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Cement industry urged Centre to abolish import duty on raw materials used in production of cement

The cement industry has urged the Centre to abolish import duty on raw materials such as coal, pet coke and gypsum since cement as a finished product does not attract duty. In its pre-Budget memorandum submitted to the Finance Minister, Mr Pranab Mukherjee, the Cement Manufacturers Association (CMA) has said the duty on coal, pet coke and...

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Posted Under: Excise Duty |

2% increase in excise duty may make Indian companies pay additional 21K crore

Corporate India will have to shell out an additional Rs 21,000 crore if the 2010-11 Budget increases the excise duty by 2 per cent. A study by the Business Standard Research Bureau shows that 1,278 manufacturing companies (excluding oil and gas) accounted for 8.13 per cent, or Rs 86,314 crore of the gross revenue for the year 2008-09. So,...

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Posted Under: Excise Duty |

Excise exemption to Himachal Pradesh and Uttarakhand under review

Himachal Pradesh and Uttarakhand, the two Himalayan states which have drawn thousands of crores of investments due to the tax benefits they offer, stare at the possibility of losing the status as Finance Minister Pranab Mukherjee looks to plug loopholes and boost revenues for a government that’s on a spending spree....

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Posted Under: Excise Duty |

In an effort to maximize revenue CBEC ordered to reopen cases where Tax demand stayed

Directions form part of revenue maximisation measures. The Central Board of Excise and Customs (CBEC) has directed its field formations across the country to open all cases, irrespective of year and amount involved, where it had raised a demand but had these stayed by courts, otherwise known as call-book cases. ...

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Posted Under: Excise Duty |

Can a CESTAT Member who has not completed probation can be relived from his duty without assigning any reason?

RECENTLY the President of India was pleased to discharge Hon'ble member of the CESTAT Mr. PK Das, just a day before he was to complete his three year probation period. Can a Member of the Tribunal be sent home just like that? The answer, unfortunately is, `YES'....

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Posted Under: Excise Duty |

Center will re-look notification restricting excise duty exemption of industrial units in North-East region

There’s some good news for the industry of North-East as the union commerce ministry has agreed to have a relook into its March 2008 notification which had considerably restricted excise duty exemption of industrial units in the region. It is learnt that union commerce minister Kamal Nath had recently “assured” the Assam chief minis...

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Posted Under: Excise Duty |

Government made available the facility for online registration and filing of Excise and service tax returns

The automation drive by the country’s excise and service tax department took another step forward Wednesday with the access to online registration and filing of returns made available in the national capital and surrounding regions. ‘The main objective of the automation drive is to provide an electronic interface with the department t...

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Posted Under: Excise Duty |

New centralized system for processing excise and service tax returns by the end of this year

 The new centralised system for processing excise and service tax which would the save tax payer’s time and money would be rolled out across the country by the end of this year, CBEC Additional Director General of Systems D P Dash said here.  The new system– Automation of Central Excise and Service Tax (ACES) – […]...

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Posted Under: Service Tax |

CBI filed charge sheet against Ex-Central Excise Commissioner

Former Central Excise Commissioner , Pralhad Kumar alias P K Ajwani arrested by CBI in 2004 after wads of cash were seized from his south Mumbai house was chargesheeted on corruption charges by CBI last week....

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Posted Under: Excise Duty |

Facility of advance ruling on service tax and excise matters extended to PSU and resident Indian companies

Public sector companies can now seek advance ruling on Customs, Central Excise and Service Tax matters. Also, Indian companies (those considered as resident under the Income-Tax law) have now been allowed to seek advance ruling on project imports. The Center’s move to extend the advance ruling facility to public sector companies comes n...

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Posted Under: Service Tax |