Tobacco major ITC is weighing legal options in the wake of Centre's move to demand Rs 450 crore (Rs 4.5 billion) from it in connection with excise evasion after arming itself through an ordinance with power to modify past excise rules.
One of the key issues will be tax exemption sought by the ICC for the future global events in India like the 2021 Champions Trophy and the 2023 World Cup.
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.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
It is likely the government will divide the country into different zones during the proposed extended period of lockdown and might permit a few services to function in safe zones.
Nearly a dozen ruling Bharatiya Janata Party MLAs in Karnataka on Saturday appealed to the Lokayukta court to take suo motto cognisance of H D Deve Gowda and his two sons for allegedly threatening police officials inquiring into a case against the former prime minister's eldest son H D Balakrishne Gowda.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
The Finance Ministry has told industry it should not expect any major fiscal sops in the Budget to be presented by the new UPA government, which has a limited headroom for giveaways due to the economic slowdown.
The diamond studded crown of India's Srishti Rana, who has been crowned Miss Asia Pacific World 2013 in Busan, South Korea, was seized for not paying customs, a senior customs official said.
Airports have been asked to ensure that information relating to the use of Indian currency should be displayed at all the duty-free shops.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Government gets Rs 17.1 lakh crore in its kitty
Steps such as safeguard duty in the works to plug the route
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
'We had just kept their recognition in abeyance, pending a verification with regards to new AITA President'
Authorities in the Pakistani capital have decided not to issue vehicle registration numbers US-911, UK-911 and UK-77 due to their perceived links to the 9/11 terror attacks in the United States and the 7/7 London bombings.
As many as 12,394 complaints of alleged corruption were received against railway employees.
Finance ministry officials said the issue had been raised several times before, but this time it was serious in the wake of huge differential between the two fuel options.
The road ministry has put forward two proposals before the Prime Minister's Office and the finance ministry.
The rise in material prices and excise duty is set to raise the prices of liquor brands across the country. According to officials of various companies, the brands will be costlier by 15-20 per cent from April.
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
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The government has also raised the duty on gold ore/ concentrates/dore bars and silver dore bars ranging from 7 per cent to 10 per cent.
The earlier attempt at its auction had received a bid of Rs 1.09 crore as against the then reserve price of Rs 152 crore
Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark
Announcing the cabinet decision, Union minister Prakash Javadekar also said the President, the Vice President, Governors of states have also voluntarily decided to take a pay cut as a social responsibility.
The film has been reportedly passed with a U certificate by Nihlani.
On behalf of Manorama Devi, advocate Qaiser Sarfuddin filed the bail petition in the court of (in-charge) District Judge S N Singh who posted the matter for hearing on Monday.
A bill providing for up to capital punishment to those manufacturing or trading illicit liquor in the event of hooch tragedy was on Wednesday unanimously passed by both Bihar legislature which also adopted a resolution unanimously that its members will not consume liquor.
The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday.
Soft drinks are a part of the larger consumer non-durables category, which rose five per cent in June, against a 0.5 per cent fall a year earlier, showed official data released on Monday.
The GST rate for the sector has not yet been finalised by the government.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Departments of electronics, excise, I-T launch probe into Rs 251 smartphones
The ministry of urban development has asked the finance ministry to lower the duty in order to promote the public transportation system in the country.
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