What is 'Indirect Tax'

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• Reinsurance and coinsurance not under tax ambit​​The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
• Waiver, other tax reforms top GST Council's docketThe GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
• CBIC cautions public against frauds in the name of Indian CustomsThe Central Board of Indirect Taxes and Customs (CBIC) issued an alert regarding fraudulent activities where imposters pose as Indian Customs officials to deceive the public, often through digital means like calls or SMS. CBIC launched a comprehensive awareness campaign urging vigilance and precautionary measures against such scams, emphasizing verification and reporting of suspicious activities
• Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demandGST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
• Instant flour mixes for dosa, idli, dhokla cannot be classified as sattu; 18% GST should be levied: GAAARThe company sells flour mixes of gota, khaman, dalwada, dahi-wada, dhokla, idli and dosa in powder form and pleaded that it is akin to Sattu and should attract Goods and Services Tax (GST) of 5 per cent. The GAAAR rejected the appellant's contention, saying that ingredients which go into the making of 'instant flour mixes" are not covered under the relevant GST rules as is the case with Sattu.
• GST on corporate guarantees: SC to offer clarity, say officialsSeveral companies caught in the crosshairs of the GST authorities got a sense of relief last week after the Punjab & Haryana High Court stayed operation of a central board of indirect taxes & customs (CBIC) circular clarifying on the validity of the levy. CBIC's October 27, 2003, circular had clarified that a corporate guarantee, provided by one company to banks or financial institutions to help an associate company secure a loan, even without a consideration, should be considered supply of service between related parties under the Schedule I of the CGST Act, 2017.9
• Govt allows tobacco cos to fill their monthly returns through special procedure till May 15Government extends CBIC's new procedure deadline for pan masala and tobacco product manufacturers till May 15 to improve GST compliance, facing challenges due to lack of machinery details, GST Network advisory, and forms for filing.
• CBIC chief wants speedy disposal of legacy casesAccording to the official data cases with tax demand of about ₹29,000 crore are stuck, some of which are over 10 years. In most of the cases demand was raised but because of missing assesses, inadequate assets and liquidation of assets recovery is not possible.
• Central & state GST officials to conduct joint audits of firmsAs per industry estimates, there are about 11,000 such cases of dual investigation by both the central and state authorities or under litigation. Several central GST zonal heads have sent an internal communique to officials, asking them to invite state officials to join their ongoing audits for better coordination, said officials.
• RBI Governor Shaktikanta Das calls on Finance Minister Nirmala SitharamanThe MPC meet is expected to spell out inflation and growth trajectory for financial year beginning April 1. RBI in its last policy released in February projected a growth rate of 7 per cent and inflation outlook at 4.5 per cent for FY25. An RBI bulletin on Tuesday said food price pressure is an obstacle to swifter fall in retail inflation to the Reserve Bank's target of 4 per cent. Retail inflation based on Consumer Price Index (CPI) is on a decline since December and was at 5.09 per cent in February.