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CBIC CIRCULAR AMENDMENT
Experts flag input tax credit blockage for FMCG distributors despite GST reliefA recent GST circular clarifies trade discounts and credit notes, easing manufacturers' tax burden but creating cash-flow pressure for FMCG...- CBIC says DIN not required for GST notices issued via portal with reference numberCBIC has amended its earlier circular mandating Document Identification Number (DIN) for show cause notices and GST orders, stating that DI...
- Quoting DIN (document identification number) not needed in tax notices, clarifies CBICThe CBIC has clarified that a Document Identification Number (DIN) is not mandatory for GST communications generated through the common por...
- Have a query about the new GST amnesty scheme for waiver of interest and penalty? CBIC releases FAQ and clarificationsGoods and Services Tax (GST): Section 128A which was announced in Budget 2024 provides relief to GST registered taxpayers who have a pendin...
- GST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliserThe GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to low...
- Major GST relief for holding companies in corporate guarantees caseThe circular, issued in October by the Central Board of Indirect Taxes and Customs (CBIC), has been stayed via an interim order. The circul...
- WTC Mumbai submits memorandum for GST issue redressalThis memorandum highlights the emerging challenges or concerns of the industry and suggests suitable recommendations to address these chall...
- Unregistered persons can claim tax refunds for cancelled contracts on GST portalKPMG in India, Partner Indirect Tax, Abhishek Jain said in line with the GST Council recommendation procedure to claim a refund of tax born...
- CBIC clarification on display inputs duty a big relief: ICEAThe notice by the central board of indirect taxes and customs (CBIC) via circular dated August 18, which clarifies that import of display a...
- From canteen to medical insurance, GST Council provides much-awaited relief on employee perksPerquisites provided by an employer to its employees always attract the attention of the tax authorities. Service provided by an employee t...
- Customs commissioners can decide security deposit in certain provisional assessments casesThe Board, through amendment of rules, has enabled principal commissioners and commissioners of customs to decide the amount of security re...
- Rule tweaks on import of raw materials, finished goods to help ease local manufacturingThe Central Board of Indirect Taxes and Customs (CBIC), in a circular dated May 17, notified the amendments related to job-work which were ...
- CBIC introduces job work under IGCR rules, to facilitate local industryThe changes also intend to bring flexibility on direct movement to job worker premises, direct exports and provision for local sale with co...
- Importers to make prior disclosure to customs to avail concessional duty on goods: CBICEven importers who do not have any manufacturing facility can now avail the IGCR, 2017, to import goods at a concessional customs duty and ...
- Manufacturing under Customs Bonded Warehouse – Opening up new possibilitiesThe manufacturing industry expects that the government, through the Budget, would bring in incentives or new schemes to infuse fresh life a...
- CBIC permits import and export of coronavirus vaccines through courierCBIC has amended the Courier Imports and Exports (Electronic Declaration and Processing) regulation to allow for temporary import and re-ex...
- A dispute on definition of "intermediary" puts $147 bn IT sector in a tax quandaryThe country's $147 billion IT and ITeS industry, including the back offices of several multinationals such as Genpact and WNS Global, has s...
- FM holds meeting on GST simplification; similar meetings across country on Dec 7To highlight the problems faced by GST filers, the stakeholders attempted to file specific returns on a real-time basis in the meeting and ...
- Cars costing over Rs 10 lakh to carry extra taxThis implies that consumers will have to cough up GST on the value of tax collected by an auto dealer.
- GST to be levied on goods stored in customs warehouse only on final clearance: CBIC"The supply of goods before their clearance from the warehouse would not be subject to the levy of integrated tax," the CBIC said in a circ...
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