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Indirect Tax Misc. - Indirect Tax 002999

  • Buying jewellery over Rs2 lkh cash to attract 1% TCS from Apr1
    Feb 20, 2017
    Cash purchases of jewellery will attract 1 per cent TCS (tax collected at source) from April 1 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs 5 lakh.Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.The Bill seeks to do away with the threshold of Rs 5 lakh on jewellery purchases for applicability of TCS because the Union Budget 2017-18 has proposed to ban cash dealings of over Rs 3 lakh and make violations punishable with a penalty of an equivalent amount to be paid by person receiving the cash.
  • Indirect tax revenue grows 24% in Apr-Jan; direct tax up 10.79%
    Feb 10, 2017
    Government's revenue collection from indirect tax grew by an impressive 23.9 per cent during the April-January period, while that from direct tax rose by 10.79 per cent.
  • Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
    Jan 10, 2017
    Demonetisation slightly hit tax mop-up in December, with indirect tax collections growing 14.2%, down from 23.1% in November and 30.5% in October, showed data released by the finance ministry on Monday. October figures may be higher due to festival season as well.Only personal income tax collections bucked the trend partly due to change in the time schedule of payment of advance tax and partly due to better compliance after demonetisation.
  • Indirect tax assessments not to be reopened if turnover rises
    Dec 12, 2016
    Revenue Department on Sunday said officials will not reopen the past assessments of excise and service tax of assessees even if their turnover in the current period increases on account of digital payments in the wake of demonetisation.In a circular to excise and service tax chief commissioners, the Central Board of Excise and Customs (CBEC) said there are “apprehensions” that an increased turnover because of use of digital modes of payment may lead to demands for the earlier period. “It is, hereby, clarified that in indirect taxes, past assessments will not be reopened for this reason alone,” the CBEC said.
  • Marginal rise in professional tax collection in 2015-16
    Nov 23, 2016
    Collection of professional tax in Maharashtra has registered a marginal rise of just Rs three crore in last financial year. According to gross receipts from 2005-06 to 2015-16, furnished by the Assistant Commissioner of Sales Tax (administration) of Maharashtra, Rs 1,688 crore professional tax was collected in 2010-11 fiscal year, Rs 1,830 crore in 2011-12, Rs 1,944 crore in 2012-13 and Rs 2,146 crore in 2013-14, as per RTI activist Manoranjan Roy who had sought details in this regard.
  • Anti-dumping duty imposed on certain Chinese steel products
    Nov 04, 2016
    Centre has imposed antidumping duty on imports of steel wire rods from China to protect domestic manufacturers from cheap in-bound shipments. The Department of Revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on import of wire road of alloy or non-alloy steel from China.
  • Anti-dumping duty on 21 flat-rolled products of non-alloy steel in offing
    Oct 21, 2016
    Anti-dumping duty on 21 flat-rolled products of non-alloy steel such as corrugated sheets are in the offing, steel secretary Aruna Sharma said, adding that the notified provisional anti-dumping duty on 15 wire rod of alloy or non-alloy products would be implemented soon. Following the imposition of minimum import price (MIP) on 173 steel products in the range of $341-752 per tonne for six months in February, aimed at containing imports, the government in August imposed anti-dumping duty on 107 of these products and extended MIP on the remaining 66 items twice each time for two months in August and in October.
  • Tax collections continue to be buoyant
    Oct 12, 2016
    Indirect tax collections continue to show buoyancy recording 26 per cent increase in April-September 2016 to touch ?4.08 lakh crore. However, factory output remains a picture of worry with the latest August IIP print contracting 0.7 per cent, official data showed. At the end of first six months, the Centre’s indirect tax collections stood at 52.5 per cent of the Budget estimate for entire 2016-17. In the same period last year, it was at 50.6 per cent of the Budget estimate.
  • Govt extends anti-dumping duty on certain Chinese products
    Oct 10, 2016
    Revenue department has extended anti-dumping duty on import of certain Chinese products, used in garment, footwear and toys manufacturing, for another five years.The anti-dumping duty on ‘narrow woven fabrics hook and loop velcro tapes’ will be charged at the rate of $1.87 per kilogram.
  • Anti-dumping duty likely on certain Chinese steel products
    Sep 30, 2016
    The commerce ministry has recommended imposition of anti-dumping duty on imports of steel wire rods from China to protect the interest of domestic players from cheap in-bound shipments. In its preliminary findings, the directorate general of anti-dumping and allied duties (DGAD) has recommended the duty.
  • Cabinet approves Rs 2,256-crore makeover for IT for GST
    Sep 29, 2016
    The Union Cabinet has approved strategic disinvestment of Bharat Pumps and Compressors and closure of Hindustan Cable, moving the needle on the government’s ambitious plan to shed loss-making public sector enterprises. The Cabinet has also approved a Rs 2,256-crore makeover of the IT backbone for indirect taxes in anticipation of the Goods and Services Tax (GST).
  • Indirect tax take rises 27% on excise
    Sep 13, 2016
    The Centre’s indirect tax collections increased more than 27 per cent in the April-August 2016 period, helped by a 49 per cent jump in excise receipts, according to data released by the Ministry of Finance on Monday. The government also reported a 15 per cent increase in direct tax collections.“The figures for direct tax collections up to August 2016 show that net revenue collections are at Rs.1.89 lakh crore which is 15.03 per cent more than the net collections for the corresponding period last year,” the official statement said.
  • Indirect tax mop-up rises 27.5% to Rs 3.36 lakh cr till August
    Sep 12, 2016
    Net indirect tax collections in the April-August period grew 27.5 per cent to Rs 3.36 lakh crore on the back of surge in excise collections. The collection till August 2016 show that 43.2 per cent of the annual budget target of indirect taxes, which includes Central Excise, Service Tax and Customs, has been achieved.
  • Indirect tax collections up 30 per cent to Rs 2.71 lakh crore till July
    Aug 10, 2016
    Indirect tax collections rose by 29.9 per cent during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up. "The figures for indirect tax revenue (provisional) collections up to July, 2016 show that the net revenue collections are at Rs 2,71,719 crore as compared to Rs 2,09,217 crore for the corresponding period last year and thereby registering a growth of 29.9 per cent in the net collections," the Finance Ministry said in a statement today.
  • Kerala serves up a ‘fat tax’, pizzas, burgers to cost more
    Jul 09, 2016
    Taking a cue from the West, Kerala is all set to introduce what it terms as a “fat tax” of 14.5% for foods judged to be unhealthy. Food items like pizzas, burgers, doughnuts, pasta, and bread-fillings served in branded fast-food chains like McDonald’s, Dominos, Pizza Hut and Subway, among others, are likely to see the new tax imposed on them.
  • CBEC is shedding its adversarial image, says survey
    Jun 30, 2016
    A CBEC-commissioned survey has found a majority 72 per cent believing that the indirect tax wing of the government is becoming "liberal and friendly" to taxpayers, but "much needs to be done" for it to be seen as "less adversarial". "In the wake of widespread allegations of tax terrorism, which has most often been cited as a barrier to entry of foreign investment in manufacturing, the survey sought an opinion on whether the CBEC administration was becoming less adversarial.
  • Indirect tax collection soars 37% in April-May
    Jun 10, 2016
    Indirect tax collections rose by about 37 per cent during April-May compared to the same period of the last fiscal. "The indirect tax growth rate for the first two months of current FY is 36.7 per cent with additional revenue measures (ARM) and 14 per cent without ARM," Revenue Secretary Hasmukh Adhia tweeted.
  • Buyers of under-construction flats may get tax relief
    Jun 09, 2016
    The Delhi High Court has said that home buyers cannot be charged service tax on payments made towards purchase of under construction apartments from builders if the total value of the apartment includes the land value. However, service tax can still be levied on preferential location charges (PLC) that builders charge from buyers.
  • Indirect tax row needs resolution
    Jun 06, 2016
    In his Budget speech, the finance minister had said, "Litigation is a scourge for a tax-friendly regime and creates an environment of distrust, in addition to increasing the compliance cost on taxpayers and administrative cost for the government. There are about 300,000 tax cases pending with the 1st Appellate Authority, the disputed amount being Rs 5.5 lakh crore. To reduce this number, I propose a new Dispute Resolution Scheme."
  • Govt to hasten adjudication of indirect tax cases
    May 27, 2016
    The government plans to hasten the adjudication of service tax, excise and customs cases older than a year. These should be disposed first, Revenue Secretary Hasmukh Adhia has told the Customs, Excise and Service Tax Appellate Tribunal (CESTAT).The revenue department adjudicated well over 100,000 indirect tax cases in 2015-16. There are presently 13,500 cases older than a year, pending up to the level of principal commissioner. Total pendency is 60,000 cases.
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