Search Result for : Excise

Sairaj Iyer G.V. Sreedhar, the outgoing chairman of the Gems & Jewellery Federation said 1.25%-1.3% is an ideal GST rate for gems and jewellery traders in the country. He averred that his federation would like the GST to be around 1.25%, although the industry demands differ ranging from 5%-18%. He pointed out, “We have been very clear from the beginning that VAT should be 1%, and excise tax should be 1%, put together it is 2%. But then 85-90% of our trade is out of excise and considering that revenue, the total value of GST should be 1.2-1.3%. We have given our representation to the government.” According to him, lower tax slabs will percolate into higher revenues, better compliance and organised in ...

PIB, Government of India The Ministry of Shipping is actively considering various measures to promote modal shift of cargo from roads to coastal waters not only to decongest roads but more importantly to harness the higher fuel efficiency of coastal movements vis-à-vis roads, as well as to reduce carbon footprint. One of the issues hindering the growth of coastal shipping has been the levy of customs and central excise duty on bunker fuels which raises cost of transportation. This issue was resolved by Department of Revenue vide Notification No. 31/2014 dated November 11, 2014 by exempting Customs and Excise duty leviable on bunker fuels, namely IFO 180 CST and IFO 380 CST used in Indian flag vessels for transportation of EXIM ...

Source: PTI The government panel set up to suggest a uniform rate of indirect tax under the GST regime will submit its report by this month-end and the roll out of the reform measure is possible any time next fiscal, a senior CBEC official said on Wednesday. CBEC has also suggested to Finance Minister Arun Jaitley to set up consultative bodies in each state in the form of GST Secretariat for better coordination between the Centre and states for the roll out. On the uniform tax rate, CBEC member GST V S Krishnan said: “A very high rate could dilute the advantages of GST. There is a committee which has been set up under the Chief Economic Advisor, which is likely ...

Source: PTI Union Minister of State for Power Piyush Goyal, on Friday, conceded that there is slim possibility of implementation of GST law by April 2016 deadline, but said the government will work out alternatives to implement it so that people derive its benefits. Accusing the Congress of “insulting the people of the country” by disrupting the legislative business in the just-concluded Parliament session where GST bill was stalled, the Minister said they are doing this to create a perception that the Modi government is not working. “There are less possibilities of implementing Goods and Service Tax (GST) law by April 2016, but the government will work out alternative ways to ensure people get its benefits,” Goyal said in response to a ...

Source: PIB, Government of India Chief Economic Adviser: Increase in indirect tax revenue collections during July 2015 and first four months (April-July 2015) of current financial year 2015-16 indicate that the underlying momentum in the economy continues to improve across all sectors; growth of 14.6 % (excluding the additional revenue measures) in collections in first four months suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections. The Chief Economic Adviser, Arvind Subramanian, said that increase registered in indirect tax collections during the first four months (April-July 2015) of the current financial year 2015-16 indicate that the underlying momentum in the economy continues to improve across all sectors. He said that the growth in underlying ...

 Source: PTI Indirect tax revenue jumped over 37% to over Rs.2.1 lakh crore during April-July period of current fiscal, on the back of higher excise collections. The indirect tax collections were at Rs.1.53 lakh crore during the similar period of the previous fiscal, a finance ministry statement said on Tuesday. In July 2015-16, the indirect tax collections grew by 39.1% from a year ago period to Rs.56,739 crore. “Indirect tax revenue collections have increased from Rs.40,802 crore in July 2014 to Rs.56,739 crore during July, 2015. “Thus an increase of 39.1% has been registered during July-2015 over the corresponding period in the previous year. This is an achievement of 32.6% of the target fixed for BE 2015-16 Rs.64,6267 crore,” said the release. ...

The Dollar Business Bureau The government has allayed the apprehension about any change in the central value added tax (CENVAT) rule, saying that the exemption from excise duty meant for textile industry will continue. In a fresh notification issued on Wednesday, the Central Board of Excise and Customs (CBEC) said that there will be no change in CENVAT Rules, 2004 under which textile manufacturers are exempted from paying up to 12.5% excise duty on the sale of finished goods within the country. The clarification came after representatives of the industry met Finance Ministry officials, expressing concern over an earlier notification of CBEC issued on July 17. The July 17-notification had said that the excise duty rebate can be claimed by the ...