CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

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• E-invoicing must from August 1, for companies with more than Rs five crore turnover

  This is the sixth and most significant phase of lowering of e-invoicing threshold in Goods and Services Tax (GST).

  

• CBIC readies plan to step up vigilance for elections

  The Central Board of Indirect Taxes and Customs (CBIC) has prepared a detailed vigilance mechanism to keep a tab on seizures of cash, illicit liquor, drugs and smuggled goods, besides strict monitoring of airports and warehouses.

  

• GST Council likely to vet CBIC's plan for additional validations in return filing to check evasion

  ​The CBIC last week introduced validation and risk rating for GST registrations, as it looks to curb fake entities issuing fake bills just to claim ITC benefit and defraud the exchequer. The official said the strategy to go in for additional validation both at the time of registration and filing of return is aimed at eliminating tax evasion.

  

• Undue harassment of genuine MSME online sellers by GST officials 'not justified', says industry

  MSME firms, particularly online sellers, are reportedly facing increased challenges with GST compliance. The Central Board of Indirect Taxes and Customs' special drive to combat fake GST registration has raised concerns among industry players who cite growing cases of harassment by tax officials.

  

• CBIC rolls out module for automated scrutiny of GST returns

  In the module, discrepancies on account of risks associated with a return are displayed to the tax officers.

  

• Centre slashes windfall tax on crude oil to Rs 4,100 per tonne

  The export duty exemption for petrol, diesel and aviation turbine fuel will continue. The duty will be effective May 2, according to a notification issued by the Central Board of Indirect Taxes and Customs.

  

• CBIC mandates timebound digital records of arrests

  The Central Board of Indirect Taxes and Customs (CBIC), in a letter dated March 1 to all its zonal offices, has directed uploading of all details related to arrests, seizures and prosecution on the DRI (Directorate of Revenue Intelligence) Intelligence Gathering and Investigation Tool (DIGIT). The tool is hosted on the CBIC website.

  

• E-filing of CESTAT appeals begins on trial basis

  “A module for e-filing of appeals and applications in CESTAT is being developed by NIC. The first version of the module is ready for trial by the stakeholders. For the purpose of testing, Advocates are requested to file appeals on trial basis on the e-filing module of CESTAT website,” a circular by CBIC said.

  

• CBIC may consider e-filing of pleas as GSTAT not ready yet

  The Central Board of Indirect Taxes and Customs (CBIC) is considering allowing e-filling of petitions from aggrieved taxpayers as the setting up of GST Appellate Tribunals (GSTAT) may take another 10 months despite a green signal by the GST Council.

  

• Fixing the bleed: India is losing billions to GST tax evasion, and it needs to act fast

  Several measures such as reporting of outward supplies, matching of input tax credits have resulted in identifying issues of fake invoicing, errant taxpayers who default on payment of tax, claim refund on exports fraudulently etc. But, experts believe that easing compliance burden is among the most important steps the government has to take to plug the leakage. A complex registration process is ailing the system and the tax authorities must also train on GST laws.

  

• GST Council to decide cement rate cut on February 18

  A team of officials working with India's Goods and Services Tax Council will decide cutting rates for cement on Feb. 18, the chairperson of the Central Board of Indirect Taxes and Customs said on Friday. Finance minister Nirmala Sitharaman recently indicated that industry's demand for trimming the 28% goods and services tax levy on cement, a key input for the infrastructure sector, could be taken to the fitment panel under the GST Council.