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CBIC Draft Bill

Santhosh Kumar 09/06/2024

The CBIC has released a draft bill to amend the Central Excise Act, aiming to update the 80-year-old law. The new bill focuses on simplifying rules, removing outdated provisions, and adapting to the current economic climate. It includes 12 chapters, 114 sections, and 2 schedules. The bill also considers integrating petroleum products into GST. Public feedback is invited by June 26.

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Hindenburg Research report on Adani Group mind map Recent News Jan 2024 Supreme Court rejects transfer of probe SEBI directed to complete investigation When Report published Jan 2023 Subsequent events till Jan 2024 Why Alleged stock manipulation Accounting fraud scheme What 2-year investigation Evidence presented Brazen stock manipulation Accounting fraud over decades Gautam Adani's net worth increase Key companies' financials Substantial debt Pledged shares for loans Liquidity pressure Family control in group Top ranks and key leaders Previous government fraud investigations Money laundering Theft of taxpayer funds Corruption Offshore shell entities Mauritius, UAE, Caribbean Islands Forged import/export documentation Alleged schemes Diamond trading import/export Artificial turnover generation Key figures accused Rajesh Adani, Samir Vora, Vinod Adani Stock parking/manipulation Offshore shells and funds Laundering money to listed companies Where India Offshore entities in multiple countries Who Gautam Adani, Founder and Chairman Adani family members Hindenburg Research How Research methodology Interviews with former executives Document reviews Site visits in various countries Alleged stock manipulation Offshore entities involved Wash trading indications Government investigations Significance Uncovering potential financial irregularities Investigating corporate governance issues Challenges Potential impact on investor confidence Legal and regulatory complexities Way Forward Completion of SEBI investigation Addressing the concerns raised

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A Mindmap image featuring information about the "Global Tax Evasion Report 2024" by the European Union Tax Observatory. The image provides context on tax evasion discussions, the Global Minimum Tax (GMT), and measures to combat evasion. It defines tax evasion as the illegal non-payment of taxes, with methods including income underreporting, hiding money offshore, and inflating deductions. The report highlights and recommendations are as follows: A $1 trillion profit shift to tax havens in 2022 with a recommendation for a minimum corporate tax of 25%. Billionaires' effective tax rates ranging from 0% to 0.5%, with a recommendation for a new 2% global tax on billionaires' wealth. Decrease in offshore tax evasion with a recommendation for the creation of a Global Asset Registry. Policy impact on tax evasion with a recommendation to tax long-term residents in low-tax countries. Multinationals shifting $1 trillion to tax havens, with a recommendation for unilateral tax collection measures. A trend called "Greenwashing the Global Minimum Tax" with a recommendation to strengthen economic substance and anti-abuse rules. The image also mentions Indian measures against tax evasion, including E-Invoicing, the Fugitive Economic Offenders Act, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Income Tax Act, the Prevention of Money Laundering Act, treaties like the Double Tax Avoidance Agreement (DTAA) and Tax Information Exchange Agreement (TIEA), the Benami Transactions Informants Reward Scheme, and corporate tax reductions for existing companies and new manufacturing firms. Finally, it discusses international reforms against tax evasion, including the Global Minimum Tax (GMT) proposed by the OECD with a 15% corporate minimum tax agreed upon by 136 countries, including India, and the Automatic Exchange of Information (2017) for combating offshore tax evasion.

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Categories: Taxation

Tags: 6.06.2024, Newsbits

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