Indirect Taxes Current Affairs, GK & News

Budget 2020: dispute resolution scheme for direct taxes

The Union Finance Minister Nirmala Sitharaman announced a dispute resolution scheme for direct taxes in the recent Union Budget 2020-21. Under the proposed scheme, the taxpayers whose tax demands are locked in any dispute in any of the forums can pay their due taxes by March 31, 2020. By paying it before the deadline, the ..


Cabinet approves abolition of Ombudsman for Direct and Indirect taxes

The Union Cabinet headed by Prime Minister Narendra Modi has approved the abolition of institutions of Ombudsman for income tax and indirect tax. The office of Income-Tax Ombudsman was set up in 2003 to deal with grievances of public related to the settlement of complaints relating to income tax. Why did the government decide to ..



Merits and Demerits of Indirect Taxes

Indirect taxes are levied on the production or consumption of goods and services or on transaction, including imports and exports. In case of indirect taxes, it is said that the person who is hit does not bleed; someone else bleeds. Still, there are key merits of Indirect taxes as follows: Elasticity Akin to direct taxes, ..