26 June 2017
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Indirect Tax Excise 002002

  • CBEC gets a makeover ahead of GST rollout
    May 16, 2017
    A month before the Goods and Services Tax (GST) rolls out nationwide on July 1, the Central Board of Excise and Customs will be rechristened the Central Board of Indirect Taxes and Customs (CBIC).It is not just the nomenclature that is undergoing change; the CBEC has nearly completed the reorganisation of its field offices, including the allocation of officers, provision of funds for new office spaces and training of staff.To be headquartered at North Block, the new Board will continue in its current form but will have a Member for GST and Central Excise, and a separate Member in charge of IT, Legal and Compliance Verification.
  • Excise growth surge ends, govt may miss CIT target
    Mar 11, 2017
    Industrial production rose just 0.6% in the April-January period of this fiscal, against 2.7% a year earlier. Customs collections, which contracted 6.3% in December 2016, grew 10.1% in January 2017 and 10.9% in the following month, signalling a spike in gold imports. However, service tax growth has been slowing in recent months — from 12.4% in December to 9.4% in January and 7.6% in February — indicating a slowing of discretionary spending. Net of refunds, CIT collections grew just 2.6% in April-February 2016-17 from the year-ago period, against the envisaged full-year growth of 9%, indicating that the push from the last tranche of advance tax collections might not suffice to meet the target.
  • Central Board of Excise and Customs removes 1 per cent excise duty on branded gold coins
    Dec 02, 2016
    Branded gold coins may become cheaper after the government scrapped 1 per cent excise duty on them. In a notification, the Central Board of Excise and Customs (CBEC) said excise duty will be nil on gold coins of purity 99.5 per cent and above, bearing a brand name when manufactured from gold on which appropriate duty of Customs or excise has been paid. Excise duty on branded silver coins continues to be exempted.
  • Excise duty exemption for PoS devices
    Nov 29, 2016
    In what is seen as yet another big push of the Modi-led government towards digital economy, the Centre has provided excise duty exemption on Point-of-Sale (PoS) devices manufactured in the country.This excise duty exemption has also been extended to all goods for manufacture of POS. However, the excise duty exemption in both cases will be available only till March 31, 2017, according to a Finance Ministry notification.As on date, the total PoS machines in use is only about 1.2 million. There has been very tepid growth in the PoS universe.
  • Government removes excise duty on Point of Sale machine manufacturing
    Nov 28, 2016
    Government today removed excise duty on goods for manufacturing of POS (Point of Sale) machines that are in great demand as merchants are being compelled to use them in the wake of currency crisis. "POS machines will be exempted from 12.5 per cent excise duty and 4 per cent SAD (Special Additional Duty) till March 31, 2017," a source said.
  • Downloads from foreign sites to turn pricier from Dec 1
    Nov 14, 2016
    You may have to pay more for your music or e-book downloads from overseas sites with effect from December 1.This is because the Central Board of Excise and Customs has withdrawn an existing service tax exemption on overseas companies providing services such as advertisements, Web subscriptions, cloud hosting, e-books and gaming to individuals and government bodies.
  • CBEC revises duty-drawback rates
    Nov 02, 2016
    The government has revised the duty drawback rates with effect from November 15.The revised duty drawbacks provide composite rates for products such as rubber parts (for automobile and machinery) and children’s pictures. It has also changed descriptions in certain tariff items such as packaged rice, rubber parts to prevent disputes and simplify procedures.
  • Government revises excise duty evasion limit to warrant arrest
    Oct 12, 2016
    The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature. "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.
  • No excise duty on traded jewellery: CBEC
    Jul 29, 2016
    Excise duty will be payable only on the first sale of jewellery and not on any items that are re-sold or traded. In a detailed letter to field formations, the Central Board of Excise and Customs has also stressed that there should be no inconvenience to taxpayers due to the implementation of the new levy on jewellery.“In many cases the manufacturer or the principal manufacturer, may be dealing in both the manufactured articles of jewellery and traded articles of jewellery…(he) shall maintain separate physical stocks of manufactured articles of jewellery and traded articles of jewellery and show their values separately in the first sale invoice,” it said, adding that excise duty liability will be determined accordingly.
  • Excise mop up from Mumbai soars 36% to Rs 15,729 crore in Q1
    Jul 27, 2016
    Central excise collection from the Mumbai Zone jumped 36 per cent to Rs 15,729 crore in the first quarter of 2016-17 from Rs 11,551 crore a year ago, a senior official said today. "Both the zones put together (Mumbai is divided into two Central Excise zones) have collected taxes amounting to Rs 15,729 crore during the first quarter of the current fiscal," Chief Commissioner of Central Excise and head of the Mumbai Zones, Subhash C Varshney, told PTI here.
  • Taxpayers get relief from recovery during pendency of stay
    Jul 06, 2016
    In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications. The Central Board of Excise and Customs (CBEC) on Monday issued a circular on '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.
  • Excise: Jewellers get more time
    Jul 02, 2016
    The Finance Ministry has extended the time limit for central excise registration by jewellers to July 31. “The liability for payment of central excise duty will be with effect from March 1, 2016,” said the Finance Ministry said on Friday. Assessee jewellers can pay the excise duty for March, April, May and June by July 31.
  • Govt may impose anti-dumping duty on chemical from 5 countries
    Jun 14, 2016
    India may impose anti-dumping duty of up to $168.76 per tonne on imports of a chemical, mainly used in textile and packaging industry, from five countries including China and Iran to protect domestic players. MCC PTA India Corp and Reliance Industries Ltd (RIL) had jointly filed an application seeking anti-dumping investigations.
  • CBEC looks to curb tax evasion; check out how
    Jun 13, 2016
    Taking a cue from the income tax department that employs third parties to report on high-value transactions of various kind in order to verify the veracity of tax filings by individuals, the Central Board of Excise and Customs (CBEC) has given the State Electricity Boards and Reserve Bank of India specific assignments in its efforts to detect and curb tax evasion.
  • Indirect tax collections jump 42% in April
    May 12, 2016
    Indirect tax collections jumped 42% in April on sharp rise in excise collections owing to increased duty on petrol and diesel."Indirect tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8% as compared to Rs 45,417 crore collected during the same period previous year," an official statement said.
  • Not helping Make in India? Govt reverses import duties on mobile chargers, batteries
    May 07, 2016
    Buckling under pressure from handset manufacturers, the government on Thursday through a series of notifications reversed duties adding up to around 29.44% on import of batteries used in mobile phones, chargers, wired headsets and speakers imposed in the Budget.
  • Govt to jewellers: Clear excise dues with June duty
    Apr 25, 2016
    The government on Saturday extended the time limit for jewellery establishments to register with the central excise department, while simultaneously asking them to settle the excise dues for the March-May period along with that of June, 2016 by July1, 2016. “The central government has extended the time limit for taking central excise registration of an establishment by a jeweller up to July 1, 2016. However, the liability for payment of central excise duty is with effect from 1st March, 2016.
  • Anti-dumping duty likely on a chemical used by pharma industry
    Apr 22, 2016
    India is likely to impose anti-dumping duty of up to $279.78 per tonne on imports of a chemical used by pharma, agro and fragrance industries from China and Russia to protect domestic manufacturers. Gujarat Fluorochemicals and Chemplast Sanmar had moved the Directorate General of Anti-Dumping and Allied Duties (DGAD) for imposition of the duty alleging dumping of the chemical from these two countries.
  • CBEC clarifies on levy of excise duty on waste oil
    Apr 19, 2016
    The Central Board of Excise and Customs (CBEC) has issued clarification regarding levy of excise duty on waste oil collected from service stations of vehicles and transformers.In refining units, the waste or used oil undergoes various processes such as dehydration for removal of moisture, distillation for removal of diluents and filtration for removal of the clay and the dissolved carbon to render it usable.
  • Excise brass displays a welcome change
    Apr 18, 2016
    The Central Board of Excise & Customs (CBEC) has issued more circulars/instructions, with the aim of reducing unnecessary litigation.Since 1983, its instructions required the field formations to issue a demand-cum-showcause notice (SCN) upon receipt of any audit objection, even if the officers did not agree with the auditors' view.
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