Search Result for : Revenue Department

The Dollar Business Bureau A parliamentary committee has recommended that the Government should extend the duty drawback rates for exporters that were prevailing prior to the Goods and Services Tax (GST) regime, until June 2018 or till the Department of Revenue comes out with revised rates. While tabling its report in Parliament on the impact of GST on exports, the Standing Committee on Commerce chaired by Naresh Gujral said that this step will enable the exporters in overcoming the problems which they are currently facing besides this will also help them to take a long-term outlook while negotiating their export orders. The Committee said that a formal mechanism must be put in place for redressal of grievance of exporters. “In order to bring relief to ...

The Dollar Business Bureau The government has levied a customs duty of 10% on the imports of static converter for cellular mobile phones such as USB cables. Until now, these goods were exempted from the purview of basic customs duty. The term 'static converter for cellular mobile phones' is used for phone charging cables that can be used for accessing and transferring handset data to a laptop, computer, tablet or TV. The Revenue Department, in a notification (no.67/2017-Customs, dated July 14, 2017), said, “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends that……exempt goods would include “static converters for automatic data processing machines and units thereof, and telecommunication apparatus, other than static converters ...

The Dollar Business Bureau The government will initiate the process of operationalising the Rs.5,500-crore Rebate of State Levies (ROSL) scheme from September 20. Under this scheme, the revenue department will compensate exporters for state levies. Currently, the exporters get compensated for duty drawback during manufacturing of products for exports. "The main objective of the scheme is to provide for remission of state levies in addition to the duty drawback scheme, through the scheme for ROSL on export of garments on an average basis only," the Central Board of Excise and Customs (CBEC) said in an announcement. In order for the scheme to be effectively operationalised, CBEC said it would designate the office as the DDOs from their current designation as Drawback DDOs. “ROSL scheme will come ...

Sai Nikesh | The Dollar Business The Ministry of Finance, on Sunday, sought stakeholders’ comments on three reports of empowered committee of the state finance ministers on the proposed uniform tax regime, Goods and Services Tax (GST), by the end of this month. The draft of the business processes on GST registration, refunds and payments has already been put up on the revenue department’s website https://mygov.in/group/department-revenue/ for inviting comments. Besides, the draft model of CGST, SGST and IGST laws, along with the business processes for filing of income tax returns, shall also be put-up for inviting comments of stakeholders in due course, a Finance Ministry statement said. Ravi Malik, Secretary General, All India Association of Central Excise Gazetted Executive Officers, came up with ...

Source: PTI Director General of Foreign Trade (DGFT) Pravir Kumar on Friday said that India is passing through a "challenging phase", particularly in exports, but underscored government's commitment on ensuring 'Ease of doing business'. "Right now, we are passing through a challenging phase, particularly in exports. In the past six months, there have been global issues, global turmoil also... so the exports are not doing as well as we would like to," he said. Addressing an Open House organised by Federation of Indian Export Organisations (FIEO) here, Kumar said even "winning sectors" have been facing problems in the past few months. However, the government is prepared to face the situation as "we have the inner strength and depth to absorb," any ...