Finance : Taxation is an important aspect of any country's economic structure, and India is no exception. India adopts a well-organized taxa...
CA, CS, CMA : Goods and Services Tax (GST) Notifications and Circulars Requirement of GST audit and reconciliation statement by professionals re...
CA, CS, CMA : DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to pr...
Goods and Services Tax : The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget ...
Goods and Services Tax : Notification No. 28 /2017 – Central Tax, dated- 01st September, 2017- CBEC waives late fee payable under section 47 of the CGST ...
Income Tax : The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perha...
Excise Duty : Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is...
Income Tax : In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by...
Income Tax : Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Pala...
Finance : Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indi...
Income Tax : We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited b...
Goods and Services Tax : Read the latest newsletter from CBIC Chairman dated 01/04/2024. Indirect tax collections surpass estimates, guidelines for CGST in...
Income Tax : In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by...
Service Tax : F.No.354/189/2009-TRU Customs duty on packaged software - As basic customs duty is Nil for packaged software, the additional duty ...
Customs, Central Excise and Service Tax revenue collections rose to Rs. 150686/- Crore during April-September 2010. Thus there is an increase of 44.4 percent in revenue collections at all India level during April-September 2010 as compared to corresp
The Central Excise Department today said its has slapped a show-cause notice on Philips Electronics for allegedly evading excise duty to the tune of Rs 22 crore. Central Excise Commissioner (Chandigarh) H K Thakur also said two-wheeler major TVS Moto
Indirect tax collections from Customs, Central Excise and Service Tax at all India level has increased more than 45% during April-August, 2010 compared to its corresponding period, i.e. April- August, 2009. Total Revenue Collections were Rs. 124170
The finance minister has set up two panels, one each for direct and indirect taxes, to draw up a road map to reduce rising litigation, asking them to submit a report within a month.
Indirect tax collections grew by a whopping 43% in the first three months of the current fiscal, providing further testimony to a recovery in industrial activity that prompted International Monetary Fund (IMF) to raise its 2010 growth estimate for the country.
The Centre may drop the idea of granting states equal powers to levy indirect taxes as part of roll-out of a single tax rate regime. The Finance Ministry had in April sought the Law Ministry’s opinion on granting states such a power, but the idea seems to have been shot down.
There are more than a lakh tax cases pending in courts and various tribunals, holding back Rs 64,244 crore in both direct and indirect taxes. “The major reasons for pendency of 1,31,780 tax cases are excessive burden on existing tribunals and courts, and shortage of human resources with tax departments, ” junior finance minister S S Palanimanickam told the Lok Sabha today.
Full exemption from excise duty has been provided to betel nut product commonly known as ‘supari’. This exemption is now being extended to scented supari. Central excise duty on corrugated boxes and cartons was reduced from 8% to 4% when they are manufactured starting from kraft paper. I propose to extend the exemption to cover units that manufacture such cartons from corrugated paper or paperboard also.
Laws and rules relating to Indirect Taxes have been evolving on account of development in business models, economic growth of the country, global developments, and technological advances and also with reforms in this field of taxation especially, in the area of service tax.
On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing the expectations of the Trade and Industry from Budget 2010-11 relating to the field of Indirect Taxation.
