Tag: cbic
FM Sitharaman asks CBDT, CBIC to interact more with tax assessees
FM Nirmala Sitharaman : On Monday, Finance Minister Nirmala Sitharaman reprimanded officials from the CBDT (Central Board of Direct Taxes) and CBIC (Central Board of Indirect Taxes and Customs) for failing to respond to tax assessees’ complaints. In Bengaluru, during a meeting with industry. Sitharaman suggested that the two Board should hold meetings with industry every […]
Read moreCBIC launches online application for scheduling of examining cargo for traders
CBIC launches online digital application for scheduling of examination of cargo for traders at ICD Tughlakabad, Delhi. ICD Tuglakabad’s initiative will improve logistics efficiency of industry by launching Customs clearance work on Sundays and all public holidays. Customs at ICD Tuglakabad also inaugurates Baggage Scanner for non-intrusive examination of unaccompanied baggage/palletized import Cargo As a […]
Read moreCBIC instruct GST Officers not to ask for Cash Payment from Taxpayers
CBIC issued Press Note regarding payment of GST dues during March 2021. This press note came when GST Officers were using pressure tactics on taxpayers to pay in cash. As the 20th March deadline for GST payments nears, GST authorities are pressuring taxpayers to pay their “maximum tax liability” in ‘cash’. According to tax experts […]
Read moreCBIC : Instructions regarding procedures to be followed during Search Operation
Central Board of Indirect Taxes and Customs (CBIC) issued instructions regarding procedures to be followed during Search Operation. The instructions are as follows- February 02, 2021 Instructions No. 01/2020-21 [GST-Investigation] SUBJECT: Instruction / Guidelines regarding procedures to be followed during Search Operation -regarding. Specific instances have come to the notice of the Board and Central […]
Read moreCBIC cleared Misconceptions about 1% cash payment of GST liability under Rule 86B
Central Board of Indirect Taxes and Customs (CBIC), has introduced new Rule 86B. This rule will restricts the use of input tax credit for discharging GST liability to 99 per cent. That means 1% of GST liability will be paid through cash not by ITC. It is applicable from January 1, 2021. However, many misconceptions about […]
Read moreCBIC implements Quarterly Return filing scheme with Monthly Payment of taxes for small taxpayers
CBEC-20/01/08/2020 -GST Government of IndiaMinistry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, dated the 10th November, 2020 To The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All) / The Principal Director Generals / Director Generals (All) Madam/Sir, Subject: […]
Read moreCBIC and CBDT Merger, a false claim by News Reports : Govt Clarified
A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC). This news item is factually incorrect as the Government has no proposal to merge the two Boards created under the […]
Read moreCBIC Launched the E-Office Application
Chairman of Central Board of Indirect Taxes and Customs (CBIC) has launched remotely the e-Office application on 15th day of June, 2020 in over 500 CGST and Customs offices across India in the presence of over 800 senior officers of CBIC. CBIC has become one of the largest Government departments to automate its internal office […]
Read more10% GST ITC Calculation : New GST Rule of Input Tax Credit
GST is not easy. Since the implementation of GST, CBIC has made many amendments. It even gave a lot of clarifications to simplify the GST process. Also, it took steps for easy understanding or to make it better for overcoming the faced problems and difficulties. Through these steps the GST became Good and simple Tax […]
Read moreInterest on Net GST liability retrospectively : Discussion in GST Council meeting
Businesses facing the prospect of paying around Rs 46,000 crore as interest on delayed payment of Goods and Services Tax (GST) may obtain a waiver. As the GST Council is considering calculating interest only on their net tax liability retrospectively. The finance ministry has not yet calculated the savings resulting from this that will come […]
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