CBEC
CBIC mulling organisational restructuring to make it more effective, do away with overlapping
The CBIC is mulling a comprehensive restructuring of the organisation to make it more effective and remove overlapping, if any, as many of its functions have undergone transformation. The Central Board of Indirect Taxes and Customs or CBIC (formerly knows as Central Board of Excise and Customs) was set up in 1964.
Panel working on tax refunds under RoDTEP for exports from SEZs, EOUs to submit report on December 20
The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme.
No GST on CXO salaries: Government set to clarify
CBEC is set to clarify that common function like HRs should be out of the GST gamut
Deadline for claiming transitional credit extended, April-June GSTR-1 dates notified
Also, the Central Board of Excise and Customs (CBEC) has notified the deadline for businesses to fill up final sales return form GSTR-1 from April to June.
CBEC member holds meeting with exporters on GST refunds
The CBEC field formations have launched 'GST refund fortnight' beginning March 15 in which tax officers are guiding exporters with their stuck refund.
Proprietors, LLPs, HUFs under CBEC scanner for claiming transitional credit
The Central Board of Excise and Customs, according to sources, has shared the list of such entities, along with the returns filed and transitional credit.
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CBEC to verify GST transitional credit claims of 50,000 taxpayers
The verification of "unreasonable" transitional credit claims would be conducted in four phases, a source said, adding that credit verification will remain one of the focus areas in 2018-19.
As GST glitches iron out, revenue collections set to rise: CBEC chief
Collections dropped to Rs 80,808 crore in November and recovered to Rs 86,703 crore in December, according to government data.
GST return simplification panel to meet industry this week
The committee is likely to submit its report to the Group of Ministers, headed by Bihar Deputy Chief Minister Sushil Modi, which will finalise its recommendations by the month end.
CBEC to be renamed CBIC by April
The official said since the CBR Act provides for constitution of separate boards of revenue for direct taxes and excise and customs, the name of CBEC has to be replaced with CBIC in the Act.
With GST in play, CBEC gets name change to CBIC
The change of name, for which provision is made in the Finance Bill, comes about as a consequence of GST subsuming indirect taxes.
Government to soon finalise anti-profiteering guidelines: CBEC
Anti-profiteering is a temporary measure and as the GST is stabilised in due course of time, the anti-profiteering authority would be wound up.
Late date of GSTR3B filing for Dec extended till Jan 22
GSTR-3B is a simple return form introduced by the CBEC after the roll out of the goods and services tax (GST) from July 1. It is meant to capture details of outward and inward supplies.
Weight or number? CBEC begins review to bring uniformity to measurement of goods
Differences in commercial practices and customs guidelines on the measurement of some goods may have wreaked havoc with the country’s trade statistics.
Importers of food, cosmetics to get refund on excess GST
“We have told importers that if they have imported goods at 28% and are selling them at 18%, they can claim a refund,” a senior official at the CBEC said.
CBEC calls for reality check to boost GST mop-up
GST collections in Oct fell to Rs 83,346 cr from a high of over Rs 92K-cr in Sept. Moreover, the Centre’s share has been low after payment of compensation cess to states.
Use discretion fairly in investigations: Arun Jaitley to DRI officials
Jaitley said that generally many investigative agencies start off with tall claims when they detect offences but ultimately with trials and prosecution, the claims fizzle out.
Exporters file over 10,000 applications for GST refunds
CBEC had last month started refunds for exporters of goods who have paid IGST and have claimed refund based on shipping bill by filling up Table 6A.
Taxmen are now grilling leading eateries about menu prices before & after GST cut
Soon after GST cut, many eateries like Starbucks and McDonald’s raised prices, citing withdrawal of credit for taxes paid on raw material and rent as the reason.
CBEC chief’s missive to FMCGs: Pass on benefits post GST tweak
“We have reached out to over 100 companies,” CBEC chairman Vanaja Sarna told ET. “This is essentially an appeal asking them to pass on the tax cuts to consumers.”
Exporters can manually file GST refund claims: CBEC
The CBEC had last month started refunds for exporters of goods who have paid Integrated GST (IGST) and have claimed refund based on shipping bill by filling up Table 6A.
Businesses need not deduct GST on advances received for goods supply
The composition scheme can be availed by businesses with turnover up to Rs 1 crore and they can pay taxes at a lower rate of 1 per cent, while for restaurants the rate is 5 per cent.
Third appeal in tax cases should be filed selectively: CBEC
The Board observed that "this cannot" be made a rigid rule as the department may be "genuinely aggrieved" by the decision of the various judicial forum at lower levels.
Reach out to non-filers of GST returns: CBEC to fields offices
CBEC has shared the zone-wise data of businesses under the GST with regional commissioners to handhold them in case they are facing difficulty while filing returns.
Online travel agents liable to deduct TCS under GST: CBEC
Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to collect 1 per cent of the net value of taxable supplies made through it.
CBEC officials unhappy with Bengal's e-way bill
"West Bengal is one of the two states in the country which has already introduced e-way bill. We have urged the state to keep the procedure on hold until it is rolled out by the Centre and across the states," a CBEC official said.
GST rates not to be revised unless there is anomaly: CBEC
Sarna said industry will have issues relating to GST rates, laws and rules and there is still time for industry to present its wish list as July one was not the end date.
Directorate set up under CBEC for data analytics and nabbing evaders
It will do detailed data mining and analysis to generate outputs for focused and targeted action by field formations and investigation wings of the CBEC.
Revision of rates left to GST Council's discretion: CBEC Chief
Various industries and businesses, including traders, FMCG and automobiles had been petitioning the central govt for revising rates, the CBEC chief said.
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