indirect tax

Tax Amicus | GST, Customs, Excise, Service Tax & VAT | August 2021

CA, CS, CMA - Goods and Services Tax (GST) Notifications and Circulars Requirement of GST audit and reconciliation statement by professionals removed with effect from 1 August 2021: The Ministry of Finance has appointed 1 August 2021 as the date on which the provisions of Sections 110 and 111 of the Finance Act, 2021 have come into force. These [&helli...

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Direct & Indirect Tax Updates July 2021

CA, CS, CMA - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill is received.  (Notification No. 77/2021-Income Tax [G.S.R. 472(E)]qvc) ♦ CBDT further extends th...

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Union Budget 2021-22: Major Changes In GST Law

CA, CS, CMA - The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the mos...

Read More

GST, Excise, Service Tax, Customs & VAT updates for August 2017

CA, CS, CMA - Notification No. 28 /2017 – Central Tax, dated- 01st September, 2017- CBEC waives late fee payable under section 47 of the CGST Act, 2017, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date....

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GST, Dual GST – Meaning, Provisions & Applicabilty

CA, CS, CMA - Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

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GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM

CA, CS, CMA - The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the ta...

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Indirect tax collection up by over 16 % to 2.85 lakh cr in April-December

CA, CS, CMA - Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. ...

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Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

CA, CS, CMA - In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justi...

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Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11

CA, CS, CMA - Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes....

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Extra efforts would be required to achieve tax targets – FM

CA, CS, CMA - Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called...

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Expenses incurred towards training cannot be termed as fee for technical services

Lloyds Register Industrial Services (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) - We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited by the parties. After careful perusal of various authorities relied on either side would show that they are quite distinguishable because none of the case law deals with t...

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Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

F.No.334/9/2011-TRU - (02/11/2011) - In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct ...

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Circular on Applicability of indirect taxes on import of packaged software

F.No.354/189/2009-TRU - (04/11/2009) - F.No.354/189/2009-TRU Customs duty on packaged software - As basic customs duty is Nil for packaged software, the additional duty of customs („CVD?) levied in lieu of the Central Excise duty payable on like goods manufactured in India (including education cess and secondary and higher education ce...

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Recent Posts in "indirect tax"

Tax Amicus | GST, Customs, Excise, Service Tax & VAT | August 2021

Goods and Services Tax (GST) Notifications and Circulars Requirement of GST audit and reconciliation statement by professionals removed with effect from 1 August 2021: The Ministry of Finance has appointed 1 August 2021 as the date on which the provisions of Sections 110 and 111 of the Finance Act, 2021 have come into force. These [&helli...

Read More
Posted Under: CA, CS, CMA |

Direct & Indirect Tax Updates July 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill is received.  (Notification No. 77/2021-Income Tax [G.S.R. 472(E)]qvc) ♦ CBDT further extends th...

Read More
Posted Under: CA, CS, CMA |

Union Budget 2021-22: Major Changes In GST Law

The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the mos...

Read More
Posted Under: CA, CS, CMA |

GST, Excise, Service Tax, Customs & VAT updates for August 2017

Notification No. 28 /2017 – Central Tax, dated- 01st September, 2017- CBEC waives late fee payable under section 47 of the CGST Act, 2017, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date....

Read More
Posted Under: CA, CS, CMA |

GST, Dual GST – Meaning, Provisions & Applicabilty

Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

Read More

GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM

The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the ta...

Read More
Posted Under: CA, CS, CMA |

Indirect tax collection up by over 16 % to 2.85 lakh cr in April-December

Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. ...

Read More
Posted Under: CA, CS, CMA |

Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

F.No.334/9/2011-TRU 02/11/2011

In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justi...

Read More

Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11

Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes....

Read More
Posted Under: CA, CS, CMA |

Extra efforts would be required to achieve tax targets – FM

Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called...

Read More
Posted Under: CA, CS, CMA |

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