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 (30-DAY MVG. AVG.)
Per cent
7.1 -1.9
Consumer Sentiments Index
Base September-December 2015
53.7 -0.3
Consumer Expectations Index
Base September-December 2015
55.4 -0.5
Current Economic Conditions Index
Base September-December 2015
51.1 0.0
Quarterly CapEx Aggregates
(Rs.trillion) Mar 20 Jun 20 Sep 20 Dec 20
New projects 3.80 0.83 1.05 0.86
Completed projects 1.77 0.25 0.72 0.58
Stalled projects 0.73 0.11 0.08 0.30
Revived projects 0.42 0.68 0.36 0.09
Implementation stalled projects 10.18 0.09 0.07 0.12
Updated on: 23 Jan 2021 8:28PM
Quarterly Financials of Listed Companies
(% change) Mar 20 Jun 20 Sep 20 Dec 20
All listed Companies
 Income -5.0 -27.6 -6.2 1.4
 Expenses -1.9 -27.9 -10.1 -8.5
 Net profit -48.9 -40.3 45.3 185.3
 PAT margin (%) 2.3 5.3 8.3 16.7
 Count of Cos. 4,358 4,351 4,316 257
Non-financial Companies
 Income -9.0 -37.4 -10.4 -0.7
 Expenses -4.9 -37.6 -14.0 -4.0
 Net profit -50.1 -55.8 29.9 39.2
 PAT margin (%) 3.2 4.5 8.0 17.2
 Net fixed assets 13.3 5.9
 Current assets 3.6 0.8
 Current liabilities 6.2 -2.8
 Borrowings 15.8 8.1
 Reserves & surplus 1.3 4.5
 Count of Cos. 3,244 3,241 3,222 185
Numbers are net of P&E
Updated on: 23 Jan 2021 8:28PM
Annual Financials of All Companies
(% change) FY18 FY19 FY20
All Companies
 Income 8.4 13.5 0.3
 Expenses 9.9 13.8 0.5
 Net profit -41.4 18.5 -11.8
 PAT margin (%) 1.9 2.2 3.8
 Assets 10.9 9.5 9.3
 Net worth 7.4 8.5 4.7
 RONW (%) 3.4 4.0 5.5
 Count of Cos. 29,431 28,732 9,883
Non-financial Companies
 Income 8.6 14.1 -2.6
 Expenses 8.8 14.3 -1.8
 Net profit -10.1 22.6 -24.0
 PAT margin (%) 2.7 3.0 3.9
 Net fixed assets 7.2 5.5 12.4
 Net worth 6.0 8.2 1.7
 RONW (%) 5.6 6.6 6.8
 Debt / Equity (times) 1.0 1.0 0.8
 Interest cover (times) 2.1 2.3 2.6
 Net working capital cycle (days) 77 70 59
 Count of Cos. 23,809 23,199 7,312
Numbers are net of P&E
Updated on: 20 Jan 2021 2:19PM