Steel makers in Punjab has termed the excise duty demand raised by the central excise department as unjustified and has sought intervention of the chairman of Central Board of Excise and Customs in the matter.
He says current arrangement is working fine.
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
Tasked with gathering over Rs 6,87,715 crore (or nearly $168 billion) as revenue receipts in 2008-09, the two agencies the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) will be headed by a succession of bureaucrats with unusually short tenures.
The Central Board of Excise & Customs will develop the process over the next few months.
The Enforcement Directorate on Wednesday alleged that bribe money generated from corruption in a Delhi Jal Board (DJB) contract was 'passed on' as election funds to the Aam Aadmi Party that rules the national capital.
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time.
The Punjab chief minister said he was asked by Kejriwal to visit different places for campaigning for INDIA bloc candidates.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
Yadav, who returned from the national capital on Thursday after a trip that lasted three days, asserted that there was "nothing new" in the summons, even as he alleged that the central agencies were acting as per the directions of the ruling Bharatiya Janata Party.
The CBEC admitted the three models are known as sedans in trade, not as SUVs.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
The outstanding dues of Central Board of Excise and Customs mounted to Rs 14,222 crore (Rs 142.22 billion), with over 53,600 cases pending in various courts till June 2003.
Urban markets account for the major share of total revenues.
The net indirect tax collection in 2020-21 grew 12.3 per cent annually to Rs 10.71 lakh crore, thereby exceeding the target set in revised estimates, the Finance Ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore. Net collections from Goods and Services Tax (GST) stood at Rs 5.48 lakh crore during 2020-21, an eight per cent drop compared to Rs 5.99 lakh crore in the previous fiscal year.
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
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
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.
As the year 2023 comes to an end, a look at some newsy events that shaped the world in the first half of the year.
The Service Tax Department has once again frozen the bank accounts of the national carrier Air India for non-payment of dues running into a little over Rs 300 crore (Rs 3 billion).
After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
Asks to meet targets in the remaining seven weeks.
With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
Sisodia had sought bail to attend to his ailing wife.
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.
TDS has been successfully used for direct taxes like the income tax.
The government has exempted a number of goods like food grains, fertilisers and farm inputs from paying service tax for transportation through railways and waterways.
Wants to end hostile relationship between I-T dept and taxpayers.
However, the tariff value for silver has been lowered to $920 per kg, according to a notification released by the Central Board of Excise and Customs on Tuesday.
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.
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