Also Read - No extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - CBIC

The Government has asked its tax officers across the country to urge indirect tax payers to make use of the ongoing dispute resolution scheme, Sabka Vishwas, which is due to close at the end of the month and made it clear that the deadline will not be extended. So far, over 52,000 applications have been filed under the settlement scheme announced in budget with the amount estimated to be close to Rs 28,000 crore. In a communication to top officials, the Central Board of Indirect Taxes and Cus...

Also Read - Parliament passes bill to raise maternity leave to 26 weeks

Parliament has passed the Maternity Benefit (Amendment) Bill, 2016 with Lok Sabha approving it today which was already cleared by Rajya Sabha. The bill seeks to enhance paid maternity leave for women engaged in organised sector from 12 weeks to 26 weeks for two surviving children. It will be applicable to mines, factories and all establishments employing 10 or more people. In his reply to the debate on the Bill in the Lok Sabha, Minister of Labour and Employment Bandaru Dattatreya said the am...

Also Read - Bihar Becomes First Non-NDA Govt To Ratify GST

Bihar today became the first non-NDA state to ratify the Constitution Amendment Bill on GST after Chief Minister Nitish Kumar counted virtues of the tax reform. With all the major parties in the state including JD(U), RJD, Congress and BJP in favour of the tax legislation, the House approved the GST Bill through a voice vote. CPI-ML MLA Mehboob Alam opposed GST and staged a walkout. CPI-ML has three MLAs but only Alam was present. After ratification by the Legislative Assembly, GST B...

Also Read - Simplified Central Excise norms for Jewellery Sector notified

In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set up a Sub-Committee of the High Level Committee, headed by Dr. Ashok Lahiri to interact with Trade & Industry on issues relating to procedure and compliance relating to excise duty of articles of jewellery.  ...

Also Read - Indirect tax collection for the 1st quarter of 2016-17 indicates a growth rate of 30.8%

The figures of indirect tax collection for the 1st quarter of current  fiscal 2016-17 indicates a growth rate of 30.8% as compared to the 36.3% in the corresponding period of previous financial year. Once the Additional Resource Mobilization(ARM) is removed, the growth rate in Q1 is 10.2%[Customs: 11.2%, Central Excise: 13.9% & Service Tax: 4.3%]. The  details of Indirect tax revenue collections(prov.) in Q1,  2016-17 vis-à-vis Q1,2015-16, along with growth rate compare...

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