Referencer Library - Latest Documents - Last 90 Days

GST on third-party motor cover may dip - Govt To Put Proposal Before GST Council.

07.12.2018

New Delhi: The government will soon bring a proposal before the GST Council to reduce tax on the premium being paid by vehicle owners for buying third-party (TP) insurance. Currently, the GST on third-party premium is 18% and it’s mandatory for every vehicle owner to buy read more »

Exporters get Rs. 91,149cr in GST refunds.

04.12.2018

New Delhi: The Central Board of Indirect Tax & Customs (CBIC) and state authorities have disposed of GST refunds worth Rs 91,149 crore to exporters, out of total claims of Rs 97,202 crore received so far.

A disposal rate of 93.8% has been achieved read more »

GST mop-ups dip below Rs. 1 lakh crore in November.

02.12.2018

New Delhi: The gross GST revenue collected in November totalled Rs 97,637, a shade lower than the previous month’s receipts of over Rs 1 lakh crore, posing fresh worries about the trajectory of GST collections in the months ahead.

The gross GST revenue collected read more »

4 Chinese among 6 nabbed with Rs. 3cr backpack gold zips - Customs Officials Raid Powai Flat.

25.11.2018

Mumbai: Customs officials on Friday arrested six persons, including four Chinese and two Indians, for smuggling gold through courier and recovered 9kg gold worth Rs 3.3 crore. Those arrested were Chen Chi-Yu, Chiu Hao-Shen, Huang Guocheng, Zeng Feibiao, Vijay Yadav and his brother Ajay. Vijay and Ajay read more »

Two customs house agents held in Rs. 10-cr export fraud.

24.11.2018

Mumbai: Customs officials have arrested two customs house agents who tried to claim around Rs 10 crore refund based on fraudulent exports. The duo, Ravindra Gaikwad and Ankush Pokharakar, ‘exported’ cement concrete bricks using fake Import Export Code by declaring them custom-made machinery to claim refund. read more »

Panel seeks fresh tax sops for SEZs.

23.11.2018

New Delhi: A committee headed by industrialist Baba Kalyani and comprising several developers has recommended an overhaul of the policy on special economic zones (SEZs) by changing the focus from boosting exports to investment commitments and job creation and other criteria that may be tough to read more »

STICKING TO TRADITION - Govt plans interim budget next year.

23.11.2018

New Delhi: The government is planning to stick to convention and present an interim budget for 2018-19, amid indications that it may not be averse to initiating some tax-related changes, ahead of next year’s general elections.

Government sources said in the past, only interim read more »

Duo held in Navi Mumbai with 293 star tortoises.

13.11.2018

The men from Andhra were to deliver the endangered animals to a city man for smuggling to South East Asia

The Directorate of Revenue Intelligence (DRI), Mumbai zonal unit, has arrested two persons from Andhra Pradesh for being in illegal possession of 293 star read more »

300 star tortoises stuffed into backpack rescued, 2 arrested.

13.11.2018

Mumbai: Two men were arrested after they were caught with a creep of 300 star tortoises meant to be smuggled abroad. The star tortoises, also known as button tortoises, had been bundled in a very “claustrophobic” manner some were stuffed into two tiny boxes and some in read more »

LEVY OF COUNTERVAILING DUTY ON IMPORT OF SUBSIDISED GOODS.

13.11.2018

Introduction

With a view to protect domestic industry from unfair trade practice, countervailing duty is imposed on import of the subsidised goods from certain specified countries. Countervailing duty is not so much of a revenue measure as it is a trade remedy read more »

GST impact hit growth only for 2 quarters, says Jaitley.

12.11.2018

Mumbai: The GST implementation was a “monumental reform”, which had disruptionist impact on growth only for two quarters, FM Arun Jaitley said Sunday, hitting out at “critics and cynics”. who blame it for hurting the GDP expansion.

The remarks come a day after former read more »

Rajan: Notebandi & GST hit India’s economic growth.

11.11.2018

Washington: Demonetisation and the Goods and Services Tax (GST) were the two major headwinds that held back India’s economic growth last year, former RBI governor Raghuram Rajan said on Friday, asserting that the current growth rate of 7% was not enough to meet the country’s needs.

read more »

GST revenue crosses Rs. 1L-crore mark in Oct.

02.11.2018

New Delhi: The gross GST revenue collected in October crossed the Rs 1-lakh-crore mark, which analysts attributed to the impact of festival demand and improving compliance, bringing relief for the government.

Data showed receipts in October totalled Rs 1,00,710 crore, of which CGST is read more »

US revokes duty-free privileges - Imports Of 50 Indian Products Face Heat Over Trump Stand.

02.11.2018

Washington: The US on Thursday revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration’s tough stand on trade-related issues with New Delhi.

The federal register issued a notification, listing out 90 products read more »

HC slaps Rs. 1 lakh cost on a Tax Commissioner (Appeals) for judicial indiscipline.

01.11.2018

In a big setback to the Central Board of Indirect Taxes and Customs (CBIC), the Karnataka High Court has slapped ` 1 lakh cost on a Tax Commis­sioner for ignoring the order of a higher appellate and denying refunds to a pri­vate firm on read more »

For a change, a useful and needed circular.

29.10.2018

The Central Board of Indirect Taxes and Customs (CBIC) has issued a very useful Circular No. 38/2018-Cus., dated October 18. It is on procedure in cases of manufacturing or other operations undertaken at bonded warehouses under Section 65 of the Customs Act.

The read more »

After raids, ED freezes Amnesty India’s a/cs - Govt Is Treating Us Like A Criminal Enterprise: NGO.

27.10.2018

Bengaluru: A day after Amnesty India’s Bengaluru office was raided by the Enforcement Directorate, the NGO said on Friday the ED has also frozen its bank accounts, effectively forcing it to stop work. Alleging that the Centre is treating human rights organisations like “criminal enterprises”, Amnesty India read more »

Vikhroli businessman arrested with 4 others for Rs. 440cr GST credit fraud.

27.10.2018

Mumbai: Five people, including the director of a Vikhroli company, have been arrested by central GST officials for fraudulently claiming Rs 441 crore as input tax credit with the help of forged invoices and shell companies. The accused also allegedly took Rs 146-crore in loans from various read more »

ANTI-DUMPING DUTY ON OFLOXACIN AND ITS CLASSIFICATION.

22.10.2018

As per the Notification No. 8/2018-Cus. (ADD), dated 15-03-2018, anti-dumping duty (ADD) has been levied on import of Ofloxacin originating in or exported from China PR. The said goods is specified in column (3) of the table of the said notification falling under the Tariff

read more »

Fuel smuggling on high seas busted, 1 arrested.

22.10.2018

Mumbai: The Yellow Gate police claim to have busted a diesel theft and smuggling racket with the arrest of a 32-year-old fisherman who allegedly illegally bought fuel from a foreign ship mid-sea last month.

Investigators said they have collected electronic evidence against the arrested read more »

GST relief can make cruise ship tickets 50% cheaper.

20.10.2018

Mumbai: The Indian National Cruise Lines Association (INCLA) wants the government to give tax waivers to halve the price of tickets for passenger cruises. The body wants 18% GST on cruise tickets to be brought down to 5%, on the lines of economy class airfare. It also read more »

SELF-ASSESSMENT OF DUTY UNDER THE CUSTOMS ACT, 1962 - RECENT CHANGES.

18.10.2018

Provisions for the assessment of duty have been made under Section 17 of Customs Act, 1962 and the term “assessment” has been defined under section 2(2) ibid. Vide sections 58 and 60 of Finance Act 2018, sections 2(2) and 17 of Customs Act, 1962 have been inter read more »

Exports dip 2% despite sharp Re depreciation.

16.10.2018

New Delhi: India’s exports declined over 2% in September, despite a steep depreciation of the rupee, but the government dismissed it as a blip and blamed high base for the first fall in value of shipments in five months.

A late evening statement showed read more »

GST's latest in word cascade.

15.10.2018

Last Tuesday, the Union Finance Ministry issued two notifications, amending the provisions for granting refunds to exporters. One with retrospective effect from October 23 last year and the other with effect from October 9 this year.

When the Goods and Services Tax (GST) read more »

DRI to seek custody of hawala dealer for smuggling out foreign currency - Mohd Farooq Part of Syndicate That Used Bogus Docus: Officials.

14.10.2018

Mumbai: The Directorate of Revenue Intelligence (DRI) will seek the custody of hawala dealer Mohammad Farooq in a case of smuggling of foreign currency, obtained fraudulently on the basis of fabricated documents showing imports and exports totalling Rs180 crore, out of the country.

Farooq read more »

What happens when a law-enforcement agency like ED attaches a property?

12.10.2018

The Enforcement Directorate (ED) on 11-10-2018 provisionally attached immovable properties worth over ` 50 crore belonging to former Finance Minis­ter P Chidambaram's son Karti in connection with the INX Media case. The properties include a bungalow in Somerset, United Kingdom, a tennis club in read more »

Govt ups import duty on tele gear to trim trade deficit… Second Round Of Increase Meant To Push Local Manufacturing.

12.10.2018

New Delhi: The government on Thursday raised customs duty on eight components and equipment used by the telecom sector as it sought to reduce the dependence on imported goods in a sector with burgeoning demand, which could outstrip the value of oil imports in the coming years.

Exporters complain about lack of credit - Problem Since PNB Scam - See GST Refund Woes.

11.10.2018

New Delhi: Exporters have petitioned the government about rise in costs due to higher oil prices, lack of adequate credit since the Nirav Modi fraud came to light and repeated delays in GST refunds, while maintaining that they have gained little from the rupee slide.

read more »

Excise on jet fuel cut to 11% from 14%.

11.10.2018

New Delhi: After petrol and diesel, the government on Wednesday cut excise duty on jet fuel to 11% from 14% with effect from October 11 to give relief to the aviation industry that has been hit hard by rising fuel prices and plummeting rupee in recent weeks. read more »

Mum DRI chief shifted out two years before term ends.

10.10.2018

Mumbai: In a surprising move, the government on Tuesday transferred Shrawan Kumar from the post of Directorate of Revenue Intelligence (DRI) chief of Mumbai Zonal unit a year of his taking over. The tenure is normally for three years. Kumar, took over only in July 2017, has read more »

Bizman smuggling exotic birds trapped in DRI’s cage.

09.10.2018

Mumbai: A businessman was arrested after 34 rare birds—19 of them of exotic species—were seized from him by officials of the Mumbai unit of the directorate of revenue intelligence (DRI).

The accused, Dominic Sequeira (40), who is from Pune was arrested outside the Kolkata read more »

Passenger caught handing over contraband to three others.

08.10.2018

Four Indian nationals, who were trying to smuggle crude chains, kadas and pendants of gold worth Rs 1.86 crore, were arrested by the Customs at the Mumbai international airport on Saturday.

According to officials, based on profiling and intelligence, a team of the Air read more »

Four held for smuggling Rs. 2 crore gold.

08.10.2018

Mumbai: Air intelligence unit (AIU) sleuths arrested four passengers at Mumbai international airport for allegedly possessing and smuggling over 6.5 kg gold worth nearly Rs 2 crore. The consignment was handed by one of the passengers to the other three who were to fly from Mumbai for read more »

Six S Koreans held with 9kg gold in rectum, bags.

07.10.2018

Mumbai: Customs officials at the airport here on Saturday arrested six South Korean women who had hidden 9kg gold in their rectum and baggage. Officials said 47 gold pieces worth Rs 2.6 crore were seized.

The six were arrested after the air intelligence unit read more »

DRI busts another syndicate involved in racket of illegal import/smuggling of Kerosene - makes massive seizure of 139 containers of smuggled item at Kandla.

05.10.2018

Specific tip was received by the DRI Ahmedabad that illegal import/smuggling of Diesel and Kerosene continues to take place through Kandla despite DRI’s seizure of the entire ship load of smuggled diesel carried by vessel MT AL HEERA a few months back. Discreet watch was accordingly read more »

18% GST - ‘Joint development of realty projects unviable due to GST’.

04.10.2018

New Delhi: Joint development of a real estate project, including housing, has become unviable due to inclusion of such a practice under the GST regime, say developers. Joint development agreements (JDAs) now attract GST at the rate of 18%.

According to the new regime, read more »

GST collections marginally up at ?94,442 crore in Sept.

02.10.2018

New Delhi: The gross GST revenue collected in September totalled Rs 94,442 crore, marginally higher than the previous month’s receipts, prompting experts to forecast an acceleration in the months ahead.

The total receipts are still below the Rs 1-lakh crore mark, which some policy read more »

Cosmetics containers stolen, cargo sold in Crawford Market.

01.10.2018

Mumbai: Two weeks after two cosmetics-laden containers were reported missing from a freight station in Panvel, five people have been arrested—three for stealing the containers and two for selling the contents—and some of the cargo recovered.

Officials said the containers were among 12 unclaimed/uncleared read more »

Illegal MP lab manufacturing ‘doomsday chemical’ busted - In A First, 9Kg Of Fentanyl Seized, ‘America-Hating’ Scholar Held.

30.09.2018

New Delhi: In an operation spread over a week, the Directorate of Revenue Intelligence (DRI) with the help of a team of scientists from Defence Research & Development Establishment busted an illegal laboratory in Indore and recovered 9 kg of synthetic opioid, Fentanyl, that could have potentially read more »

States remain short of GST growth targets - Despite Improvement, Overall Deficit At 13%.

29.09.2018

New Delhi: The goods and services tax (GST) collection of states was 13% lower than the projected level, although there was improvement in the overall receipts, with six states staying ahead of the April-August target. “Optically, some facts surface that create an impression but it may be read more »

Panel set up to decide on GST cess as debate rages.

29.09.2018

New Delhi: The GST Council on Friday decided to set up a seven-member committee headed by Bihar deputy chief minister Sushil Modi to suggest a plan for imposition of additional tax for financing rehabilitation after natural calamities. The panel was announced as there was no consensus on read more »

‘DIDN’T PASS ON BENEFITS’ - GST anti-prof iteering body fines Lifestyle Int’l.

28.09.2018

New Delhi: The National Anti-Profiteering Authority (NAA) has penalised retail chain Lifestyle International for not passing on the benefit of GST rate reduction to a customer.

A complaint was filed by a customer alleging that the retail chain had not passed on the benefit read more »