The Central Board of Excise and Customs, the apex policy making body for indirect taxes, in a communication to the field formations has asked the Zonal Chief Commissioners to submit a weekly progress report beginning March 6.
The revenue department has sought views of industry and exporter bodies on duty drawback rates for exports following implementation of GST from July.
Delhi‘s deputy chief minister and minister of finance, Manish Sisodia, on February 9, 2017, said that keeping land and real estate outside the purview of the Goods and Services Tax (GST) and a higher R
The All India Association of Central Excise Gazetted Executive Officers is opposed to any assessee of excise and service tax being moved to states in the new GST regime and has given notice for protest that includes lunch hour dharnas and mass casual leave on the Budget day.
"It has been decided to revise the monetary limit for arrest and prosecution in Central Excise to maintain uniformity of practice in central excise and service tax," the Central Board of Excise and Customs (CBEC) said in an order.
The government has readied plans for a major change in India‘s tax administration structure, including overhauling the Central Board of Excise and Customs (CBEC) to ensure a glitch-free roll-out of a nation-wide goods and services tax (GST).
The implementation strategy for the project will be to ensure readiness of CBEC's IT framework by April, 1, 2017, when GST is to be introduced, an official statement read.
As regards the refunds, the rules specified the procedure for claiming refund of any tax, interest, penalty, fees or any other amount under GST.
The GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and state finance ministers, government's official spokesperson tweeted after the Cabinet meeting headed by Prime Minister Narendra Modi.
The move follows after travellers complained that the limit to purchase duty free goods was less and needed to be revised. They had cited instructions issued late last year by Reserve Bank of India (RBI) that permitted export from and import into India of Indian currency up to an amount not exceeding Rs 25,000.
Inaugurating the two-day Rajasva Gyan Sangam here, Prime Minister asked the officials to "move towards digitisation" in a bid to make tax administration better and efficient and work towards bridging the "trust deficit".
The meet will be attended by about 250 officials and the top brass of the Income Tax department and Customs and Central Excise.
Government has imposed anti-dumping duty of USD 122.14-279.78 per tonne on import of a chemical, used in pharmaceutical and fragrance sectors, from China and Russia to protect domestic manufacturers
The Central Board of Excise and Customs (CBEC) has imposed definitive anti-dumping on import of Methyl Acetoacetate from the two countries for five years.
In the Budget for 2016-17, Finance Minister Arun Jaitley had proposed to levy a basic customs duty of 10 percent on charger or adaptor, battery, wired headsets for use in manufacture of mobile handsets including cellular phones.
As per a notification of 1994, fuel in the tank of an aircraft of Indian Airlines or Indian Air Force is exempt from customs and additional duty "when imported into India".
The Central Board of Excise and Customs (CBEC) said the safeguard duty covers imports from the countries in question and has been imposed after the domestic industry took a beating from such dumping.
"Cesses have been imposed with specific purposes. The government needs revenue. Once the Goods and Services Tax comes to play, hopefully by April 2017, all these taxes will be subsumed," said Ram Tirath Member (Budget), Central Board of Excise and Customs.
"This is a sector which lends itself to generation of unaccounted wealth." Finance Minister Arun Jaitley in the Budget for 2016-17 had proposed 1 percent excise duty on jewellery without input credit or 12.5 percent with input tax credit on jewellery excluding silver other than studded with diamonds and some other precious stones.
For the first fortnight of this month, the import tariff value on gold was fixed at USD 388 per 10 grams and on silver was USD 487 per kg.
The Central Board of Excise and Customs (CBEC) in the Finance Ministry has issued a notification in this regard.
A notification issued last week by Central Board of Excise and Customs had announced that customs duty exemption on the import of 74 drugs was withdrawn.
Recently, the Central Board of Excise and Customs (CBEC) had issued a notification withdrawing exemption of levy of basic customs duty on as many as 74 drugs.
India is building three underground storages at Mangalore and Vizag for use in contingencies like supply disruptions and abnormal spike in oil prices.
The government today hiked the import tariff value on gold to USD 363 per 10 gram in line with global prices.