The objective of this consultation paper on Review of determination of Offer Price in case of disinvestment of PSU Companies is to seek comments from the public on the proposal to relax certain provision with regard to determination of open offer price in case of divestment of Public Sector Undertaking companies by the Central Government and/or State Government.
GST rates on all goods including Life Saving Medicines are prescribed on the recommendations of GST Council. A large number of lifesaving medicines are already at the lower rate of 5%. Others attract 12% GST rate.
Whether the Government has received proposals from the State Governments requesting for extension of payment of Goods and Services Tax(GST) compensation to the States for another five years keeping in view the difficulties caused by Covid-19 Pandemic
Tobacco products such as bidi, cigarettes, chewing tobacco, gutkha, etc. already attract GST at the highest rate of 28%, and a compensation cess up to 290% on ad valorem basis along with specific rate, on certain products like cigarettes, up to Rs. 4170 per thousand. In addition, Tobacco products also attract Excise Duty and National Calamity and Contingency Duty.
IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act).
The decision to reduce import duty on both crude and refined edible oils was taken to reduce the burden of high prices on final consumers. Import duty structure has been prescribed in a manner that crude edible oil attracts lesser duty than the refined edible oil thereby incentivising domestic refining of imported crude oil. The custom duty rate structure of crude and refined oils after reduction is as follows:
a) whether the Government has received any proposal explaining the need for removal of 10 per cent import duty on cotton to improve the Textiles and Clothing sector because of rising raw cotton and yarn prices;
The claim of the Department was prior to the date of Resolution Plan approved by the NCLT, and therefore, the present income tax proceedings is hit by section 31(1) of Insolvency and Bankruptcy Code, 2016, which has overriding effect vis-à-vis the Income Tax Act, 1961.
As per the Hindu Law every member of HUF has a pre-existing right in the property of the HUF and any amount given to a member therefore from the HUF property tantamounts to only giving him what actually belonged to him and there is no question therefore of the same being any amount given for no consideration or in the nature of gift, which are covered in the scope of Section 56(2)(vii) of the Act.
Commissioner of Central Excise Hyderabad-I Vs Aradhana Foods And Juices Pvt. Ltd. (Supreme Court of India) The short question which is posed for consideration of this Court is whether the product `Nimbooz’ can be classified under item `Lemonade’ and/or as `fruit pulp or fruit juice based drinks’. Issue notice returnable on 27.04.2022. Dasti, in addition, […]
