Search Results for: CBEC

CBEC field offices observe GST refund fortnight; to clear Rs 150 crore of pending refunds

The CBEC field formations have launched GST refund fortnight beginning Thursday to quickly sanction pending refunds to exporters. As much as Rs 150 crore of Integrated Goods and Services Tax (IGST) refunds are pending for exports though the Cochin port, due to technical errors, said a report in Times of India. The exporters WHO have IGST refund or Input step-down (ITC) claim unfinished with the Central Board of Excise and Customs (CBEC) will visit the sector offices wherever the tax officers can facilitate them. “Attention Exporters – CBEC is perceptive Refund period from fifteen to twenty ninth March, 2018 across all field formations to…

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GST: CBEC fast-tracks IT training of tax officials

The Central Board of Excise and Customs (CBEC) has brought the deadline forward for IT training of officials ahead of the July 1 roll-out of the Goods and Services Tax (GST). Last week, the finance ministry said only 40% of tax officials had been trained on the GST portal run by the GST Network. “Out of 62,937 tax officials, 24,668 have been given hands-on training on the application software on live system while the remaining officials will be trained by…

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Taxes under GST ‘to increase a bit’, says CBEC Chairman

While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to “increase a bit” from the current level. “That is our belief (that the current level of taxation will not lessen at least for first five years). It will be the same, that’s our belief, and it will increase…

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GST Council recalls rule that raised tax outgo of large companies

The Goods and Services Tax (GST) Council has recalled the limits placed on companies from February this year on settling their tax liability with credits for taxes paid previously on raw materials and services. The move comes after businesses said the restrictions had led to an increase in their tax outgo. In a clarification issued to field officers on Tuesday, the Central Board of Indirect Taxes and Customs (CBIC) has granted full flexibility to businesses in using the credits for…

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GST refunds to exporters top Rs 12,000 crore, only 40% payment left

The second round of the dedicated period for clearing refund overdue of exporters under the Goods and Services Tax (GST) regime may have seen Rs 12,000 crore settled by the government. Ganesh Kumar Gupta, president of Federation of Indian Exporters Organisation (FIEO), told DNA Money that the exporters’ body has estimated that around Rs 12,000 crore of the Rs 20,000 crore pending refund had been cleared in the second round of refund fortnight – May 31 to June 14 –…

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Expedite GST practitioners’ registration: CBIC chief

The Goods and Services Tax (GST) came into effect in the country nearly a year ago. But several indirect tax experts find that they still haven’t been approved as GST practitioners, despite having applied for registration months ago via the GST portal. In this backdrop, the chairperson of the Central Board of Indirect Taxes and Customs(CBIC — earlier known as CBEC), Vanaja Sarna, recently wrote to officials to expedite the process. Her letter dated May 4 says, “I would urge the officials to expedite the process…

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Stage set for GST E-Way Bill from April 1

With less than a week left for the implementation of the much-delayed E-Way Bill across the country, tax officials and businesses seem to be well prepared this time around. “The IT system is fully geared up for the E-Way Bill. It has been thoroughly checked and can handle a much higher load,” said Prakash Kumar, Chief Executive Officer, GST Network (GSTN), adding that it has also gone through multiple rounds of testing. The software for the E-Way Bill is being…

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PMO calls FinMin, Commerce officials on exporters’ GST refunds

The meeting would also assess the impact of delay in refund process on exports and manufacturing, sources said. The issue of refunds to exporters has been hanging fire for over five months now, with exporters complaining that delay in GST refunds has blocked their working capital. The Prime Ministers Office has called a meeting of top officials of commerce and finance ministries tomorrow to discuss the issue of GST refunds as exporters claimed that their 70 per cent of refunds…

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GOM Panel to discuss GST return simplification on 24th February

Ahead of the GST Council meeting on 10 March, a ministerial panel under Bihar deputy chief minister Sushil Modi will meet in New Delhi on Saturday to firm up the simplified ‘single-stage’ return filing process. In the run up to the meeting, key members of the return simplification committee Nandan Nilekani and Central Board of Excise and Customs (CBEC) excise commissioner Manish Kumar Sinha, along with Goods and Service Tax Network (GSTN) chairman Ajay Bhushan Pandey, met finance secretary Hasmukh…

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Government extends deadline for filing final GST returns till 10 January

The Goods and Services Tax (GST) Council has extended by 10 days the due date for filing sales returns for the July-September quarter for small businesses and monthly returns up to October by larger entities. As per a notification issued by CBEC on Friday, based on a decision of the Council, small businesses with turnover up to Rs 1.5 crore, which were to file the first quarterly GST return relating to supplies in the GSTR-1 form by 31 December, can…

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