Central Excise News
Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns
The Sabka Vishwas Scheme, which became operational on 1 September 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.
Large taxpayers yet to take benefits of Sabka Vishwas amnesty scheme; deadline not to be extended beyond 15 January
As many as 87.5 percent of the eligible taxpayers have taken advantage of Sabka Vishwas, a dispute resolution-cum-amnesty scheme
Govt extends last date for Sabka Vishwas scheme till 15 January for settling disputes of service tax, central excise
The Finance Ministry on Tuesday extended the 'Sabka Vishwas Scheme', a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, by 15 days till 15 January
With hundreds of economic offence cases pending for 2 decades, SIT calls for special courts to punish lawbreakers within year
While there is a sharp increase of 226 percent in the number of complaints against economic offences, the prosecution of offenders is hit by delays and hundreds of cases have been pending for more than two decades
Denying GST input credit, tax cut benefits: Decoy or actual customers, profiteering charge is difficult to stick
Now there are reports that the GST officials are going to fan out to different stores as decoy customers, make a purchase of the product of an FMCG major suspected of profiteering.
Adhia's comments come amid calls from some experts and a section of the industry for deferring the GST roll-out to September-October instead from July 1.
Replying to the seven-hour-long debate, Finance Minister Arun Jaitley said the GST which will usher in a uniform indirect tax regime in the country and will make commodities "slightly cheaper".
The need of the hour is to accelerate the economy and promote consumption, while paving the way for the much-touting reform of GST.
The registration shall mandatorily require that the PAN number of the proprietor or the legal entity being registered should be quoted in the application except for government departments, it said.
In the current fiscal through September, 672 cases have been detected and the value of tax evasion was Rs 1,379.57 crore, Finance Minister Arun Jaitley said in a written reply to Lok Sabha.
The Directorate General of Central Excise Intelligence (DGCEI) has issued a show cause-cum-demand notice of over Rs 4.6 crore to the nation's largest oil firm Indian Oil Corporation for not paying service tax under the head of a 'goods transport agency'.
Better tax realisation and some savings on expenditure may help trim the fiscal deficit to around 5.1 per cent of the GDP for 2012-13, Finance Ministry sources said.
The Central Board of Excise and Customs (CBEC) today said that it has frozen the bank accounts of Kingfisher Airlines for its failure to pay service tax arrears.