheme, as placement figures fall below 10%

GoM on casinos, online gaming taxation may finalise report in 7-10 days

A panel of state finance ministers on taxation of casinos and online gaming on Monday met and decided to seek legal opinion on valuation criteria for all these segments. The Group of Ministers (GoM) headed by Meghalaya chief minister Conrad Sangma said, "After taking the opinion of stakeholders and after successive meetings to seek the suggestions of all members, we will take legal opinion before submitting the final report". The GoM on casinos and online gaming taxation is likely to finalise its report in 7-10 days, he said after the meeting here. The panel in an earlier report had proposed to the GST Council to levy 28 per cent GST on gross sales value as horse racing, online gaming and casinos are akin to betting or gambling. Sources said the GoM is open to considering different rates and valuation mechanisms for online gaming, casinos, and horse racing. The government in May last year set up a panel of state ministers for better valuation of services of casinos, online gaming

Delhi HC allows Vivo to operate accounts frozen by ED in tax evasion probe

Vivo can operate its bank accounts to the extent that a balance of Rs 250 crore is maintained in its accounts at all times, the court said

Taxing pizzas, ice cream or vehicles: GST is neither good nor simple

Separate state-wise Appellate Authority for Advance Ruling don't serve a useful purpose: there is a need for a national one.

ITAT refuses to stay tax demand on former owner of Raw Pressery brand

Rs 123 crore of tax demanded on shares sold for huge premium to actress Jacqueline Fernandes, Mauritius-based entities

Tax laws made complicated by exemptions, need to be simplified: Tarun Bajaj

Revenue Secy says govt wanted a stable and predictable tax regime, so very little tinkering was done in the Union Budget

IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit

Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.

Wanted, a panel to settle tax disputes

The government should constitute a panel to examine disputes, especially those where the Department has lost in the lower forums and appealed in a higher one

New terms for settling retrospective tax cases may be unwieldy: Experts

Any dispute subject to jurisdiction of Indian courts could be a prickly issue, say experts