In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
The CBEC admitted the three models are known as sedans in trade, not as SUVs.
The Central Board of Excise and Customs (CBEC) has recommended amending the rules to widen the scope of levying service tax on the entertainment business.
CBEC alleges that the company imported semi-knocked down cars but paid duty for completely-knocked down car units.
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
He said with an aim to make the FDI policy user friendly, all prior regulations and guidelines have been consolidated into a comprehensive document.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
Prices of scotch whiskey and wine may fall by a third on the low-end brands, while savings on premium brands like Johnnie Walker and Chivas Regal would be in the range of Rs 350-500 per bottle.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
The government said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms.
While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
The notification shall come into force on July 1.
Sukumar Mukhopadhyay, former member, Central Board of Excise and Customs, and Govindrao Adik, MP and General Secretary, NCP, debate the pros and cons of offering amnesty to tax evaders.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
Khyati Multimedia-Entertainment Ltd has informed BSE that the company has received an order worth Rs 700 million from Central Board of Excise and Customs Department.
The diamond studded crown of India's Srishti Rana, who has been crowned Miss Asia Pacific World 2013 in Busan, South Korea, was seized for not paying customs, a senior customs official said.
The government has set the indirect tax collection target for the current fiscal at Rs 3.92 lakh crore (Rs 3.92 trillion) and for direct taxes at Rs 5.32 lakh crore (Rs 5.32 trillion).
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
Ahead of Union Budget, the government on Thursday said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
The Central Board of Excise and Customs on Tuesday said that tax rates under the proposed Goods and Services Tax regime in India is likely to be between 16 per cent and 20 per cent.
Pharmaceutical companies in Himachal Pradesh are queuing up to register new products at the drugs controller's office before the seven-year tax holiday window for hill states ends on March 31
Amid speculations of partial roll back of stimulus in the upcoming Budget, a key finance ministry official said the government's kitty from indirect tax collections will fall short of the projected figures for this fiscal.
Certain technical problems are being faced by the taxpayers as a result annual return for the period July 1, 2017 to March 31, 2018 could not be furnished.
EPFO manages a corpus of about Rs 257,000 crore with subscribers' base of over 4.5 crore.
"We have clarified we are giving 50 per cent abatement and in the course of time when the GST is coming most of the services will be there. We are not touching common man because government hospitals are out, less than 25 beds are out," Central Board of Excise and Customs Chairman S Dutt Majumder said on the sidelines of a CII post-Budget event.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
This facility, initially, will be available at select ATMs in the major centres.
Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value of a housing property under construction from July 1.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
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