Indirect Tax

October also extended the run of high inflows, making it the tenth consecutive month that revenues remained above the Rs 1.8 lakh crore mark

Assocham seeks tax simplification to enhance ease of doing business

In the pre-Budget memorandum shared with the Revenue Secretary Arvind Shrivastava, Assocham said the direct and indirect tax systems need procedural clarity, consistency and reduced compliance costs to make India’s manufacturing globally competitive.

Finance Minister to meet India Inc for GST 2.0 reforms today, amid push for tax simplification

Centre eyes rationalisation of GST structure; India Inc to make presentations on reform demands.

Simplification to be the focus for taxation in 2025

With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction.

Union Budget 2024: Needed, measures to reform indirect tax framework

A mix of compliance reforms, expansion of existing schemes, imparting clarity to old announcements and digitalisation of administration will be transformative 

Abstain questioning CXOs at late hours, taking tax payments during search ops: SOPs for tax officials in the works

The move comes after many multinational companies represented to the finance ministry about the investigation process, especially questioning of CXOs.

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

Govt enables sharing of data between GSTN and Enforcement Directorate

The notification is regarding sharing of information between ED and GSTN under section 66(1)(iii) of PMLA.

Rs 15,000 crore fake ITC claims found in special drive, says CBIC chief Vivek Johri

"60,000 entities have been identified for physical verification under a special drive to plug fake ITC cases under GST," Johri told reporters on the sidelines of the conference on Trade Facilitation organised by CII.

Lighten the burden of indirect tax for the poorer Indian households

However, reducing GST rates for commodities used by the poor to lower their tax burden and/or raising rates on items consumed by affluent households will increase the relative gap between the lowest and highest rates. That will induce misinvoicing and aid corruption

Bibek Debroy bats for single GST rate, removal of tax exemptions

Debroy argued that it is the direct tax system that must be progressive, and not the indirect tax regime. As such, the GST rate should not depend on what the product is

Arvind Panagariya calls for just 2 GST slabs to simplify system

The former NITI-Aayog chief also called for widening the ambit of GST to cover a wider range of consumer goods that are widely purchased but are not taxed

Is the GST Council facing an identity crisis? 

The government should clear the air on the authority of the GST Council in light of the Supreme Court verdict  

High time to stop experimenting with GST

The GST Council should look for permanent solutions as frequent changes in rules hurt stability of the indirect tax system 

Analysis | After Q1, Centre’s revenue position looks comfortable; divestment concerns remain

The first quarter has been relatively encouraging on the tax and non-tax revenue front, and the Centre’s fiscal position is comfortable for now, even with additional expenditure. However, the government needs to pick up the pace on privatisation

Tax departments join hands, conduct big data analysis to identify potential tax evaders: Report

The direct and indirect tax departments used statistics from the last two financial years to create an “audit checklist” to identify “outliers” based on industry averages to determine further scrutiny

Explained | Why has the GST compensation gap widened and what does it mean for consumers

The shortfall in GST revenues might rise to Rs 3 lakh crore and the compensation gap to Rs 2 lakh crore in the current fiscal.

GST — Ride on the glee to fix the glitches

A steady uptick in revenue collection should give the government the confidence to carry out long-pending rejig in the indirect tax system

Exclusive | Centre’s Vivad se Vishwas, Sabka Vishwas schemes garner Rs 1.11 lakh crore so far: Sources

Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, is expected to realise Rs 39,500 crore. The amnesty window closed on January 15

Coronavirus impact | India's indirect tax numbers set to go haywire

In order to provide relief to Covid-19 hit businesses, finance minister Nirmala Sitharaman on March 24 said that for companies with a turnover of less than Rs 5 crore, no interest, late fee or penalty will be charged

Taxing time for taxmen

Faced with a revenue shortfall, the finance ministry is leaving no stone unturned to shore up the tax kitty

Indirect tax is tied up in knots: What next?

Measures to address the slowdown in the economy are bound to show up in tax numbers

Budget 2019: Centre sets FY20 GST collection target at Rs 6.6 lakh crore

In the last financial year, GST collections by the Centre missed the budgeted target by Rs 1 lakh crore

Budget 2019: Centre pegs customs collection at Rs 1.5 lakh cr, excise collection at Rs 3 lakh cr for FY20

Customs mop-up in 2018-19 had surpassed the budgeted estimate of Rs 1.12 lakh crore to hit Rs 1.3 lakh crore.

FY19 direct tax collections may fall short of Rs 12 lakh crore target

The government was expecting that a higher-than-estimated direct tax mop up will offset the shortfall in its indirect tax collections