The indirect tax collection grew by about seven per cent to Rs 51,461 crore (Rs 514.61 billion) in the first five months of this fiscal from Rs 48,095 crore (Rs 480.95 billion) in April-August 2002.
The import tariff value is the base price at which the customs duty is determined.
The telecom industry topped the list in service tax collected by paying Rs 1,508.68 crore (Rs 15.09) in FY03. The government raised Rs 4,123 crore (Rs 41.23 billion) in the previous fiscal from service tax.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
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.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
Finance Ministry has asked excise and service tax officials to exercise caution while summoning CEOs and top functionaries of large firms or PSUs for probing any revenue cases.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
The government raised import tariff value on gold to $385 per 10 grams.
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.
Sania Mirza has launched a scathing attack on the country's media, saying a certain sections of it choose to highlight the negative news.
This is the second hike in excise duty in less than two weeks as the government looks to make use of the slump in oil prices to shore up resources.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
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.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
Government on Friday hiked the import tariff value on gold and silver to $433 per 10 grams and $699 per kg, respectively, taking into account the volatility in the precious metals' global prices.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
The Central Board of Excise and Customs, through a notification on February 12, has slashed the duty on both the variants of motorcycles imported as completely build units (CBU) to 50 per cent.
Airports have been asked to ensure that information relating to the use of Indian currency should be displayed at all the duty-free shops.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
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