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Union Finance Minister Nirmala <keyword id="19916494" type="General" weightage="20" keywordseo="Sitharaman" source="keywords">Sitharaman</keyword> on Friday urged officers of the Central Board of Indirect Taxes and Customs (<keyword id="19908147" type="General" weightage="20" keywordseo="CBIC" source="keywords">CBIC</keyword>) to proactively address <keyword id="20283921" type="General" weightage="20" keywordseo="doubts" source="keywords">doubts</keyword> and concerns raised by the public and business community regarding taxes before they escalate into grievances. Speaking at the inauguration of the new <keyword id="22890667" type="General" weightage="20" keywordseo="GST-Bhawan" source="keywords">GST Bhawan</keyword> in Udaipur, Rajasthan, Sitharaman emphasized the importance of a preventive approach in handling tax-related issues. She highlighted that government officials should prioritize solving problems at the stage where they are mere doubts, rather than allowing them to develop into full-blown grievances. "Before addressing a grievance, if we spend time through outreach to clear the doubts and suspicions in their minds, those doubts won't escalate into grievances" said Finance Minister Sitharaman. Sitharaman also highlighted the significance of effective information sharing in this process. She suggested that by engaging in sector-wise outreach and addressing any doubts that arise, officials could prevent potential issues from turning into grievances. "I request that before grievances arise, we should definitely carry out outreach sector by sector. If there are any doubts in their minds after this and some changes need to be made accordingly, we can make those changes as well. So, more than anything else, we need to focus on information sharing" added Sithraman. The Finance Minister's remarks emphasized a shift towards a more communicative and responsive approach in tax administration, aiming to foster better relationships between the government and the business community while minimizing conflicts and misunderstandings. Union Minister Sitharaman is on a two-day visit to Udaipur, On Thursday the minister chaired a meeting to review the performance of nine Regional Rural Banks (RRBs) of the states of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan. The minister asked Regional rural banks (RRBs) to ensure easy credit to Micro, Small and Medium Enterprises (MSMEs). She asked the RRBs to become more customer-friendly and leverage their local connections to further improve performance. "All RRBs have devised customised MSME products aligning with cluster activities. However, they need to regularly review their credit portfolio in that segment", she said. She also highlighted that Sponsor Banks and RRBs must recognise the challenges that lie ahead, especially maintaining asset quality, expanding digital services, and ensuring robust corporate governance are the areas that require continued focus. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Sitharaman urges tax officials to prevent doubts from escalating into grievances

The government has extended the deadline for filing <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the <keyword id="12579914" type="General" weightage="50" keywordseo="central-board-of-indirect-taxes-and" source="Orion">Central Board of Indirect Taxes and</keyword> <keyword id="6360806" type="General" weightage="50" keywordseo="customs" source="Orion">Customs</keyword> (CBIC) said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved the extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in a staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states.GST Network (GSTN) provides the technology backend for running <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST). <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> is the service provider for GSTN. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-12-paise-to-82-91-against-us-dollar/articleshow/95003236.cms">Rupee falls 12 paise to 82.91 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a>

Govt extends deadline for filing September GST return till Oct 21

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

India has signed mutual recognition agreements (MRAs) with <keyword id="551085" type="General" weightage="20" keywordseo="customs-authorities" source="Orion">customs authorities</keyword> of seven nations and is actively pursuing negotiations for such pacts with other countries, a top official said. The Central Board of Indirect Taxes and Customs and the Federal Customs Service, Russia, this month signed the Authorised Economic Operator (AEO) MRA to provide reciprocal benefits to accredited and trusted exporters of both signatories in the clearance of goods by the customs authorities of the importing country. "The CBIC and the Federal Customs Service, Russia signed the <keyword id="21760232" type="General" weightage="20" keywordseo="Authorized-Economic-Operator" source="keywords">Authorized Economic Operator</keyword> (AEO) Mutual Recognition Agreement, which is a major <keyword id="20467509" type="General" weightage="20" keywordseo="trade-facilitation" source="keywords">trade facilitation</keyword> boost for Indian importers and exporters. While this is the 7th MRA that has been signed by <keyword id="20001024" type="General" weightage="20" keywordseo="indian-customs" source="keywords">Indian Customs</keyword>, negotiations are being actively pursued with many other Customs' administrations," CBIC Chairman <keyword id="159142" type="General" weightage="20" keywordseo="Sanjay-Kumar-Agarwal" source="Orion">Sanjay Kumar Agarwal</keyword> said in a communication to field formation. The AEO programme enables Customs administration to identify safe and compliant exporters and importers and to provide them with better facilitation. AEO MRA is already in place for seven countries, including Korea, UAE, Hong Kong and Taiwan.

India signs customs mutual recognition agreements with seven nations; Actively pursuing more, says CBIC chief

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> hailed the seven-year journey of <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="100" keywordseo="GST" source="keywords">GST</keyword>). Quoting a newspaper report, PM tweeted on the social media platform "X" that GST has improved the lives of 140 crore <keyword id="19916609" type="General" weightage="20" keywordseo="Indians" source="keywords">Indians</keyword>. "For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper." The PM also highlighted that after the implementation of GST, the <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> of the poor and the common man have increased as the GST has reduced <keyword id="20018720" type="General" weightage="20" keywordseo="taxes" source="keywords">taxes</keyword> on various <keyword id="20447338" type="General" weightage="20" keywordseo="household-items" source="keywords">household items</keyword> like flour, curd, detergent, etc. He said, "This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms to transform people's lives". The Goods and Services Tax will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax has reduced on several products and services used by the common man. As per the Central Board of Indirect Tax and Customs, post GST various daily household items have become cheaper. It includes items like flour, television, detergent, hair oil, soap etc. The GST has amalgamated a large number of central and state taxes into a single tax. It also mitigated the ill effects of cascading or double taxation in a major way and paved the way for a common national market. From the consumers' point of view, the biggest advantage is in terms of reduction in the overall tax burden on goods. The Introduction of GST has also made Indian products more competitive in the domestic and international markets owing to the full neutralisation of input taxes across the value chain of production. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid-to-late August. The GST Council proposed exemptions for specific services offered by <keyword id="19909154" type="General" weightage="20" keywordseo="Indian-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Railways" meta.hostid="261" meta.entityid="Indian Railways">Indian Railways</keyword> to the general public, as well as for intra-railway transactions. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This section pertains to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025, will benefit from this waiver.The Council approved an extension for availing input tax credit (ITC) on any invoice or debit note.

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

New Delhi, Come January 1, and <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> taxpayers would be able to pay their <keyword id="535383" type="PERSON" weightage="20" keywordseo="tax-dues">tax dues</keyword> on a self-assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. <keyword id="9257566" type="COMPANY" weightage="20" keywordseo="the-central-board-of-indirect-taxes">The Central Board of Indirect Taxes</keyword> and Customs (CBIC) will introduce the <keyword id="10425522" type="UNKNOWN" weightage="20" keywordseo="new-quarterly-return">new Quarterly Return</keyword> and Monthly Payment Scheme (QRMP) for GST taxpayers from next year that will allow taxpayers to file only 4 GSTR-3B returns in a year instead of 12 returns at present. As per the scheme, while returns through form GSTR-3B will be filed only quarterly and not monthly as at present, taxpayers would be lower to pay taxes dues on a monthly basis based on a self-assessment method. The self assessment would allow taxpayers to pay their monthly dues based on 100% of net cash liability paid in the previous month or 35% of cash liability paid on the previous quarter or actual self-assessment of tax dues after deducting the input tax credit (ITC). Under the new scheme, GSTR-3B will be filed only at the end of three-month period. Under QRMP scheme, the taxpayer would have the preference to pay their due monthly taxes as per his own choice either by cash ledger or through pre-filled challan which would be 35% of the previous quarter's cash paid or may pay as per actual. Thereby, a small taxpayer would require professional help, as and when required, particularly in the last month of the quarter and can be free from tax-related stress by simply making payment through a system-generated, pre-filled challan. The scheme would impact almost 94 lakh taxpayers, about 92% of the total tax base of the GST, who have an annual aggregate turnover (AATO) up to ₹5 crore, said the Sources in the Department of Revenue (DoR). Sources in the know of the matter said that the QRMP scheme has optional feature of Invoice Filing Facility (IFF) to mitigate business related hardships for the small and medium taxpayers. Under the facility of IFF, the small taxpayers who opt to be quarterly return filers under QRMP scheme would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients. Further, this would engage buyers who earlier used to avoid purchase from the small taxpayers in the want of uploading of invoices in the system on monthly basis. According to Sources, that the taxpayer would need not upload and file all the invoices for the month and could upload and file only those invoices which are required to be filed in IFF as per demand of the recipients. The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return. The IFF would be available up to a cut-off date and credit would flow to the recipient after the cut-off date on filing of the IFF. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

GST taxpayers to get flexibility to decide on monthly tax payment

New Delhi, <keyword id="44517" type="COMPANY" weightage="20" keywordseo="Gems">Gems</keyword> and <keyword id="463718" type="PERSON" weightage="20" keywordseo="jewellery-exporters">jewellery exporters</keyword> have been permitted to send their goods across the globe to their buyers using the convenience of cost effective and reliable courier services. <keyword id="9257566" type="COMPANY" weightage="20" keywordseo="the-central-board-of-indirect-taxes">The Central Board of Indirect Taxes</keyword> and Customs (CBIC) has issued a circular clarifying that <keyword id="10424966" type="UNKNOWN" weightage="20" keywordseo="extant-regulations">extant regulations</keyword> do not restrict exports of gems and jewellery through the courier mode and such restrictions only apply to imports. This would mean that gems and jewellery exports could be done through courier services following all other regulations in place for such exports. Doubts had arisen over use of courier services for exports as Regulation 2(2)(a)(iv) of the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 places a restriction on imports of precious and semi-precious stones, gold or silver in any form, through courier. The Regulation 2(2) (a) (iv) reads as "These regulations shall not apply to the following imported goods requiring testing of samples thereof or reference to the relevant statutory authorities or to experts before their clearance, namely precious and semi-precious stones, gold or silver in any form". Thus, the restriction imposed by Regulation 2(2)(a)(iv) on gems and jewellery is applicable only on their imports, CBIC has clarified. Earlier, <keyword id="2347466" type="COMPANY" weightage="20" keywordseo="The-Gems-and-Jewellery-Export-Promotion-Council">the Gems and Jewellery Export Promotion Council</keyword> represented before CBIC seeking clarification on whether gems and jewellery is allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulations, 1998. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/dos-and-donts-during-solar-eclipse-surya-grahan/articleshow/76436997.cms">The do’s and don’ts of a Solar Eclipse — here what you need to know to protect yourself</a> <a href="https://www.businessinsider.in/science/space/news/solar-eclipse-december-2020-time-date-everything-you-need-to-know/articleshow/79697355.cms">The total solar eclipse and its 'diamond rings' won't be visible in India on December 14</a>

Gems, jewellery exports can now be couriered globally

<ul><li>The <keyword id="6557524" type="ORGANIZATION" weightage="20" keywordseo="central-board-for-indirect-taxes-and-customs">Central Board for Indirect Taxes and Customs</keyword> is proposing to tax earnings from cryptocurrency transactions at 18%. </li><li>Under the regulator’s proposal cryptocurrencies are to be designated as “intangible goods”. </li><li>This should a welcome relief for <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> traders and miners. By bringing digital currencies into the tax net, the government is legitimising trade in them. </li></ul>After months of confusion over their legal status, it seems the Indian government is planning to regulate the trading of digital currencies like Bitcoin and Ethereum under the Goods and Services Tax (GST) regime. The logic is simple - if people are making money from it, it is a taxable event. Anonymous sources told Bloomberg that profits from digital currency transactions could soon fall <a href="https://www.bloombergquint.com/gst/2018/05/23/india-mulls-gst-on-trading-of-virtual-currencies#gs.aaNCbqA">under the 18% tax slab</a> - the same rate as software and electrical devices - if the Central Board for Indirect Taxes and Customs (CBITC) has its way. This is a little less than the tax rate in the US, where traders are expected to pay 20% on their earnings if they’ve held their digital currency for longer than a year. Barring the tax level, details on how the trade of these currencies would be regulated in India weren’t revealed. And there is no clarity on their status as legal tender. However, the CBITC’s draft framework contained a number of key proposals. Firstly, cryptocurrencies are to be designated as “intangible goods” while the processes involving their mining, storage and transfer will be designated “services”. As a result, cryptocurrency exchanges will have to pay taxes on commissions earned. Secondly, the value of a cryptocurrency will primarily be denominated in rupees. Thirdly, transactions that involve a party outside India will designated as imports in the case of a purchase and exports in case of a sale. Finally, trading profits could be liable for retrospective <keyword id="6383566" type="UNKNOWN" weightage="20" keywordseo="taxation">taxation</keyword> from the date of the GST’s implementation - July 1st, 2017. This could result in quite a revenue haul for the government. In January, Reuters reported that trading volumes in India were increasing by about <a href="https://www.reuters.com/article/us-markets-bitcoin-india-taxes/india-sends-tax-notices-to-cryptocurrency-investors-as-trading-hits-3-5-billion-idUSKBN1F8190?utm_campaign=trueAnthem:+Trending+Content&amp;utm_content=5a63607f04d3013aee752148&amp;utm_medium=trueAnthem&amp;utm_source=twitter">₹20 billion every month.</a> A step in the right direction The news is likely a welcome relief for Bitcoin traders and miners. By bringing digital currencies into the tax net, the government is legitimising trade in them. It could also encourage more people to take part in the trading of these currencies. The next step after taxation, however, is preventing the misuse of digital currencies and tax evasion. Last month, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> cracked down on cryptocurrency transactions, <a href="https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR264270719E5CB28249D7BCE07C5B3196C904.PDF">barring any regulated entities like banks from facilitating them</a> after three months. The move was in response to concerns that money was being laundered through digital currency trades and the profits from such trades could be used to finance illegal activities. The order is currently <a href="https://www.bloombergquint.com/law-and-policy/2018/04/22/rbi-circular-barring-banking-service-for-virtual-currencies-challenged-in-court#gs.3TQyKdU">being challenged in court</a>. Should the proposal to tax cryptocurrency trading under the GST regime be approved by the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword>, then it will likely cause the RBI to revoke its outright ban. This would be a win for the government, because if the formal banking system were to embrace cryptocurrency trading, it would bring these transactions right under regulators’ noses and away from the peer-to-peer unregulated market.

India might charge goods and services tax for cryptocurrency dealings

The concept of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword> has been introduced in India in order to reduce the burden on the tax payers. In other words, we can say that the burden of these taxes are borne by someone else other than the taxpayer. What is Indirect Tax? As the name indicates, indirect tax is levied on goods and services that carry a higher price. Some of the typical examples of indirect <keyword id="707923" type="PERSON" weightage="20" keywordseo="taxes-in-India">taxes in India</keyword> include service tax, value added tax (<keyword id="6370857" type="UNKNOWN" weightage="20" keywordseo="VAT">VAT</keyword>), central excise and customs duty. Different kinds of indirect taxes levied in India Service tax Service tax is applicable to be paid by the entities that provide services like consulting, legal assistance and other such services. This kind of tax is collected from the recipients of the services and paid to the Central Government. Starting from June 1, 2016, service tax was fixed at 14% along with Swacch Bharat Cess (0.5%) and Krishi Kalyan Cess (0.5%). Thus the resulting rate of service tax chargeable is 15%. Small service providers who do not make more than Rs 10 Lakhs per annum are exempted from paying the service tax in India. <keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">Excise duty</keyword> Excise duty is applied on all kinds of goods that are manufactured in India. This kind of indirect tax needs to be paid by the manufacturers and then eventually passed on to the end buyers. Excise duty is levied by the Central Government in India. This tax works based on the provisions found in the Central Excise Act, 1944. VAT Value Added Tax (VAT) is levied on the sale of goods that are movable within the nation. VAT is charged during all stages of production and distribution channels that include the instance of value addition. The State Governments levy this tax under Entry 54 of the State List. Customs duty Customs duty is a kind of indirect tax that is applicable to goods imported from other countries. This is payable towards getting some goods inside the country. In some cases, this kind of tax is also levied on exported goods. The Customs Act, 1962 contains the procedures and regulations on how the customs duty must be levied, how it must be collected and the procedures of imports and exports, penalties, offenses and prohibitions. Securities Transaction Tax (STT) Securities transaction tax is levied while purchasing or selling stocks through the Indian stock exchange. Introduced in the year 2004, STT is applicable in cases of shares, mutual funds, and future and options transactions. STT was levied in order to bring down the short-term capital gains tax and eradicate the long-term capital gains tax. Stamp duty This kind of indirect tax is charged by the state government while movable and immovable properties are transferred within their jurisdiction. Also, stamp duty is made compulsory on all kinds of legal documents. The rates of stamp duty varies from one state to another. <keyword id="62084" type="ORGANIZATION" weightage="20" keywordseo="Entertainment-tax">Entertainment tax</keyword> Entertainment tax is yet another kind of indirect tax levied by the state government on the different kinds of transactions connected to entertainment. Some examples to entertainment taxes are movie tickets, stage shows, amusement parks, sports activities, adventures, video game arcades and others.

Here’s all you need to know about Indirect Tax in India

TDS, expanded as Tax deducted at source is a type of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword> administered by the Central Board of Indirect Taxes. Under the system of TDS, the person making some specified kind of payments like salary, rent, interest on deposits, commission, etc. is expected to deduct a specified percentage of tax before making the payment to the concerned party. The persons responsible to deduct TDS under the Income Tax Act are liable to deposit the TDS amount thus deducted to the Income Tax Department. Due dates for depositing TDS The TDS that a payer has collected in a given month must be deposited with the government by the 7th of the next month. Only in case of deductions made in the month of March can be paid to the Income Tax Department by April 30. The person collecting and depositing the TDS also need to prepare a statement for every quarter and submit the same to the Income Tax Department. After this, the Income Tax Department will issue a TDS certificate to the payee. What is <keyword id="7861642" type="UNKNOWN" weightage="20" keywordseo="TDS-challan">TDS challan</keyword> TDS challan is used for depositing the TDS with the government. This is a single challan that can be used for depositing the taxes collected under the different sections of the Income Tax Act. If the assesse wants to pay the TDS without challan, the TDS collected must be deposited on the same day when the person collected the TDS. TDS Challan 281 TDS Challan 281 is used both by Corporates and non-corporate entities to deposit the TDS or TCS (Tax Collected at Source) with the government. While selling some kinds of goods, the sellers need to collect the TDS or TCS from the buyers at the point of sale. It is possible to file the TDS challan 281 in two modes namely online and offline. If the payment is done online or through some banks, a challan identification number (CIN) is issued. TDS Challan 280 TDS challan 280 is used to deposit the collections made under the categories of Income Tax payments for Advance Tax, Self-Assessment Tax, Surcharge, Regular Assessment Tax, Tax on Distributed Profits or Income and others. This challan can also be paid either in online or offline mode. What one must know before collecting TDS The persons responsible for collecting taxes through TDS are given Tax Deduction and Collection Account Number (TAN). This is a 10-digit alpha-numeric number available on the NSDL website. To get this number, the person must submit Form No. 49 B along with a specific fee. The assesse liable to deduct TDS will invite a fine of Rs. 10,000 if they fail to quote TAN on all their communications about TDS with the Income Tax Department. TDS Online Payment Here is a step by step guide to make <keyword id="7861644" type="UNKNOWN" weightage="20" keywordseo="TDS-challan-payment">TDS challan payment</keyword> in the online mode. Login to http://www.tin-nsdl.com Select the challan number (ITNS 280, ITNS 281, or others) Enter PAN/TAN and the other details needed If the Pan/TAN is valid, the name of the taxpayer will appear on the screen. The site will guide the tax payer to the net-banking page. The tax payer must now make the payment online through the bank. After the payment is done, a challan counterfoil will display on the screen with CIN. This is the proof of payment.

What is TDS challan payment

<keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">Excise duty</keyword> can be explained as a kind of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword>. Excise duty refers to the tax amount that gets included in the selling price. The other name of excise duty is excise tax. The consumer has to pay the excise duty or excise tax while making a purchase. Retailers need to calculate the excise duty from time to time and must ensure the timely payment of the same. Excise duty in the Indian context Excise duty is levied on the goods that are manufactured within India as against the custom duty which is levied on the goods that are imported from outside the country. The introduction of GST in India has made some significant changes to how excise duty works in the country. GST has subsumed a majority of indirect taxes like excise duty. This will mean that after the GST was introduced, excise duty has almost ceased to exist in the country. However, excise duty is still applicable in case of products like petroleum and liquor. Here we discuss how the concept of excise duty worked in India before the introduction of GST. The indirect tax of excise duty is generally collected by the retail seller from the customers and paid to the government. This duty is payable on the manufacture of goods. It is payable at the time of taking delivery of the goods from the place of production or from the warehouse for the purpose of selling. Since the excise duty is levied on the manufacturing of the said goods, there is no need to actually sell them to be able to recover the excise duty. The authority for the collection of excise duty in India is the Central Board of Excise and Customs (CBEC). Types of excise duty in India Traditionally speaking in India before the advent of GST, there had been three kinds of excise duty as given under. A revised understanding of the excise duty is called for after the GST took effect. Basic Excise Duty Basic excise duty is also referred to as Central Value Added Tax (CENVAT). This category of excise duty is levied on goods that are classified under the first schedule of the Central Excise Tariff Act, 1985. This duty is levied under Section 3 (1) (a) of the Central Excise Act, 1944. This excise duty is applicable for all goods excepting salt. Additional Excise Duty Section 3 of the Additional Duties of Excise also known as the goods of high importance, coming under Act 1957 levies excise duty on goods that are listed under schedule 1 of the given act. This duty is levied on some special category of goods. The central and state government charge these taxes in lieu of the sales tax. Enacted in 1978, the Act of Additional Duties of Excise (Textiles and Textile Articles) also creates room for a similar kind of legislation. Special Excise Duty This type of excise duty is levied on special goods that are classified under the Second schedule to the Central Excise Tariff Act, 1985.

What is Excise Duty and How it is calculated

Lot of money in <a href="http://www.businessinsider.in/searchresult.cms?query=service+tax+refunds">service tax refunds</a> is stuck, hurting the cash flow of companies. But, the issue won’t be there any longer as the government is going to expedite refunds. 
 
The government wants to start afresh for <a href="https://www.google.co.in/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=3&amp;cad=rja&amp;uact=8&amp;ved=0CCgQFjACahUKEwjOiPvLqsHIAhVIjo4KHVRIAuY&amp;url=http%3A%2F%2Fwww.businessinsider.in%2FGST-Means-India-Is-Keen-On-Adopting-Global-Practices%2Farticleshow%2F45757825.cms&amp;usg=AF">goods and services tax</a>. 
 For this, the apex indirect taxes body, <keyword id="6361265" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Excise-and-Customs">Central Board of Excise and Customs</keyword>, is also working on an overhaul of the refund mechanism for the <a href="http://www.businessinsider.in/searchresult.cms?query=BPO">BPO</a>, IT and ITES sectors. 
 
Reportedly, indirect tax collections shot up 35.8% to Rs 3.24 lakh crore in the first six months of the current financial year. 
 
This is over 50% of the budgeted estimate as the government expected Rs 6.47 lakh crore collections from indirect taxes in 2015-16. 
 
When <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi-led government</a> stormed into power, it had promised a stable tax regime and keeping back refunds was against that spirit. 
 The <keyword id="888634" type="UNKNOWN" weightage="20" keywordseo="Service-tax-refunds">service tax refunds</keyword> that are stuck are hurting the cash flow of companies. 
 
Exporters can claim refunds on duties paid on imported inputs used to manufacture goods. 
 
"Very encouraging move...This would aid liquidity for exporters and thereby their business," said Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations. 
 
(Image: Indiatimes)

You Searched For "Central Board of Indirect Taxes and Customs" and got 14 results

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