As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
The demand for extension of the GST cess regime among others was made by several state finance ministers at a pre-budget consultation called by Union Finance Minister Nirmala Sitharaman in New Delhi. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25.
The Central Board of Excise & Customs will develop the process over the next few months.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, are increasing prices of their products by up to 5 per cent following the withdrawal of excise duty sops, coupled with high input costs.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
'Harassment' is the objective, not detention.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
The tragedy had struck the tea gardens of the twin districts of Golaghat and Jorhat after a large number of their workers consumed the spurious liquor on Thursday night.
The IAS officer, who was posted for nearly 15 months in the sports and youth affairs department, headed by Minister Anil Vij, has been transferred over 45 times in his career so far.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
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.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
In one of the highest such compensations, Chief Minister Arvind Kejriwal on Monday granted Rs one crore financial assistance to the family of a Delhi police constable who was allegedly beaten to death by suspected liquor mafia in Ghitorni area of South Delhi last week.
Government has set indirect tax collection target of Rs 5.65 lakh crore for 2013-14
The move is believed to be coming after Directorate General of Central Excise Intelligence slapped a notice demanding Rs 252 crore (Rs 2.52 billion) that was allegedly evaded by the chocolate maker for its new unit in Baddi, Himachal Pradesh even before it came into existence, official sources said.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
With this allocation of portfolios, the Sharad Pawar-led NCP has got most of the 'plum' ministries.
Former Andhra Pradesh minister Bhuma Akhila Priya was on Wednesday arrested in connection with the kidnapping of a former badminton player and his two brothers from here over a land dispute, police said.
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.
The government allowed sugar companies and distilleries to make hand sanitizers using ethanol. Sugar companies supply ethanol to oil marketing companies for blending with petrol.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
The toll due to consumption of spurious liquor in the Malad area of Mumbai climbed to 94 with the death of four more persons on Sunday.
Liquor shops reopened across the country in the non-containment zones after 40 days from Monday with people queuing up in large numbers, giving social distancing norms a toss at some places.
Says along with setting up the industry if value addition is done locally, it can create more direct and indirect employment.
Prohibition is resulting in prisons getting overcrowded.
The victims, labourers of Salmira tea estate, fell ill after they drank the illicit brew on Thursday night, the police said.
A large number of labourers of two tea estates of Golaghat and Jorhat districts had fallen ill after drinking spurious liquor on Thursday night.
On April 5, 2016, the Nitish Kumar-led government imposed total prohibition in Bihar. M I Khan crunches numbers for the REAL picture since then.
Vagela could not have reached this position if Narendra Modi, who'd known him from his chief minister days, had not backed the choice.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
CM Trivendra Singh Rawat cancels licences of the two government-controlled liquor shops in his constituency. The state government is facing an uphill task in opening new shops in face of widespread agitation by women.
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.
India's fuel demand in May slumped to its lowest in nine months as restrictions to curb the second wave of COVID infections stalled mobility and muted economic activity. Fuel demand fell 1.5 per cent to 15.1 million tonnes despite the low base of May 2020 and was down 11.3 per cent when compared to the previous month, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry. India was under one of the world's strictest lockdowns in May last year, which brought all mobility and economic activity to a grinding halt.
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore (Rs 55 billion) in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
Tax exemption for future global cricket events in India has once again become a bone of contention between the BCCI and ICC as the former gears up to host the 2021 T20 World Cup and the ODI World Cup in 2023. The ICC and BCCI have had a long standing feud on tax exemptions since the 2016 World T20 in India.
