The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
Pushing people to litigation is a major source of tax uncertainty.
The government on Wednesday reduced the import tariff value on gold to $425 per 10 grams due to falling international prices.
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
Centre shows optimism of achieving the target of 4.1% at back of recent measures and turn around in manufacturing.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
'We had just kept their recognition in abeyance, pending a verification with regards to new AITA President'
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
Adani Group is exploring legal options after being slapped with a Rs 5,500-crore tax notice, allegedly for overvaluing imported equipment, by the Mumbai wing of the Directorate of Revenue Intelligence.
The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
'Those who are talking of adopting the Narasimha Rao-Manmohan Singh policy must understand now that what was a reform then is no longer a reform now,' argues Sukumar Mukhopadhyay who was associated with the 1991 economic reforms.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
The government on Monday reduced the import tariff value of gold to $458 per 10 grams due to fall in its global prices.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Ahead of the Budget, Finance Minister Arun Jaitley on Tuesday underlined the need for tax reforms and quick decision making to ensure stability in policy regime.
The government on Monday reduced import tariff value on gold to $388 per 10 grams and on silver to $540 per kg, following global price trends.
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
The intelligence wing of Central Board of Excise and Customs has 532 officers and staff, he said, adding, the staff strength of DRI will double when cadre review is completely rolled out.
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
India on Monday said it has put in place a simplified procedure to expedite and facilitate transit clearances of relief supplies to Nepal which is still reeling under the impact of the massive devastation caused by two earthquakes.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Drugs under exemption make up roughly 95 per cent of the antiretrovirals used by India's AIDS patients
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