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New Delhi: In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for IFSC code registration to enhance the ease of doing business, according to an official statement issued on Tuesday. The system will automatically approve requests for registration of the…
New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has issued a detailed clarification on the Goods and Services Tax (GST) treatment of secondary or post-sale discounts, following multiple industry representations seeking clarity on their impact on tax liability and input tax credit (ITC). According to the circular, when suppliers issue financial or…
New Delhi: The GST Council has approved major reforms to speed up refunds and ease compliance for businesses. According to Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), identified and risk-evaluated taxpayers will now be able to receive GST refunds within seven days—without any officer’s intervention. Speaking to IANS,…
New Delhi: The Central Board Of Indirect Taxes And Customs (CBIC)has made revision in rules pertaining to Central Goods and Services Tax Rules, 2017. New Rules Applicable From Which Date? In a circular issued on 27 May 2025, the CBIC said that these rules may be called the Central Goods and Services Tax (Second Amendment)…
New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance has issued a circular announcing fee waiver for late or delayed filing of GSTR-9C. In a circular the CBIC said, “In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12…
Last Updated:December 03, 2024, 10:38 PM IST The CBIC on Tuesday said the GoM on GST rate rationalisation is yet to submit its recommendations to the GST Council, which is the final decision making body in fixation of tax rates. It said the GST Council is empowered to recommend GST rates including changes to them….