Centre, state tax officers can take intelligence based enforcement actions: CBIC

by Nidhi Bhati

The Central Board of Indirect Taxes and Customs (CBIC)’s policy wing has clarified that central and state level tax officers can take intelligence based enforcement actions for all purposes including refunds and no separate notification is required. The CBIC added that cross-empowerment of tax officials is absolute and non-conditional. The communication was issued in response to reference on whether intelligence based enforcement actions initiated by central tax officers against tax payers assigned to state tax administration get covered under the provisions of Central GST Act or a specific notification is required for cross-empowerment. Also, whether a notification is needed if conditions are imposed on powers given to the officers.

References
1. https://economictimes.indiatimes.com/news/economy/policy/centre-state-tax-officers-can-take-intelligence-based-enforcement-actions-for-all-purposes-cbic/articleshow/76706062.cms
CMIE STATISTICS
Unemployment Rate
Per cent
9.1 -0.1
Consumer Sentiments Index
Base September-December 2015
42.7 +0.4
Consumer Expectations Index
Base September-December 2015
44.6 +0.7
Current Economic Conditions Index
Base September-December 2015
39.8 0.0
Quarterly CapEx Aggregates
(Rs.trillion) Sep 19 Dec 19 Mar 20 Jun 20
New projects 3.12 5.15 3.39 0.57
Completed projects 0.85 1.65 1.70 0.17
Stalled projects 0.41 0.61 1.28 0.11
Revived projects 0.43 0.83 0.42 0.53
Implementation stalled projects 0.90 0.15 9.30 0.07
Updated on: 09 Jul 2020 3:28PM
Quarterly Financials of Listed Companies
(% change) Jun 19 Sep 19 Dec 19 Mar 20
All listed Companies
 Income 4.6 -2.3 -1.7 -4.0
 Expenses 2.7 -3.1 -2.2 -0.9
 Net profit 17.5 -1.3 -11.1 -43.0
 PAT margin (%) 6.2 5.3 5.1 3.1
 Count of Cos. 4,486 4,445 4,406 2,629
Non-financial Companies
 Income 2.4 -6.3 -5.5 -8.1
 Expenses 1.6 -6.7 -6.4 -4.0
 Net profit -7.5 -13.5 -14.1 -45.9
 PAT margin (%) 6.3 5.8 5.7 4.2
 Net fixed assets 10.4 13.8
 Current assets 5.0 2.8
 Current liabilities 5.0 3.8
 Borrowings 8.4 14.9
 Reserves & surplus 6.0 4.3
 Count of Cos. 3,361 3,335 3,300 2,031
Numbers are net of P&E
Updated on: 09 Jul 2020 3:28PM
Annual Financials of All Companies
(% change) FY17 FY18 FY19
All Companies
 Income 6.0 8.3 14.5
 Expenses 6.0 9.7 14.9
 Net profit 26.8 -40.1 16.9
 PAT margin (%) 3.3 2.0 3.1
 Assets 8.5 10.9 9.9
 Net worth 9.6 7.5 9.1
 RONW (%) 5.8 3.5 5.3
 Count of Cos. 28,320 26,172 21,038
Non-financial Companies
 Income 5.6 8.5 15.1
 Expenses 5.9 8.6 15.5
 Net profit 23.7 -9.1 19.4
 PAT margin (%) 2.9 2.7 4.0
 Net fixed assets 8.8 7.1 5.5
 Net worth 8.8 6.1 9.0
 RONW (%) 6.2 5.7 8.2
 Debt / Equity (times) 1.1 1.0 0.8
 Interest cover (times) 2.0 2.1 2.8
 Net working capital cycle (days) 86 77 60
 Count of Cos. 23,145 21,371 16,930
Numbers are net of P&E
Updated on: 05 Jul 2020 8:39AM