The government raised import tariff value on gold to $385 per 10 grams.
The Department of Revenue Intelligence, Customs and Central Excise have intercepted a container at Cochin, which had arrived from Dubai, suspecting that it is carrying counterfeit currency notes. The owner of the consignment had told the Customs officials that the container had children's diapers and it was brought from China after conducting all clearances, informed sources.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
The revenue from customs, excise and service tax, which make up the indirect taxes, during the April-June quarter of 2010-11 fiscal stood at Rs 56,930.15 crore (Rs 569.3 billion), up from Rs 39,693.78 crore (Rs 396.93 billion) in the year-ago period, a finance ministry official told PTI.
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.
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
Telangana Chief Minister K Chandrasekhar Rao on Monday appointed 2 deputy CMs besides allocating portfolios.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Sources had said in a meeting last month, the empowered group of ministers on food, headed by finance Minister Pranab Mukherjee, had recommended that the import duty on rice be scrapped.
According to official sources, the government is likely to announce a major fiscal stimulus package for housing, auto and export sectors on Saturday. The government might also cut cut excise duty on commercial vehicles, and further relax the external commercial borrowing norms. This will help exporters and others.
Will the state forgo its lucrative excise collections in a bid to curb sales of liquor in the festive season, asks Mahesh Vijapurkar.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
"Eighteen large tax payers have already given their consent to join the unit, which will be inaugurated by Finance Minister P Chidambaram on Friday," an income tax official said in Mumbai on Monday. Rashtriya Chemical Fertiliser, Bajaj Auto Ltd, Bayer (India) Ltd, Cipla Ltd, Lupin Pharmaceuticals, Bank of India and Union Bank of India are some of the major companies which have decided to come under LTU, the official said.
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.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
BCCI ACU chief calls for match-fixing law, legalised betting to contain corruption
The reason for the largesse, a first in the revenue department, is on account of direct and indirect tax collections exceeding the target (Budget estimate) for 2006-07. Total revenue collections stood at Rs 470,987 crore (Rs 4,709.87 billion) for the year, against the targeted Rs 439,952 crore (Rs 4399.52 billion).
DIAL is a joint venture consortium of GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad.
A 'green' tax aimed at discouraging high consumption of petroleum products may be in the offing, a government official said on Wednesday. The tax, perhaps in the form of a cess on consumption, would also check vehicular pollution to some extent and also help in controlling the high oil subsidy burden.With no sign of moderation in demand for petroleum products, government officials feel that a 'green' tax should be levied on automobiles, on the lines of similar taxes in UK.
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
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.
It said the money supply recovered to its pre-demonetisation level in mid-2017 and is now increasing steadily, similar to the previous trend.
At a meeting with Commerce and Industry Minister Kamal Nath, the cement manufacturers had yesterday agreed for a small roll back in prices. Nath had said though price increase was only two per cent in the last one year, the industry had agreed for a reduction in prices.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Bihar police on Wednesday conducted raids in Siwan jail in connection with the murder of senior journalist Rajdeo Ranjan.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
B L Agrawal, a principal secretary in the Chhattisgarh government, was arrested for allegedly bribing people to help him wriggle out of corruption cases pending against him, while J P Singh, a former joint director of in Enforcement Directorate, was held for accepting illegal gratification to favour the accused in the Indian Premiere League betting scam.
UK-based British Airways has been slapped a service tax notice by the Revenue Department asking it to pay the balance of Rs 143.5 crore (Rs 1.44 billion) liability on sale of tickets in India between May 2006 and November 2007.
These benefits would only be available to individuals and corporates, and professionals like auditors will not be able to use this route as they are duty-bound to report any wrongdoing.
The government is unlikely to raise petrol and diesel prices before the end of the current monsoon session of Parliament and may moderate the hike with a dose of excise duty cut, a top official said on Wednesday.
Nitish Kumar has to eschew disastrous experiments with prohibition and reservations in the private sector. Unless he is dissuaded from pursuing these flawed measures, he will pave the way for Bihar to again become a part of the BIMARU group of sick states, says Amulya Ganguli.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
A BA spokesperson maintained that the airline 'has not evaded any taxes.' The revenue department had in July served service tax notice on the airline for payment of balance out of the Rs 143.5 crore (Rs 1.43 billion) liability on tickets sales in India between May 2006 and November 2007, but BA did not pay the amount.
Stalin has given due respect to seniority in the pecking order, but has also taken into consideration the demands of individual ministries and the suitability of individuals, observes N Sathiya Moorthy.
The Nitish Kumar government is leaving no stones unturned to plug the loopholes in the implementation liquor ban.
Oil Minister M Veerappa Moily has asked the finance ministry to cut duties on branded petrol and diesel that offer better mileage and help cut fuel consumption.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Excise duty and other tax exemptions for attracting industries to hilly states may not go away, but could be limited to fresh investments in the Budget for 2007-08.
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