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The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST).
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Main reason for the gap may include tax evasion through willful suppression of material facts/ aggressive tax planning or mistakes committed by the tax payers. With a view to detect such aberrations and promote voluntary compliance, several interventions are done through selective scrutiny (examination) of returns/statements, surveys, search ...
Goods and Services Tax (GST) implementation: The introduction of the GST in July 2017 aimed to streamline India's tax system. However, challenges in its implementation, including complex rules, confusion about tax rates, and technology issues led to disruptions in supply chains and compliance burdens for small businesses which negatively ...
The Rajya Sabha passed these Bills on 6 April 2017 which were then enacted as Acts on 12 April 2017. Thereafter, State Legislatures of different States have passed respective State Goods and Services Tax Bills. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 1 July 2017. [18]
The solar deal is now under scrutiny by U.S. prosecutors, who indicted Adani and seven other executives in November for alleged involvement in a bribery and securities fraud scheme involving ...
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.