Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
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.
The departments of income tax, sales tax and excise were named by two Supreme Court judges as the most corrupt ones anywhere in the country.
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.
Govt may not announce any new concessions in excise duty
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
GST reform has been hanging fire since 2006-07.
A change that the Budget proposes to make could end up helping Indians who might have laundered their ill-gotten money, says M R Venkatesh.
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 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.
Apart from the chief minister and deputy chief minister, 13 cabinet and 10 ministers of state were allocated portfolios.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
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.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
For every rupee in government kitty, as much as one-fourth will come from market borrowing in 2014-15 while 20 paise would be spent towards interest payment.
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
Total collection of indirect taxes -- excise, customs and service tax -- stood at about Rs 3,55,003 crore (Rs 3,550.03 billion) during the first nine months of 2013-14 as against Rs 3,34,309 crore (Rs 3,343.09 billion) in the year-ago period, sources in the Finance Ministry said.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
'Internet, healthcare and life insurance are a few sectors which offer solid long-term decadal potential.'
The world economic downturn, a slowing economy and stimulus packages by way tax cuts have all brought the government's indirect tax collections in the first four months of this fiscal down by 28 per cent as compared to last year's revenue during the same period.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
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).
A pick-up in low-cost cigarette consumption helped India's largest cigarette maker boost margins
'The distrust of traditional political parties in Punjab is an advantage for AAP.'
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
"Yoga is a natural treatment process but liquor addicts cannot perform it. Yoga would be irrelevant unless a ban is imposed on sale of liquor across the country," the Bihar CM said at meeting in Palamau district.
Tasked with gathering over Rs 6,87,715 crore (or nearly $168 billion) as revenue receipts in 2008-09, the two agencies the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) will be headed by a succession of bureaucrats with unusually short tenures.
Almost 70 per cent of alcohol distribution in India happens through liquor vends or shops, while 30 per cent happens on-premise, that is, in bars, pubs, and hotels.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The revenue department is expected to release two circulars mentioning details of all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Rain gods may be kinder; revenue collections going up: Jaitley
Kerala Chief Minister Oommen Chandy said the assemble elections results were "a setback".
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.
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.
