Search Result for : Central Excise

The Dollar Business Bureau Manohar Lal Khattar, the CM of Haryana said the Goods and Services Tax (GST) is not going to adversely affect the textile business. This comes after several textile traders and unions have gone on a strike against the imposition of GST. "Textile has been placed in the slab of 5% under the GST. Presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn," he said. Therefore, the 5% tax on fabric is not going to put additional burden on textile, Khattar claimed. "Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal," he said at a seminar on ...

Sairaj Iyer The customs, as a government agency is a facilitator for free trade. Better facilitation translates into better ease of doing business rank. Ease of doing business is a familiar mantra in India. The government's ebullient enthusiasm since 2014 has brought in new expectations that the new ways of doing business with ease would see a sea-change. Since then though there has been a slew of initiatives, India's ranking in the global ease of doing business has barely increased by a rank. “A World bank study on ease of doing business finds hindrances in the port ecosystem, and the awareness on port facilities meagre,” explained Dr John Joseph, Chief Commissioner of Customs, Jawaharlal Nehru Port Trust (JNPT). Dr Joseph was speaking at ...

The Dollar Business Bureau The Direct tax and Indirect tax collection figures for the period between April 2016 to December 2016 have shown a positive trend as the former grew by 12.01% while the latter showed an increase of 25% over the corresponding period last year i.e. April-December 2015.  As per figures for Direct Tax collections up to December 2016, the net collections stood at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding of the previous year. This collection is 65.3% of the total budget estimates of direct taxes for financial year 2016-17.  Speaking about the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under ...

The Dollar Business Bureau  In order to facilitate the trade and industry, Central Board of Excise and Customs (CBEC) has extended the facility of export warehousing to Ahmedabad district in the state of Gujarat.  “Board is of the view that extension of the facility of export warehousing to Ahmedabad district in the state of Gujarat would facilitate the trade and industry,” CBEC said in a circular (No 1051/39/2016-CX) on Thursday.  The Board has extended the warehousing facility to Ahmedabad after examining the specifying conditions, procedures, class of exporters and places mentioned under the sub rule (2) of rule 20 of Central Excise Rules 2001.  The circular has been notified to all the Principal Chief Commissioners, Chief Commissioners of Central Excise and Director Generals.  According to ...

The Dollar Business Bureau The Ministry of Finance has brought out a press release detailing the Direct and Indirect tax collections upto November, 2016. These figures denote the pre-demonetisation collections. The release says the figures for Direct Tax Collections are Rs.4.12 lakh crore up to last month of this year, which is an increase of 15.12% compared to the corresponding period last year. “Till November, 2016, 48.67% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved,” said an official release on Friday. In terms of gross collections of revenue, Corporate Income Tax (CIT) grew 11.22% while Personal Income Tax (PIT) recorded a growth rate of 22.41%, it said. However, after refunds adjustment, CIT’s net growth in collections is about 8.75% whereas collections under PIT have ...

The Dollar Business Bureau (sourced from PTI) Citing constitutional compulsion, Finance Minister Arun Jaitley on Friday sought to drive home the point that the Goods and Services Tax (GST) has to be rolled out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenue collection. He made a pitch for widening the tax base, saying efforts are on to make taxation process far simpler and make rates more reasonable.  For instance, he said, the GST Council is deliberating on ways to reduce the taxation process, including assessment by tax officials.  “Today, each person gets assessed thrice, in each of the three taxations (including VAT and central ...

The Dollar Business Bureau After receiving information that some jewellers had resorted to illegal transactions by selling gold to tax evaders who wanted to dispose off their unaccounted wealth, the central excise department got cracking on them. It has asked many jewellers to give a detailed account of the stock and sales made by them in the past four days. This is a follow-up to the income tax searches and raids done by the officials on Thursday and Friday. The DGCEI (Directorate General of Central Excise Intelligence) has sought a complete account from 25 jewellers in Mumbai and a stern warning given to 600 of them in 25 cities. A notice from the Department reads, “Please declare information regarding stock and sale of all ...

The Dollar Business Bureau    In yet another attempt to remove export bottlenecks and ease outbound shipping procedures, the government has decided to exempt bulk cargo from sealing in packages or containers, thus reducing delays in export consignments. The decision was taken after traders’ bodies expressed concern about their problems in sealing of bulk cargo for export, especially for goods such as coal, iron-ore, alumina concentrate and heavy machinery. They sought for a simple procedure for exports of such articles.  “The matter has been examined. Notification has been amended, thereby exempting bulk cargo from sealing in packages or container. The Central Excise has been empowered to grant exemption from self-sealing of bulk cargo for export on case to case ...