Referencer Library - Latest Documents - Last 90 Days

Exports shrink for 5th month, imports also down by 8.8%.

16.01.2020

New Delhi: The country’s exports contracted for the fifth consecutive month in December, dragged down by a decline in shipments of plastics, gems & jewellery, leather products and chemicals.

Official data showed on Wednesday that exports fell 1.8% to 27.4 billion in December, while read more »

1,200 exporters seeking GST refunds missing - Role Of 50 Customs Brokers Under Tax Dept Scanner.

16.01.2020

New Delhi: A probe by goods and services tax (GST) authorities has revealed that nearly 1,200 exporters, who had made refund claims of Rs 350 crore, were untraceable. The latest findings indicated that the problem of bogus and fraudulent claims and refunds may be more widespread than read more »

GST messy, disruptive in short run: Fin panel member.

16.01.2020

Kolkata: Member of 15th Finance Commission and former chief economic adviser to the Centre, Ashok Lahiri, has slammed the goods and services tax (GST) as it could be “messy and disruptive in the short run”. He has also indicated that the economy needs some corrective action.

read more »

AI unable to move engine due to Rs.100cr GST dues - Airline Fails To Generate E-Way Bill For Several Days.

16.01.2020

New Delhi: The last mile is always the hardest and the situation is no different for Air India as it awaits the outcome of the government’s second move to sell it off. The airline, which is yet to pay December salary, has almost completely run out of read more »

DRI seizes drugs worth Rs 20 cr in Navi Mumbai - Three arrested; DRI also seizes the car used to transport the banned narcotic; accused being questioned.

13.01.2020

The Directorate of Revenue Intelligence (DRI) on Thursday arrested three persons in Navi Mumbai for alleged possessing 50 kilograms of mephedrone, a banned synthetic narcotic. The arrests were made on a specific intelligence input. The estimated worth of the seized narcotic, also known by the street name read more »

7 Afghans arrested at IGIA, made to excrete Rs.10cr heroin.

13.01.2020

New Delhi: Over the past few days, seven Afghan nationals who were detained upon landing at the IGI Airport, have been made to excrete heroin worth over Rs 10 crore.

As many as 177 capsules of heroin, which the seven “couriers” had ingested for read more »

Govt eyes curbs on toys, TV set imports - Deliberation A Result Of Palm Oil Import Restrictions.

13.01.2020

New Delhi: The government may impose import curbs on toys and some electronic goods, such as TV sets, as part of a strategy to promote domestic manufacturing as well as value addition. Some of the aspects have already been discussed and deliberations come in the wake of read more »

Govt may link GST refund to remittance for risky exporters - Plans Standard Operating Procedure To Fix Fraudulent Claims.

08.01.2020

New Delhi: The government is looking at linking the refund of goods and services tax (GST) to “risky and new” exporters with remittance of foreign exchange apart from accessing bank transaction details as part of an exercise to plug revenue leakage.

The issues were read more »

Import-export of diamonds to be hit - TOP CUSTOMS BROKING AGENCY SUSPENDED FOR A MONTH.

03.01.2020

The firm has been penalised for allegedly trying to smuggle goods out without declaring it to Customs.

Diamond trade in the city is expected to take a hit for the next one month with the suspension of one of the top customs broking agencies in the city. The read more »

GST collections top Rs. 1L cr 2 mths in row - Need More Effort To Meet Target: Officials.

02.01.2020

New Delhi: Goods and services tax (GST) collections topped Rs 1 lakh crore for the second straight month as the mop-up on domestic sales grew over 20%, more than offsetting the decline due to weak imports.

Latest data released by the finance ministry pegged read more »

GST evaders set to face stricter scans - Officials Plan To Tally Bank A/cs With Filings.

02.01.2020

New Delhi: Goods and services tax (GST) authorities are going to seek bank account details of businesses to tally with their filings, apart from initiating other measures, as part of fresh efforts to tighten the noose around evaders or those misusing and gaming the system.

read more »

PENDING DUES - Govt clears GST refunds of Rs. 1.1 lakh cr to exporters.

31.12.2019

New Delhi: The government on Monday said that it has cleared goods and services tax (GST) refunds of over Rs 1.1 lakh crore to more than 83,500 exporters as part of a move to clear long-pending arrears.

“As of now, refunds of only Rs read more »

Currency imports over $10,000 under agency scanner.

31.12.2019

New Delhi: Anyone bringing foreign currencies of $10,000 or more, on landing in India makes a declaration to Customs as per existing rules. A high-level multi-agency group has now proposed to upload all such Customs declaration forms online which will be made available to the Financial Intelligence read more »

Compensation to states a major friction point.

19.12.2019

New Delhi: Compensation to states that are unable to register over 14% increase in GST collections during the year emerged as a key source of friction between the Centre and Opposition-ruled states with some of them claiming that the Union government had indicated that it may not read more »

Council votes for first time, to levy 28% GST on lotteries.

19.12.2019

New Delhi: For the first time in its history, the GST Council on Wednesday resorted to voting to decide on an issue. Following a 21-7 vote, the panel of ministers, headed by Union finance minister Nirmala Sitharaman, settled for a 28% levy on all lotteries, while opting read more »

Collect Rs. 1.1L cr GST a month, tax officials told.

18.12.2019

Facing a shortfall in tax mop-up, the Centre on Tuesday asked officials to launch an exercise to step up collections and told the GST wing to collect Rs 4.55 lakh crore in the remaining four months. Revenue secretary A B Pandey told officers that CBIC should seek read more »

Some states caution against GST rate hike.

17.12.2019

New Delhi: Ahead of the GST Council meeting on Wednesday, some states have cautioned the government against an immediate increase in GST rates or impose cess on certain luxury items at a time when the economy is in the midst of a slowdown.

The read more »

‘Need predictability in GST regime’.

17.12.2019

New Delhi: The Fifteenth Finance Commission (FFC) is expected to deliberate on issues related to predictability of the GST regime when it submits its final report next year, the panel’s chairman N K Singh said on Monday, while suggesting that there may be a need to offer read more »

Govt mulls new duty on imports - Border Adjustment Tax Can Offset Impact Of Several Levies: Commerce Dept.

16.12.2019

New Delhi: Ahead of the Budget, the commerce department has asked the finance ministry to levy border adjustment tax (BAT) on imported goods to offset the impact of levies such as electricity duty, clean energy cess, levies on fuel and royalty that are not part of goods read more »

Imports decline for six mths in row, exports dip - Trade Deficit Widens To 3-Month High.

14.12.2019

New Delhi: India’s trade deficit widened to the highest in three months as imports registered the sixth straight monthly decline, falling nearly 13% to $38 billion, while exports dipped 0.3% to $26 billion, which was the fourth consecutive month of decline.

Although the pace read more »

Chinese man held with Rs. 3.6cr gold at airport.

14.12.2019

Mumbai: A Chinese man was apprehended at Mumbai airport by Central Industrial Security Force (CISF) personnel on Friday for allegedly trying to smuggle in gold bars worth over Rs 3.6 crore, officials said on Friday. Cong Ling had landed here as his Beijing-Delhi China Air flight was read more »

DUTY-FREE IMPORTS - Govt scraps Chinese e-tailers’ ‘gift’ channel.

13.12.2019

Bengaluru: Directorate General of Foreign Trade (DGFT) has clamped down on the ‘gift’ channel being used by Chinese e-commerce portals to ship products to India duty-free by amending the trade policy provisions that allowed it. Chinese e-tailers like AliExpress, Club Factory and Shein have been sending goods read more »

GST body asks Nestle to deposit Rs. 73 crore.

13.12.2019

New Delhi: The National Anti-Profiteering Authority (NAA) has ordered FMCG major Nestle to deposit Rs 73 crore with consumer welfare fund for not passing GST rate reduction benefit to consumers. Reacting to the order, Nestle India said it would consider appropriate action after studying the same.

read more »

State asks Centre for Rs. 8,500cr GST dues - Delay Weakens Income, Pushes Borrowings Up By Rs.10,000 crore.

11.12.2019

Mumbai: The Centre owes the cash-strapped state government Rs 8,500 crore in GST compensation. The newly minted non-BJP government in the state wrote to the Centre on Tuesday asking for settlement of dues.

The state plans to raise its demand at the next GST read more »

GST rates set to increase in biggest revamp since launch - 5% Base May Rise To 10%; 12% May Merge With 18%.

07.12.2019

New Delhi: Almost two and a half years since the launch of the Goods & Services Tax, the GST council is expected to discuss major restructuring to raise the base slab from 5% to 9-10%, while doing away with the 12% rate and moving 243 items in read more »

IGST: GoM to address state woes.

06.12.2019

New Delhi: Over two months after the last GST Council meeting, a 10-member group of ministers (GoM) headed by finance minister Nirmala Sitharaman has been set up to address concerns raised by several states, regarding the settlement of integrated GST (IGST) between the Centre and states.

read more »

State govts not keen to levy GST on exempted goods - FMs Meet Sitharaman To Demand Release Of Compensation.

05.12.2019

New Delhi: Opposition, as well as BJP-ruled states, are not on board to reduce the number of goods that are exempted from GST, while some of them are open to adding high-end healthcare and coaching institutes to the list of taxed items, setting the stage for a read more »

GST Council begins review of rates, items to raise revenue - States Told To Examine Cess & Exemptions,

04.12.2019

New Delhi: The government has begun discussions with states for a possible revamp of the goods and services tax, which may include bringing some of the exempted items under the ambit of the levy while reviewing the rates and the cess on all goods and services, as read more »

Import curbs likely on 350 ‘non-essential’ items.

03.12.2019

New Delhi: The government has identified over 350 “non-essential” imports—ranging from toys and textile products to footwear and electronic goods—on which it intends to initiate a host of measures, including an increase in customs duty, apart from putting in place quality control orders to reduce shipments into read more »

Purchase without bill may be big GST leakage source - Officials Fear Emergence Of Parallel System For Evasion.

26.11.2019

New Delhi: Tax authorities have identified B2C sales as a key source of leakage of goods and services tax (GST) as consumers are often cajoled into paying in cash without taking a bill and are looking to incentivise digital payments to plug revenue leakages.

read more »

GST filings rise 8.2% to 64.8L in Nov.

22.11.2019

New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) on Thursday said the filing of GSTR-3B returns shot up by 50% on Wednesday, the deadline for filing returns, with close to 18.3 lakh returns being filed through the online network, as against 12.2 lakh in read more »

‘Student’ held for smuggling in ?2.7cr watch granted bail.

22.11.2019

Mumbai: A month after a 24-year-old Vile Parle “student” was arrested by air intelligence unit (AIU) for allegedly smuggling in a watch worth Rs 2.7 crore, a sessions court recently granted him bail and said that prima facie a receipt disclosed that its value was below Rs read more »

5 STATE FMs SEEK PAYMENT - ‘Finances under stress due to GST compensation delay’.

21.11.2019

New Delhi: Five state finance ministers on Friday released a joint statement expressing concern over the delay in the release of GST compensation by the Centre, which has put finances of states under stress and some have been prompted to resort to short term borrowing from the read more »

Mitra urges FM to plug GST frauds.

20.11.2019

New Delhi: West Bengal finance minister Amit Mitra has written to FM Nirmala Sitharaman, urging her to convene an urgent meeting to discuss revenue augmentation measures as well as devise a strategy to plug rampant leakages.

“I have also been repeatedly writing about GST read more »

Centre to seek public feedback to address concerns over GST.

17.11.2019

New Delhi: GST commissioners across the country will seek feedback from taxpayers and practitioners next month as the government moved to address all concerns related to filing of returns, while asserting the overall IT system is robust.

All circles have been instructed to obtain read more »

Imports decline for 5th straight mth.

16.11.2019

New Delhi: The country’s exports fell by 1.1% to $26.4 billion in October as shipments of petroleum and leather goods contracted, the third consecutive month of decline for exports while imports dropped sharply indicating demand slowdown.

While the contraction was narrower than the previous read more »

Rs. 104cr of red sanders shipped out as ‘auto parts’ on fake docus.

16.11.2019

Mumbai: The city crime branch probing the red sanders export smuggling racket has found that a gang forged documents submitted to the customs authorities and shipped 58,000 kg of red sanders worth Rs 104 crore out of the country over the last one year.

read more »

RACKET BUSTED - 600kg red sanders worth Rs. 3cr seized from Mum airport cargo

12.11.2019

Mumbai: City crime branch busted another smuggling racket with the seizure of 600kg of red sanders worth Rs 3.05 crore from cargo at Mumbai international airport on Sunday. This is second biggest seizure by crime branch this year. In September, unit IX had seized 1,556kg of the read more »

No search authorisation, summons, arrest memo, inspection notices can be issued without a computer-generated DIN for Customs & GST.

08.11.2019

After the mandatory usage of Document Identification Number (DIN) by Income Tax Authorities, the Central Board of Indirect Taxes (CBIC) has also de­cided to make DIN mandatory for investigation-related communications for Goods and Services Tax (GST), Customs and Excise beginning on 08-11-2019.

No read more »

FROM TODAY - E-generated doc required for indirect tax notices.

08.11.2019

New Delhi: The government has ordered GST and customs officials to issue search authorisation, summons, arrest memo, inspection notices and letters issued in the course of any enquiry only with a computer generated document identification number.

The new order applicable from Friday, comes after read more »

GST collections slip 5% to Rs. 95,380 crore in Oct.

02.11.2019

New Delhi: GST collections fell over 5% to Rs 95,380 crore in October due to muted domestic demand and shrinking imports. Although the initial sales spurt due to Navaratra did help the mop-up improve from Rs 91,916 crore collected in September, it remained below the Rs 1-lakh-crore read more »

OPTION TO PAY FINE IN LIEU OF CONFISCATION UNDER THE PROVISIONS OF THE CUSTOMS ACT, 1962.

01.11.2019

Introduction

Fine means inter alia "a sum of money required to be paid especially to the Government as a penalty for an offence". Whenever any goods are confiscated under the provisions of the Customs Act, 1962 after due process of adjudication, the read more »

DRI seizes Rs. 3cr ganja, naxal link under lens.

30.10.2019

Mumbai: Directorate Revenue of Intelligence (DRI) on Saturday busted a major interstate drug-trafficking racket with suspected links to naxalites. DRI Nagpur and Mumbai units on Saturday intercepted a truck in Nagpur ferrying two tonnes of ganja worth more than Rs 3 crore.

While the read more »

Gold worth Rs. 2.5cr seized in Bengal, four arrested.

28.10.2019

Kolkata: In two separate operations, the Directorate of Revenue Intelligence (DRI) has seized 6 kg smuggled gold valued at Rs 2.5 crore from Siliguri and Howrah in West Bengal and arrested four persons, a statement issued by the agency here said.

Acting on a read more »