Cbic

Simplified GST registration from November 1 to benefit 96 percent of new applicants; Sitharaman urges shift away from ‘GST 1.0 mindset’

Government may invoke Legal Metrology Act to check profiteering on GST rate cuts

CBIC is collecting pre and post-rationalisation GST data to identify instances where the benefits of the tax cut are not being passed on.

FM to review CBIC and CBDT performance; Refund delays, vigilance pendency in focus in June

Timely refund processing, cargo dwell time, and litigation backlog to dominate Finance Minister’s interactions with tax field formations

Reciprocal tariffs could be withdrawn if India-US conclude trade deal: Former CBIC Chairman

For India, the challenge is to ensure a balanced trade agreement that protects its key sectors, including agriculture, micro, small and medium enterprises (MSMEs), and food security.

GST receipts growth to stay above nominal growth over the next few years: CBIC chairman

GST collections growth for FY26 is estimated at 10.9 percent in the budget, similar to the previous fiscal.

CBIC to digitise customs refund process within a month: Chairman Sanjay Agarwal

While most customs processes have already transitioned to digital platforms, the refund process remains manual.

GST rate rationalisation challenging due to socio-economic, revenue considerations: CBIC Chairman

'The GoM is examining all issues comprehensively and will submit a report. They will have to arrive at some consensus,' Sanjay Agarwal said.

No GST on penal charges levied by banks, NBFCs: CBIC

The CBIC also clarified that this GST exemption is limited to payment settlement function only, which involves handling of money, and does not cover Payment Gateway services

Govt extends monthly GST return, payment deadline due to technical snag

For taxpayers who pay GST quarterly, the due date has been extended to January 24 and January 26, depending on the state-wise registration of the business.

CBIC's second drive against fake input tax credit unearths Rs 26,543-cr GST evasion: Sources

The findings of the second drive will likely be presented to the GST Council, which is expected to deliberate on measures to firm up GST compliance

Logistics cost likely down to 10% of GDP on infra facelift, faster freight: CBIC chairman

Agarwal pointed out that logistics costs in developed nations are typically 8-9 percent of the GDP to stress on India’s need to narrow the gap further

4,869 kg of smuggled gold seized in FY24, Myanmar border major smuggling route

Smugglers, who are getting increasingly smart, are making the most of porous borders in the Northeast and India’s voracious appetite for gold

India talks to Japan, South Africa to expand trade ties through AEO programme: CBIC chairman

The clearance time for AEO-certified businesses is approximately 40 percent lower compared to non-certified entities

Gold import surge under FTAs prompts duty cut in Budget: CBIC chairman

"During the period that the import duty on gold had gone up, we noticed that gold imports under certain Free Trade Agreements (FTAs) had gone up. In addition to that, smuggling was on a rise."

CBIC chief says it's hard to correct inverted customs duty due to FTA exemptions

Under customs, inverted duty structure is seen for several items including leather and textiles and engineering goods.

CBIC to launch automated system of publishing currency exchange rates on July 4

The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to enable a user to check the rates for a previous day.

ESOPs by foreign companies to employees of domestic subsidiary not to attract GST: CBIC

Clarifying the doubts raised regarding the taxability of such a transaction under the GST, CBIC said reimbursement of such securities is generally done by a domestic subsidiary company to a foreign holding company on a cost-to-cost basis.

CBIC clarifies on display assembly of mobile phones for levy of 10 pc import duty

The Central Board of Indirect Taxes and Customs (CBIC) said currently a concessional basic custom duty (BCD) rate of 10 per cent is imposed on display assembly for use in manufacture of a cellular mobile phone

CBIC issues guidelines for GST investigation; prior approval for big companies

The guidelines also said that each investigation must be initiated only after the approval of the principal commissioner.

Interim budget: Positive fallouts of GST in focus

The most obvious positive is the rising revenues from GST. This is thanks to better analytics, better awareness, better enforcement, and crackdowns on fake entities and fake invoicing rackets, writes Rama Mathew

Review of telecom, EV custom duty exemptions in July: CBIC Chairman

The duty exemption notifications which were expiring on March 31, 2024, have thus been extended to September 30, 2024, Sanjay Kumar Agarwal tells Moneycontrol.

Govt looking at simplified GST processes for e-commerce, travel industries to ease compliance

The options before the authorities include a change in the GST law with an additional clause or adding its definition with a slight change in processes for the industries that work differently.

Budget 2024-25: FinMin aims to roll out pre-filled GST return form before next fiscal, says official

Budget 2024-25: The Central Board of Indirect Taxes and Customs (CBIC) is currently analysing the technological requirement and upgrade needed and is debating the additional cost impact vis-a-vis the slowdown of processes

Seizure of smuggled gold up 43% in first half of FY24, says CBIC chairman

In 2022-23, the Indian authorities had seized 3,800 kilogrammes of smuggled gold

1 in 3 companies in CBIC follow-on probe is fake, mirroring trend in earlier probe: Official

Earlier this fiscal year, the CBIC had carried out a special drive on 77,200 entities to plug fake ITC, of which 22,000 were found to be bogus or non-existent.