Total pending Customs arrears, including amounts under litigation, court stays and cases where the appeal period has not expired, stood at about Rs 1.36 trillion at the end of December 2024.
Bajaj Auto on Tuesday said it has received a tax demand of Rs 34.74 crore on account of the alleged misclassification of spare parts supplied by it.
India's policy for agriculture trade must move commodity-by-commodity to gain maximum benefits as US President Donald Trump's 26 per cent tariff on exports from the country take effect, said agriculture economist Ashok Gulati in a recent policy paper.
Deciding the goods and services tax rate on fryums papad could be a messy affair with the Appellate Authority for Advance Rulings (AAAR) of Gujarat now ruling that the ready-to-eat product would draw 18 per cent rate. In that connection, it slightly modified the ruling of the state-based Authority for Advance Rulings (AAR). The AAR had also ordered that these products would draw 18 per cent GST but under a different classification.
The central government is devising a mechanism to step up screening imports to protect domestic manufacturers. The details of the online monitoring system may find mention in the foreign trade policy 2021-26, which will kick in next month. The online system will make the data available to the government as well as industry about the countries from where the goods are being imported, and their quantity and quality. The data can help domestic producers analyse the market potential for such goods, said a senior government official. In the past 16 months, the government had implemented a steel- and coal-import monitoring system.
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
The ministry of electronics and information technology is working on creating a software product council, including members from the government, academia and industry that will work on implementing a software products mission.
Serena Williams was once again on the stage but this time it was her own fashion show during New York Fashion Week.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
Does a doctor need to pay GST and other queries...
The tennis ace knocked our socks off with her stunning Serena Williams Signature Statement Collection. Take a look!
Industry seeks cut in customs duty on natural rubber.
The new form will only require a complainant to mention the product and GST identification number of the seller
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
A pregnant Serena Williams makes the tennis superstar even more attractive to corporate sponsors, allowing her to extend her reach into maternity wear and motherhood products, sponsorship industry executives said.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Inter-state supply may come under GST composition
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
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