CBIC Current Affairs, GK & News
HSN Code: New rules
The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs
Topics: CBIC • exports • GST • HSN • imports • World Customs Organization (WCO)
What is 1% Cash Payment Norm in GST?
The Department of Revenue recently announced that the GST tax payers should compulsorily pay at least 1% of their tax in cash. This is to come into effect from January 1, 2021. 1% Cash Payment Norms The 1% Cash Payment norms is applicable to all the 45,000 taxpayers. This is being introduced to curb tax ..
Month: Current Affairs - December, 2020
Category: Economy & Banking Current Affairs
Topics: CBIC • Department of Revenue • Goods and Service Tax • GST • input tax credit
What is HSN Code?
The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the ..
Month: Current Affairs - December, 2020
Category: Economy & Banking Current Affairs
Topics: CBIC • Central Board of Indirect Taxes and Customs • Globally Harmonised System for classification and labelling • Goods and Services Tax (GST) • GST • HSN • World Customs Organization (WCO)
Safety of explosives at warehouses in India being checked
The Central Board of Indirect Taxes and Customs has directed the field offices to verify within 48 hours that all explosive materials lying in Customs warehouses and ports are compliant with the safety standards as required and also that they should not pose any kind of danger to the lives of common people. This step ..
Month: Current Affairs - August, 2020
Category: India Nation & States Current Affairs
Topics: Beirut Blast Case • CBIC • Central Board of Indirect Taxes and Customs • Explosives • Warehouses
CBDT and CBIC Sign MoU for Exchange of Data
A memorandum of understanding has been signed between the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs in order to ensure the smooth exchange of data between the two organizations. This was signed in the presence of the chairman of both the organizations along with other senior officials. It ..
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs
Topics: CBDT • CBIC • Central Board of Direct Taxes • Central Board of Indirect Taxes and Customs • data sharing • Exchange of Data