The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
The Central Board of Excise and Customs (CBEC) has started tightening the noose around tax evaders. This year, the department intends to profile banking and financial services, port services and business auxiliary services to pinpoint taxability of various components to enforce compliance. More services will be profiled in subsequent years.
The government has broadened the ambit of services exempted from service tax for Special Economic Zones as services provided to these zones even from outside would not be taxable.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
The new Foreign Trade Policy announced a slew of tax concessions to boost exports, which have been on the downslide since October 2008.
Finance minister Pranab Mukherjee included some more services within the service tax ambit in the Budget 2009-10.
The first leg of Micron's semiconductor play in Sanand is crucial for the company to sprint towards India's goal of joining the chip race.
With the scope of expanding excise and customs duties getting increasingly limited, the government would turn to service tax for widening the tax base, mop up from which is expected to fetch over Rs 10,000 crore by 2005.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
Foxconn means serious business in India. Its delegation to India was led by its Chairman Young Liu who met Prime Minister Narendra Modi.
Reserve Bank of India Governor Shaktikanta Das tells Anup Roy, Raghu Mohan and Niraj Bhatt that it is time for banks to lower interest rates and start lending to cash-starved finance companies after due credit appraisal and proper risk assessment.
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
The Central Board of Excise and Customs has decided to prescribe time limits for various activities following representations from the trade and recommendations from the Comptroller and Auditor General of India
The government raised import tariff value on gold to $385 per 10 grams.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
Two Central Board of Excise and Customs staffers, Raman and Suresh, based in Trichy, Tamil Nadu, have set up a Web site based on the 6th Pay Commission recommendations and dedicated exclusively to government employees.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
The accused made the call so that his childhood friends could spend more time with their girlfriends, who were going to Pune, at the Delhi airport, the police said.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
The Central Board of Excise and Customs has been empowered to frame a scheme for preparation and filing of service tax returns through service tax return preparers, similar to the tax return preparer scheme for income tax introduced in 2006. The performance of the TRP scheme so far, however, indicates that it is in need of fine tuning - in terms of recruitment, training and remuneration - to become more effective and serve as a benchmark for the STRP scheme.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
The revenue department is examining the service tax on industry and service providers, particularly in the telecom sector, to ensure that there is no incidence of double taxation, an official of the department said.
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
Seven more services such as commercial property renting, fax, pager and content for telecom will become costlier from June 1 with the government bringing these services under the tax net.
'Domestic will remain very much the core of what IndiGo is.' 'But the emphasis in our next growth phase is going to be on the international side.'
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
The import tariff value is the base price at which the customs duty is determined.
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