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Finance Ministry should consider having online system for processing customs refunds: CAG Flagging inordinate delays in the implementation of the module for daily updation of exchange rate, the Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The CAG said implementation of a system which captures daily fluctuation in the exchange rate, will minimise the undue benefit or loss to importers and exporters and correspondingly to the Dep...
Finance Ministry should consider having online system for processing customs refunds: CAG
Finance Ministry should consider having online system for processing customs refunds: CAG
Source: Accord Fintech
9/08/2023 1:15:05 PM
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Friday said the Goods and Services Tax (GST) collection and devolution in the northeastern states has been a success, Addressing the Investiture Ceremony of the Central Board of Indirect Taxes and Customs (CBIC), she said that the eight states in the region have seen a compounded yearly GST increase of 27.5 per cent, according to the 2023 RBI assessment on state budgets. “Four days after it passed, Assam became the first state to ratify...
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Source: IANS
21/07/2023 2:02:03 PM
Government issues clarification on input tax, levy of tax on subsidiary company`s shares The government on Monday issued a clarification regarding taxability of services provided by an office of an organisation in one state to the office of that organisation in another state. In a circular issued by the Central Board of Indirect Taxes (CBIC), it was clarified that in respect of common input services procured by the head office from a third party but attributable to both head office and branch offices or exclusively to one or more branch offices, the head office has the option ...
Government issues clarification on input tax, levy of tax on subsidiary company`s shares
Government issues clarification on input tax, levy of tax on subsidiary company`s shares
Source: IANS
18/07/2023 9:55:49 AM
Additional disclosures required for trade of medicinal products from July 1: CBIC In order to fast-track clearances of shipments, the Central Board of Indirect Taxes and Customs (CBIC) said that it would introduce additional disclosures for the export and import of medicinal products from July 1. These additional disclosures will reduce queries of Customs officials, which are frequently posed to EXIM traders dealing in medicinal plants and chemicals. The CBIC said in consultation with the Ministry of AYUSH and DGFT it has been decided that additional qualifiers like dec...
Additional disclosures required for trade of medicinal products from July 1: CBIC
Additional disclosures required for trade of medicinal products from July 1: CBIC
Source: Accord Fintech
9/06/2023 10:38:05 AM
April GST collections: Robust, reasonable: Experts Experts are voicing mixed views - robust, reasonable - on the Rs 1.87 trillion of goods and services tax (GST) collections made in April 2023 up from about Rs 1.60 trillion for March 2023. "The GST collections displayed a robust year-end uptick with a 12% expansion in April 2023, representing the transactions in March 2023," said Aditi Nayar, Chief Economist, Head - Research & Outreach, ICRA Ltd. "While collections have maintained a healthy 11-13 per cent growth in th...
April GST collections: Robust, reasonable: Experts
April GST collections: Robust, reasonable: Experts
Source: IANS
2/05/2023 12:23:15 PM
FM Nirmala Sitharaman asks CBIC to begin automated GST return scrutiny by next week Finance Minister Nirmala Sitharaman on Saturday directed the Central Board of Indirect Taxes & Customs (CBIC) to introduce its automated GST return scrutiny by next week, and to implement an action plan to increase the taxpayer base through enhanced use of technology. In a review meeting of the CBIC, she directed the board to intensify its drive against fake billing and input tax credit (ITC). Sitharaman desired that the CBIC may undertake a comprehensive root cause analysis by stud...
FM Nirmala Sitharaman asks CBIC to begin automated GST return scrutiny by next week
FM Nirmala Sitharaman asks CBIC to begin automated GST return scrutiny by next week
Source: IANS
30/04/2023 8:42:47 AM
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23  From March 1 onwards, the finance ministry has begun monitoring of revenue receipts like tax collections and even expenses, to control fiscal deficit in the current fiscal. "In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis," the Controller General of Accounts (CGA) under the finance ministry said in an office memorandu...
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23
Source: IANS
5/03/2023 4:34:00 PM
Rs 1.5 lakh crore in GST collection has become new normal: CBIC Chairman Expressing optimism over GST collection, Central Board of Indirect Taxes and Customs (CBIC) Chairman -- Vivek Johri has said that Rs 1.5 lakh crore in goods and services tax (GST) collection has become the new normal and that the Board is confident that it will cross this figure in the coming year. The gross GST revenue collected in January 2023 was Rs 1,55,922 crore. This was for the third time, in the current financial year, GST collection has crossed Rs 1.50-lakh-crore mark. The GST collec...
Rs 1.5 lakh crore in GST collection has become new normal: CBIC Chairman
Rs 1.5 lakh crore in GST collection has become new normal: CBIC Chairman
Source: Accord Fintech
15/02/2023 9:50:22 AM
Monthly GST collection likely at Rs 1.50 lakh crore to be `new normal` in FY24: CBIC chief Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri has said that monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the ‘new normal’ in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net. He said the GST and Customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, respectively and the indirect tax collection target set ...
Monthly GST collection likely at Rs 1.50 lakh crore to be `new normal` in FY24: CBIC chief
Monthly GST collection likely at Rs 1.50 lakh crore to be `new normal` in FY24: CBIC chief
Source: Accord Fintech
3/02/2023 11:51:38 AM
Centre cuts Customs duty on key mobile phone parts to boost local manufacturing Paying heed to the consumer electronics industry's demand, the Centre on Wednesday reduced basic Customs duty (BCD) on import of certain mobile phone parts and inputs like camera lens and continued the concessional duty on lithium-ion cells for batteries for another year. Finance Minister Nirmala Sitharaman said the move is to further deepen domestic value addition in manufacture of mobile phones. "The mobile phone production in India had increased from 5.8 crore units valued a...
Centre cuts Customs duty on key mobile phone parts to boost local manufacturing
Centre cuts Customs duty on key mobile phone parts to boost local manufacturing
Source: IANS
1/02/2023 1:54:02 PM
No proposal to lower threshold for e-invoice generation: CBIC The Central Board of Indirect Taxes and Customs (CBIC) has said there is no proposal before the government to lower the threshold from January 1 for mandatory generation of e-invoices. Currently, businesses with a turnover of Rs 10 crore and above are required to generate an electronic invoice for all B2B transactions. The comment from CBIC came after reports in some quarters said that though GST Council has recommended reducing the threshold for the generation of e-invoices to Rs 5 crore ...
No proposal to lower threshold for e-invoice generation: CBIC
No proposal to lower threshold for e-invoice generation: CBIC
Source: Accord Fintech
27/12/2022 10:38:37 AM
GST collections to help achieve FY23 revenue growth target: Vivek Johri Central Board of Indirect Taxes & Customs Chairman Vivek Johri has expressed hope that robust Goods and Services Tax (GST) collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up. He said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. He said ‘If you look at indirect taxes as a whole, then I am pretty confident...
GST collections to help achieve FY23 revenue growth target: Vivek Johri
GST collections to help achieve FY23 revenue growth target: Vivek Johri
Source: Accord Fintech
8/12/2022 10:43:46 AM
Electronically generated CoO valid document for claiming duty benefits under India-UAE trade deal: CBIC Clarifying tariff benefit under India-UAE trade deal, the Central Board of Indirect Taxes and Customs (CBIC) has said that electronically generated certificate of origin (CoO) issued by the UAE authority is a valid document for claiming customs duty benefits under India-UAE free trade agreement (FTA). However, it said that the certificate has to be issued in a prescribed format bearing electronically printed seal and signatures of the authorised signatory of the issuing authority. The trad...
Electronically generated CoO valid document for claiming duty benefits under India-UAE trade deal: CBIC
Electronically generated CoO valid document for claiming duty benefits under India-UAE trade deal: CBIC
Source: Accord Fintech
28/10/2022 10:51:38 AM
Companies go for 25 kg packs to avoid 5% GST on pre-packed food items After the Centre imposed 5 per cent GST on unbranded labelled and pre-packaged food items weighing less than 25 kg in July, most of the companies are now packing their goods, in excess of 25 kg, in a single packet to be exempted from the tax levy. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) had clarified that pre-packaged food items like cereals, pulses and flour weighing more than 25 kg and packed in a single packet will be exempted from GST, said a senior GS...
Companies go for 25 kg packs to avoid 5% GST on pre-packed food items
Companies go for 25 kg packs to avoid 5% GST on pre-packed food items
Source: IANS
8/10/2022 12:24:26 PM
October 1 deadline for compulsory e-invoice generation nears for firms with Rs 10 cr turnover Businesses having aggregate annual turnover of Rs 10 crore and more will have to compulsorily generate e-invoices for business-to-business (B2B) transactions from October 1 onwards, according to the Finance Ministry. As of now, businesses with turnover of Rs 20 crore and more are required to generate e-invoices for all B2B transactions. Central Board of Indirect Taxes and Customs (CBIC) had on August 1 issued a notification regarding the October 1 deadline and lowering the turnover thre...
October 1 deadline for compulsory e-invoice generation nears for firms with Rs 10 cr turnover
October 1 deadline for compulsory e-invoice generation nears for firms with Rs 10 cr turnover
Source: IANS
26/09/2022 3:55:23 PM
Involve consumers in detecting fake products: CBIC member Emphasising on making the consumer aware about illicit and fake products and prevent their sale, Central Board of Indirect Taxes and Customs (CBIC) member, Sandeep Kumar on Thursday said that enforcement agencies must use digital tools to seize counterfeit products. Speaking at FICCI MASCRADE 2022 summit, Kumar added that consumer awareness is paramount in ensuring that fake or illicit products are not purchased by them. He suggested industries and corporates to involve citizens and har...
Involve consumers in detecting fake products: CBIC member
Involve consumers in detecting fake products: CBIC member
Source: IANS
22/09/2022 4:48:25 PM
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj Revenue secretary Tarun Bajaj has said he expects GST collection to top the Rs 1.5-lakh-crore-mark from October.  Bajaj said ‘for the last couple of months, we’ve been trying very hard to reach that milestone of Rs 1.5 trillion (lakh crore). But we have been failing a bit sometimes by Rs 2,000 crore and sometimes by even Rs 6,000 crore.’ He mentioned ‘The revenue that we will collect in October, the data of which will come on November 1, I am sure from that mon...
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj
Source: Accord Fintech
15/09/2022 9:46:18 AM
Insertion of new section 135AA in Customs Act, 1962 - Was it a necessity or response to inaction under existing legislations? The recent budget through Finance Bill has sought introduction of Section 135AA as a part of the Customs Act, 1962 the same is reproduced below: Clause 94. After section 135A of the Customs Act, the following section shall be inserted, namely: Protection of data. Section 135AA. (1) If a person publishes any information relating to the value or classification or quantity of goods entered for export from India, or import into India, or the details of the exporter or importer of such...
Insertion of new section 135AA in Customs Act, 1962 - Was it a necessity or response to inaction under existing legislations?
Insertion of new section 135AA in Customs Act, 1962 - Was it a necessity or response to inaction under existing legislations?
Source: IANS
6/02/2022 3:15:44 PM
Businesses allowed to encash tax credits for improving liquidity  In order to improve liquidity of businesses, the Central Board of Indirect Taxes and Customs (CBIC) has decided to allow full transfer of cash balances in electronic ledgers to taxpayers after they has paid their tax dues. In a circular, the CBIC has said that the amount deducted/collected as TDS/TCS by deductors under the provisions of section 51/52 of the CGST Act and credited to the electronic cash ledger of the taxpayer, is equivalent to cash deposited in the electronic cash ledg...
Businesses allowed to encash tax credits for improving liquidity
Businesses allowed to encash tax credits for improving liquidity
Source: IANS
20/11/2021 9:35:56 AM
City Union Bank rises on getting approval from RBI to collect Direct and Indirect Taxes City Union Bank is currently trading at Rs. 169.85, up by 0.05 points or 0.03% from its previous closing of Rs. 169.80 on the BSE. The scrip opened at Rs. 171.00 and has touched a high and low of Rs. 171.25 and Rs. 163.75 respectively. So far 69817 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 199.80 on 18-Nov-2020 and a 52 week low of Rs. 142.75 on 17-Aug-2021. Last one week high and low of the scrip stood at...
City Union Bank rises on getting approval from RBI to collect Direct and Indirect Taxes
City Union Bank rises on getting approval from RBI to collect Direct and Indirect Taxes
Source: Accord Fintech
29/10/2021 2:22:29 PM
CBIC streamlines process for De-notification of ICDs and CFSs Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) across the country, the Central Board of Indirect Taxed and Customs (CBIC) on Tuesday streamlined the procedure of closure of these facilities giving deadlines to complete the process in shortest possible time. Accordingly, it had now been decided that such closure will be effected in a maximum period of four months. No timeline was specified earlier. ICDs and CFS play a vital role in ...
CBIC streamlines process for De-notification of ICDs and CFSs
CBIC streamlines process for De-notification of ICDs and CFSs
Source: IANS
17/08/2021 3:15:03 PM
CBIC launches portal with info on customs proceedures, rules The Central Board for Indirect Taxes & Customs (CBIC) on Wednesday launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items. CIP is yet another facilitation tool developed by the CBIC to empower businesses as well as any interested person with up-to-date information on the legal and procedural requirements of Customs an...
CBIC launches portal with info on customs proceedures, rules
CBIC launches portal with info on customs proceedures, rules
Source: IANS
5/08/2021 10:17:31 AM
CBIC reduces compliance burden by abolishing renewals of licences and registrations  The Central Board of Indirect Taxes and Customs (CBIC) has abolished the requirement of periodic renewal of licence and registration issued to Customs Brokers and Authorised Carriers. This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit numerous documents to renew their licences/registrations. The changes have been made effective from July 23, 2021. The net effect of the amendments carried out to the C...
CBIC reduces compliance burden by abolishing renewals of licences and registrations
CBIC reduces compliance burden by abolishing renewals of licences and registrations
Source: IANS
25/07/2021 9:15:17 AM
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters` The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact actions such as scrutiny of returns, issuance of summons, search, enquiry or investigations and even consequential arrest in accordance with GST law. In a letter to all Principal Chief Commissioners and Di...
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters`
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters`
Source: IANS
22/07/2021 8:48:48 AM
DG GST Intelligence empowered to issue summons to taxpayers  In what has brought clarity over the functioning of the Directorate General of Good and Services Tax Intelligence, the Gujarat High Court in a recent order said that DGGI officers are fully empowered to issue summons to taxpayers under the Central Goods and Services Tax Act, 2017 (CGST Act) issued by the Central Board of Indirect Taxes and Customs (CBIC). The order has established what constitutes 'proper officer' who are selected by the CBIC for issuing summons in matters wh...
DG GST Intelligence empowered to issue summons to taxpayers
DG GST Intelligence empowered to issue summons to taxpayers
Source: IANS
20/07/2021 8:48:50 AM
CBIC further streamlines faceless assessment at customs stations The Central Board of indirect Taxes and Customs (CBIC) has taken further steps to streamline the faceless assessment mechanism put in place in the customs clearance processes and has decided that up to 90 per cent of non-risky import consignments would be cleared within hours without any physical interface. The new mechanism would become functional from July 15 an aid faster clearance of import consignments as the systems would clear such consignments without any physical interface. At ...
CBIC further streamlines faceless assessment at customs stations
CBIC further streamlines faceless assessment at customs stations
Source: IANS
10/07/2021 3:51:08 PM
Taxmen to honour honest taxpayers for valuable contribution in GST success The Central Board of Indirect Taxes and Customs (CBIC) will honour taxpayers who have been a part of the GST success story on the eve of completion of four years of indirect tax reforms. The board carried out a data analytics exercise to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns. As a result, 54,439 taxpayers have been identified. More than 88 per cent of these taxpayers are from Micro (36 per cent), Small (41...
Taxmen to honour honest taxpayers for valuable contribution in GST success
Taxmen to honour honest taxpayers for valuable contribution in GST success
Source: IANS
1/07/2021 9:43:50 AM
CBIC extends eligibility of AEO to facilitate exporters The Central Board of Indirect Taxes and Customs (CBIC) has further eased compliance measures for exporters by extending the validity of the Authorized Economic Operator (AEO) giving them more time to renew their accreditation. Accordingly, in its latest circular, CBIC has extended the validity of all AEO certificates expired or expiring between April 1 and May 31, 2021 to June 30. The extension will not be eligible for the cases where the entity has been found ineligible for continuation u...
CBIC extends eligibility of AEO to facilitate exporters
CBIC extends eligibility of AEO to facilitate exporters
Source: IANS
27/05/2021 3:20:36 PM
CBIC informs trade about enhancement of facilities under import of goods at concession rate In order to facilitate domestic manufacturing, particularly by the MSME sector, the Central Board of Customs and Indirect Taxes (CBIC) has allowed importers the benefit of a concessional customs duty on import of goods even if such goods are sent out for job work in the absence of complete in-house manufacturing capabilities. It has also permitted import of capital goods at a concessional customs duty even if such goods are cleared in the domestic market on payment of duty and interest, at...
CBIC informs trade about enhancement of facilities under import of goods at concession rate
CBIC informs trade about enhancement of facilities under import of goods at concession rate
Source: IANS
19/05/2021 9:13:39 AM
CBIC starts special drive to clear all pending GST refunds by month-end The Central Board of Indirect Taxes and Customs (CBIC) has launched a special drive to clear all pending GST refunds by month-end. The 15-day Goods and Services Tax (GST) refund drive is on the lines of an ongoing similar drive organised by the CBIC for refund of customs and duty drawback claims. In an instruction to all Principal Commissioners of Central Tax formations, the CBIC said there is a need to focus on timely disposal of all pending GST refund claims in order to provide immediate re...
CBIC starts special drive to clear all pending GST refunds by month-end
CBIC starts special drive to clear all pending GST refunds by month-end
Source: Accord Fintech
17/05/2021 12:33:20 PM
CBIC allows undertakings in lieu of bond to facilitate critical imports In yet another measure to facilitate traders and importers, the Central Board of Indirect Taxes and Customs (CBIC) has restored the facility for trade to provide an undertaking in lieu of bond for customs clearance of their goods. The facility of providing undertaking for customs clearance will be open to trade till June 30, 2021. The board has made it clear that importers and exporters availing this facility will have to ensure that the undertaking furnished in lieu of bond is duly replac...
CBIC allows undertakings in lieu of bond to facilitate critical imports
CBIC allows undertakings in lieu of bond to facilitate critical imports
Source: IANS
8/05/2021 6:02:40 PM
CBIC tells officials to do due diligence before issuing SCNs The Central Board of Indirect Taxes and Customs (CBIC) has directed all its field formations not to issue show cause notices (SCN) to taxpayers for service tax defaults merely on the basis of any discrepancy between an individual's income tax returns and service tax amount. The matter pertains to financial year 2015-16 by when service tax regime was prevalent before introduction of GST in 2017. The tax department can file SCNs for any service tax liability violation for FY16 till Decem...
CBIC tells officials to do due diligence before issuing SCNs
CBIC tells officials to do due diligence before issuing SCNs
Source: IANS
8/05/2021 4:22:31 PM
CBIC assigns nodal officers in each zone to facilitate Covid related imports In order to facilitate quick clearance of imports of COVID-19 related equipment or medicaments, the Central Board of Indirect Taxes and Customs (CBIC) has assigned nodal officers in each zone to handle such cases. The officers will not only handle queries but would also ensure that items and raw material Imported for Covid 19 mitigation does not get stuck up at customs ports and the onward movement of such critical equipment is delayed. A separate help desk to facilitate such movemen...
CBIC assigns nodal officers in each zone to facilitate Covid related imports
CBIC assigns nodal officers in each zone to facilitate Covid related imports
Source: IANS
5/05/2021 5:34:50 PM
CBIC sets up dedicated help desk to facilitate Covid-related imports In order to facilitate the quick clearance of imports of Covid-related equipment or medicaments, the Central Board of Indirect Taxes and Customs (CBIC) has set up a dedicated help desk that will handle all queries and grievances. The help desk will not only handle queries but would also ensure that items and raw material Imported for Covid 19 mitigation does not get stuck up at customs ports and the onward movement of such cryptically equipment is delayed. The CBIC in a tweet also sa...
CBIC sets up dedicated help desk to facilitate Covid-related imports
CBIC sets up dedicated help desk to facilitate Covid-related imports
Source: IANS
3/05/2021 4:02:19 PM
CBIC sets up helpdesk to expedite Covid related imports The Central Board of Indirect Taxes and Customs (CBIC) has set up a dedicated helpdesk to handle queries related to Covid related imports and handhold the trade, industry and individuals for expeditious customs clearance. This is in line with the government's strategy to ensure seamless and quick Customs clearance for Covid related imports so that they reach users/beneficiaries in time. "Queries and requests are being received by the department from various quarters. These rela...
CBIC sets up helpdesk to expedite Covid related imports
CBIC sets up helpdesk to expedite Covid related imports
Source: IANS
26/04/2021 5:04:57 PM