Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
The government on Tuesday cut the import tariff value on gold and silver to $396 per 10 gram and $575 per kg, taking into account weak global trends.
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 government on Wednesday raised the import tariff value of gold at $430 per ten grams and that of silver to $639 per kg as prices of the precious metals have risen in the global market.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
The Directorate of Revenue Intelligence (DRI) has slapped a Rs 5,500-crore show-cause notice on Adani group for alleged over-valuation of capital equipment imports.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
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.
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.
Drugs under exemption make up roughly 95 per cent of the antiretrovirals used by India's AIDS patients
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
CBEC has said a duty-free shop in a Customs area should not be treated as a warehouse.
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
A recent data released by the Central Statistics Office (CSO) confirm that both the manufacturing and mining sectors shrunk in 2013-14 with fall in output.
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.
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
Centre shows optimism of achieving the target of 4.1% at back of recent measures and turn around in manufacturing.
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.
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.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
Pushing people to litigation is a major source of tax uncertainty.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
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.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
GST reform has been hanging fire since 2006-07.
The biggest achievement of demonetisation is that it has brought about a social revolution against black money and corruption, says Sukumar Mukhopadhyay.
Even as the government's move to hike import duties on 45 items is seen as a sign of protectionism, the prime minister was himself involved in the process.
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.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
'The simple truth is this: That we had come to assume that a second term was Modi's for the asking. But the fact is that Modi will have to win one, just like everybody else.' 'And so much has he invested in his strongman persona that even a loss of just 50 seats from his extraordinary 282 in 2014 will look to his potential allies and to his party like a defeat,' says Mihir S Sharma.
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