Tax authorities going slow in releasing refund and Cenvat credit
Posted Date : 22-Mar-2013 , 06:36:51 pm | Posted By CASANSAAR
In a major revenue drive, the tax authorities across the board are going slow on releasing tax refund and in granting utilisation of Cenvat credit.
According to official sources, tax revenue boards - Central Board off Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) have directed ...
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Excise |
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Record 72 amendments proposed in indirect tax clauses this year
Posted Date : 11-Mar-2013 , 07:47:15 am | Posted By CASANSAAR
As many as 72 indirect tax clauses are sought to be amended this year, against 43 last year, a closer look at the Finance Bill 2013-14 has revealed.
Before this, in 2005-06, the government had amended 60 clauses and then, like now, P Chidambaram was the finance minister.
On the other hand, amendme...
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Excise |
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Cadbury slapped with Rs 250-cr notice for excise duty evasion
Posted Date : 06-Mar-2013 , 06:31:04 pm | Posted By CASANSAAR
Cadbury India Ltd has been slapped a notice for a demand of over Rs 250 crore in excise duty allegedly evaded by it by claiming exemption for a ‘ghost’ production unit.
The Directorate-General of Central Excise Intelligence has issued the show-cause notice after its investigatio...
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Excise |
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Central Excise (INT) Unearths Servive Tax Evasion of Around Rs.90 Crore
Posted Date : 22-Jan-2013 , 07:00:41 pm | Posted By CASANSAAR
The Directorate General of Central Excise Intelligence (Hqrs.), New Delhi has booked a case of Service Tax evasion against M/s Tops Security Limited, Mumbai. The search operations at 41 offices of the Tops Security Group revealed that the group was raising invoices including Service Tax payable on i...
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Government warns of tough action against excise, service tax evaders
Posted Date : 02-Jan-2013 , 06:49:12 pm | Posted By CASANSAAR
In a stern warning to evaders of excise, customs and service tax, the government today asked them to either pay the dues or face penal action which could include arrest, prosecution and property attachment.
"We are keeping a very close watch on such elements. They are advised to come for...
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Excise |
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FinMin to track excise, service tax defaulters through database
Posted Date : 26-Dec-2012 , 08:34:24 am | Posted By CASANSAAR
The Finance Ministry has decided to take help from the Financial Intelligence Unit-India (FIU-Ind) in tracking evasion of Central excise duty and service tax, mainly in cases where defaulters are not traceable.
A senior Finance Ministry official told Business Line, “The data...
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Excise |
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Govt plans 2% raise in excise duty, service tax
Posted Date : 29-Nov-2012 , 08:37:01 am | Posted By CASANSAAR
The finance ministry is considering a proposal to raise excise duty and service tax by two per cent to 14 per cent each in the Union Budget for 2013-14. The move is likely to help the ministry collect about Rs 30,000 crore. Certain exemptions may also be rolled back.
&ld...
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Excise |
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Excise evasion: Cadbury under scanner
Posted Date : 05-Nov-2012 , 08:04:58 am | Posted By CASANSAAR
Confectionery firm Cadbury India Limited has come under the scanner of financial intelligence sleuths for alleged excise duty evasion of about Rs 100 crore.
In an inquiry being conducted by the Department of Revenue, the firm was allegedly found to have wrongfully claimed 'ar...
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Excise |
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Indirect tax collections grow 15.6 % in first half
Posted Date : 16-Oct-2012 , 07:50:14 am | Posted By CASANSAAR
Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity.
Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at R...
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Excise |
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VAT refund: Cases pile up in excise office
Posted Date : 25-Sep-2012 , 08:13:29 am | Posted By CASANSAAR
The excise and taxation department has so far failed to clear thousands of VAT refund cases prompting the industry in Ludhiana to call a meeting on October 1. Industrialists have also called the excise and taxation commissioner A Venuprasad for the meeting to find reasons for the delay and to urge t...
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Excise |
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Excise and customs duty on domestic LPG cylinders reduced to zero
Posted Date : 21-Sep-2012 , 02:38:24 pm | Posted By CASANSAAR
The Finance Ministry announced reducing the customs and excise duty on non-subsidised domestic LPG cylinders to zero. TheFinance Minister, P Chidambaram on Friday said that more state governments should provide subsidy on LPG cylinders. After announcing a cap of 6 ...
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Excise |
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Central Board of Excise & Customs makes e-payment mandatory for importers
Posted Date : 18-Sep-2012 , 08:05:00 am | Posted By CASANSAAR
In order to further reduce transaction cost of theimporters and as a trade facilitation measure, it has been decided to make e-payment mandatory for importers registered under Accredited Clients Programme and importers paying the duty of Rs one lakh or more per Bill of Entry with effe...
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Excise |
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CBEC
Posted Date : 18-Jul-2012 , 11:42:24 pm | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) has awarded the first set of authorised economic operator (AEO) certificates to three different entities.
The AEO certificates were handed out to LG Electronics, Ennore Container Terminal and IBM by the CBEC Chairman, Mr S.K. Goel, at a function held a...
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Excise |
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Change in Tariff Value of Brass Scrap (all Grades), Gold and Silver Notified
Posted Date : 16-Jul-2012 , 09:06:47 pm | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 58/2012-Customs (N.T.) dated July 13, 2012 and thereby notifying change in tariff value of Brass Scrap (all grades), Gold and Silver as shown in the tables below:
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Excise |
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Indirect Tax collection up 13.8 pc on April-June
Posted Date : 11-Jul-2012 , 07:51:42 am | Posted By CASANSAAR
Indirect tax collections during the April-June period rose by 13.8 per cent to over Rs 1.07 lakh crore, much slower than the targeted 27 per cent growth for this fiscal."The overall indirect tax figure for April-June 2012 stood at Rs 1,07,959 crore, up 13.8 per cent from corresponding period l...
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Excise |
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Indirect tax collections rise 16.1% to Rs 37,166 crore in May
Posted Date : 11-Jun-2012 , 10:09:28 pm | Posted By CASANSAAR
Indirect tax collections have increased by 16.1 per cent to Rs 37,166 crore in May on the back of rise in excise duty and service tax rates. The overall growth in indirect tax revenue collection during the month of May, 2012, is about 16.1 per cent which is 5.7 per cent high...
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Excise |
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Change in Tariff Value of Gold Notified
Posted Date : 07-Jun-2012 , 09:11:32 pm | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 48/2012-CUSTOMS (N. T.) dated June 07, 2012 and thereby notifying change in tariff value of Gold as shown in the tables below:
...
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Excise |
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Pranab Mukherjee confident of meeting indirect tax collection target
Posted Date : 04-Jun-2012 , 04:09:10 pm | Posted By CASANSAAR
Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee on Monday exuded confidence that they will be able to meet indirect tax collection target of Rs5.05 lakh crore for 2012-13.
"They have done good job last year. This year also, I do hope it would be...
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Excise |
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FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow
Posted Date : 03-Jun-2012 , 08:43:56 pm | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the All India Annual Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax here tomorrow. The two- day Conference at Vigyan Bhawan will deliberate in parallel sessions through four bre...
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Excise |
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Excise duty on gold jewellery: Traders
Posted Date : 03-Apr-2012 , 07:48:25 am | Posted By CASANSAAR
The nationwide strike by jewellers and bullion traders against the imposition of excise duty on unbranded jewellery entered its 17th day on Monday as traders and small artisans participated in a demonstration at Jantar Mantar. The traders vowed to keep their shutters closed until the ...
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Excise |
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Indirect Tax Revenue Collections During April, 2011
Posted Date : 10-Mar-2012 , 07:59:50 am | Posted By CASANSAAR
Indirect tax revenue collections during the month of February, 2012 rose to Rs. 31,469 Crore, an increase of 9.6 percent over the corresponding period of last financial year. Overall indirect tax collections during the period April, 2011 to February, 2012 rose to Rs 3,48,702 Crore. Last year the i...
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Excise |
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Centre raises tariff value on gold, silver
Posted Date : 02-Mar-2012 , 08:09:59 am | Posted By CASANSAAR
In the wake of rising global prices of precious metals, the government on Thursday hiked the tariff value of gold and silver to $573 per ten gram and $1145 per kg, respectively.
The tariff value, which is released fortnigthly, is the base price on which the customs duty is determined to p...
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Excise |
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Finance Ministry for higher excise duty on diesel cars
Posted Date : 26-Jan-2012 , 05:42:12 pm | Posted By CASANSAAR
Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March.In order to discourage consumption of subsidised diesel by personal vehicle owners, the Petroleum Mi...
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Excise |
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Gold, silver to become expensive, govt changes duty structure
Posted Date : 17-Jan-2012 , 07:34:17 pm | Posted By CASANSAAR
Gold and silver are set to become more expensive as the government has changed the duty structure on precious metals from specific to value-linked. The change will enable the exchequer to rake in an additional 600 crore rupees during the remaining months of this fiscal. As per the changes, customs a...
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Excise |
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Indirect tax collection up 16.1% to Rs 2.85 lakh cr in Apr-Dec
Posted Date : 12-Jan-2012 , 08:46:37 am | Posted By CASANSAAR
Belying concerns over slowdown, indirect tax collections increased 16.1 per cent to Rs 2,85,787 crore during April-December mainly driven by an uptick in service tax mop-up.
Total collection of indirect tax -- Customs, Central Excise and Service Tax -- was Rs 2,46,168 crore in the same...
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Excise |
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Indirect tax rises 16.8%, CBEC optimistic of meeting target
Posted Date : 09-Dec-2011 , 08:43:50 pm | Posted By CASANSAAR
Indirect tax collections rose 16.8% during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express "optimism" in achieving the revised Budget estimate target.
However, Central Excise collections dropped by 6.5% to Rs 1...
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Excise |
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Govt hopes to achieve indirect tax collection target of over 4 lakh crore for 2011-12
Posted Date : 07-Dec-2011 , 08:30:42 am | Posted By CASANSAAR
The government on Monday said it is confident of achieving indirect tax collection target of over 4 lakh crore for the current fiscal despite the slowdown in industrial activities. Chairman Central Board of Excise and Customs (CBEC) S K Goel told reporters on the sidelines of a meet in Ne...
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Excise |
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CBEC seeks more staff to meet growing workload
Posted Date : 29-Nov-2011 , 08:10:14 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) has asked the government for 25,000 more employees, equivalent to 40% of its current staffing level, to meet the growing workload.
The finance ministry unit helps formulate ...
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Excise |
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Indirect tax collection up 7.9%
Posted Date : 12-Nov-2011 , 08:36:59 am | Posted By CASANSAAR
Indirect tax collections rose 7.9% in October from a year ago, allaying concerns that had arisen from the sharp drop in excise collections in September. In the first seven months of the fiscal (April-October), the indirect tax collections have risen 18.5% to Rs 2.21 lakh crore, prompting a more ...
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Excise |
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CBEC Observes Vigilance Awareness Week
Posted Date : 05-Nov-2011 , 08:32:40 am | Posted By CASANSAAR
As a part of the Vigilance Awareness Week being observed from 31st October to 5th November, 2011, the Central Board of Excise and Customs (CBEC),Ministry of Finance, organized an interaction with officers and staff, here today. This was presided over by Shri. S.K.Goel, Chairman, CBEC, who addressed ...
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