Search Results for: CBEC

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

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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

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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

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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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CBIC issues clarification on GST Refund Issues

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The Board pointed out that certain challenges are being faced by taxpayers in adhering to the compliance requirements under various other provisions of the Central Goods and Service Tax (CGST) Act which also need to be clarified. The board to ensure uniformity in the implementation of the provisions of the law across the field formations, addressed all the issues raised by the people. The board empowered under Section 168(1) of the Central Goods and Service Tax (CGST) Act clarified that in case of GST…

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No GST on CXO salaries: Government set to clarify

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The government is looking to clarify that goods and services tax (GST) should not be applicable on salaries of chief executives sitting in head offices, two people in the know said. This comes after the tax department started raising queries on how companies have dealt with this issue. ET had first written on November 14 that some of the top companies headquartered in Pune, Mumbai and New Delhi have started receiving queries from the tax department on cross-charging of CEO and CFO…

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Latest GST circular puts an end to confusion over new input tax credit rules

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In a big relief for GST taxpayers, the Union government on Monday clarified the new rules related to availing input tax credit under the GST. It said that a certain category of Input Tax Credit claims such as ITC in respect of the IGST paid on imports and GST paid under the reverse charge mechanism have been kept out of the scope of the new rules introduced last month. The new rules implemented by the CBIC limited input tax credit…

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GST taxpayers alert! CBIC is going to use this unique number from Friday, here’s how it will benefit you

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In order to protect GST taxpayers from any harassment at the hands of errant tax officials, the Central Board of Excise and Customs (CBEC), is going to use a unique number in every communication with taxpayers from Friday. Initially, the department will use this unique document identification number (DIN) mostly for investigation related communications such as arrest warrants and search authorizations and it will be later expanded to cover all the communication issued by the officers of the board. All…

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CBIC issues Clarifications to allow Re-Filing of Refund Claim where NIL Refund Claim was filed inadvertently under GST

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The Central Board of Indirect Taxes ( CBIC ) has issued Clarifications to allow Re-Filing of Refund Claim where NIL Refund Claim was filed inadvertently under Goods and Services Tax ( GST ). In a Circular issued by CBIC said that, “Whenever a registered person proceeds to claim a refund in FORM GST RFD-01A/RFD-01 under a category for a particular period on the common portal, the system pops up a message box asking whether he wants to apply for ‘NIL’ refund for the selected period. This is…

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GST Council recalls rule that raised tax outgo of large companies

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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

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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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