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...

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...

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.  ...

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...

Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand of tax arises, when after examining the submissions of a tax payer, an order is issued confirming demand of tax from a tax payer.  The Circular provides that in cases where stay application is pending before Commissioner (Appeals) or CESTAT f...

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