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Latest News - From Newspaper Headlines


DRI looking for seized ephedrine buyer - The agency suspects part of the ephedrine consignment was for sale overseas.


After seizing 483 kg of ephedrine, which is a restricted narcotic under the NDPS, from Palghar and Kolhapur on Tuesday, the Directorate of Revenue Intelligence (DRI) has begun a search for a Mumbai-based suspect, who was to purchase the consignment from its manufacturers. The DRI is verifying read more »


Customs officials arrest two for duty evasion of Rs 50 lakh.


The Nhava Sheva preventive unit of the Customs department on Thursday arrested two persons for alleged fraudulent import of goods, which were counterfeit of branded companies such as Nike, Adidas, CK, Puma and Levis. The duty evasion is estimated to be around Rs 50 lakh, said agency read more »


GST Council asks Infosys to fix filing issues by July.


New Delhi: The GST Council on Saturday moved in with fresh checks, including getting information from banks, to plug evasion, while deciding to instruct Infosys to fix technical glitches to the filing system by July.

Finance Minister Nirmala Sitharaman said the Centre will explore read more »


Prices of mobiles set to go up as GST hiked from 12% to 18% - But Govt Says Hike May Not Result In Increase In Prices.


New Delhi: The GST Council on Saturday announced an increase in the levy on mobile phones to 18% from 12%, although the government said it may not result in a proportionate increase in prices.

The hike was aimed at correcting a situation where inputs read more »


Cabinet okays 4% hike in DA.


The Union Cabinet approved a 4% increase in the dearness allowance (DA) for central government staff and dearness relief for pensioners from January 2020. This will benefit about 48.34 lakh serving employees and 65.26 lakh pensioners. TNN

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GST rates may rise on mobiles & footwear - Levies On Man-Made Fibres, Fertilisers To Be Reviewed.


New Delhi: Ahead of the Goods and Services Tax (GST) Council meeting on Saturday, the government is pushing for a review of the levy on mobile phones, footwear, fertiliser and man-made fibres to correct a major discrepancy that has crept in where the duty on the finished read more »


Govt to Nilekani: Explain failure to fix GSTN glitch - Infosys Chairman To Make Presentation Before Council.


New Delhi: The government has asked Infosys chairman Nandan Nilekani to make a presentation before the GST Council next week as the IT major has repeatedly failed to fix glitches in the GST Network (GSTN), the technology backbone for the indirect tax.

Recently, the read more »


Bolivian woman held with cocaine-filled condoms inside body - Revenue Intelligence team seizes narcotics worth Rs 1.55 crore.


The Mumbai zonal unit of the Directorate of Revenue Intelligence (DRI) arrested a 55-year-old Bolivian woman, who was trying to smuggle condoms stuffed with cocaine inside her body, at the Mumbai airport. Sources said the team seized 312 grams of cocaine worth around Rs 1.55 crore.

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GST collection tops Rs. 1 lakh cr for the fourth straight mth.


New Delhi: GST collections rose 8.3% in February to Rs 1.05 lakh crore compared to the same month last year, the fourth straight month of over Rs 1 lakh crore mop-up, although it was marginally lower than the over Rs 1.1 lakh crore garnered in January 2020.

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Customs arrests conduit in fake currency racket.


Mumbai: The special investigation and intelligence branch (SIIB) of the customs on Saturday arrested a key conduit in a fake notes racket. Acting on a tip-off, the SIIB arrested Chennai resident Khalil Rahman (39) under the relevant IPC section for possession of fake currency.

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Bullion merchant arrested in gold smuggling probe.


The Directorate of Revenue Intelligence (DRI) arrested bullion merchant Ketan Shroff for allegedly smuggling gold involving 400 kg of gold. Shroff is the founder and managing director of Penta Gold Limited.

The firm’s website said the Zaveri Bazaar based company deals in jewellery manufacturing read more »


24X7 customs clearances to deal with supply issues.


New Delhi: The government on Thursday ordered all customs authorities at ports, airports and inland container depots to operate 24X7 to ensure that cargo is cleared expeditiously and there are no supply constraints due to the coronavirus outbreak. In addition, customs labs will also operate through the read more »


‘FEW COLOURS’ - Indian iPhone imports, part supplies see dip too.


New Delhi/Bengaluru: Apple’s woes with the coronavirus outbreak are also playing out in India. The development has started impacting product imports and component supplies to Apple’s phone distributors and supplier factories in India.

Sources told TOI that the company has not had any fresh read more »


Sop withdrawal by US may not hit exports hard.


New Delhi: Amid demands from Indian authorities for restoration of the generalised system of preferences (GSP) that allowed the levy of lower import duty on several products, latest data suggests that the withdrawal of the facility has not significantly impacted shipments from the country.

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Virus may hit 28% Indian imports.


Mumbai: The country’s construction, auto, chemicals and pharma sectors are expected to be the worst affected due to COVID-19, which carries the risk of global supply chain disruptions. Five import items that are heavily dependent on China — electrical machinery, mechanical appliances, organic chemicals, plastics and surgical read more »


Exports fall for 6th mth in row, imports for 10th mth.


New Delhi: India’s exports fell 1.7% in January, the sixth straight monthly decline, while imports dropped for the 10th month in a row, pushing up trade deficit to a sevenmonth high of $15.2 billion.

Data released by the commerce department estimated exports at $26.4 read more »


Delayed GST payments face ?46k cr interest - Officers Asked To Collect Money On Entire Liability.


New Delhi: Tax authorities have estimated interest dues of close to Rs 46,000 crore from GST taxpayers as penalty for delayed payment, opening a fresh front against late and non-filers.

The Central Board of Indirect Taxes and Customs (CBIC) has instructed top officials across read more »


DRI arrests businessman in ?2.4 crore export fraud.


Mumbai: The Directorate Revenue Intelligence (DRI) on Monday arrested Surat-based businessman Tejas Desai for allegedly overvaluing exports and claiming remittance of over Rs 2.4 crore.

Desai has been in custody since December for fraudulently claiming input tax credit of Rs 41 crore. The DRI read more »


Sino India Etail Withdraws Plea against Customs - Importer for Shein had challenged seizure of its packages and sealing of its warehouse in Mumbai.


Bengaluru: Sino India Etail, an importer for Chinese apparel and lifestyle brand Shein, has withdrawn a petition that had challenged the seizure of hundreds of its packages and the sealing of its warehouse in Mumbai by the Customs department.

The company withdrew the writ read more »




Customs Dept may Quiz Importers on FTA Claims

Industry fears move to question claims dating back 5 years could lead to harassment

New Delhi: Indian customs authorities will now be able to question the valuation of imports under free trade agreements read more »


Here are sector-wise highlights of the 2020 Union Budget presented by Finance Minister Nirmala Sitharaman.


Presenting the Union Budget for 2020-21, Finance Minister Nirmala Sitharaman said, “In May 2019, Prime Minister Narendra Modi received a massive mandate to form the government again. People of India have unequivocally given their janaadesh for not just political stability, but have also reposed their faith in read more »


GST mop-up tops Rs. 1.1L cr on high filings, lower leakage.


New Delhi: GST collections have topped Rs 1.1 lakh crore in January, rising over 7% compared to the Rs 1.02 lakh crore mopped up in January 2019, due to better compliance and plugging of leakage due to data analytics.

At the current level, the read more »


Budget-like moves that were not part of Budget


Since Last Budget, Govt Has Taken Several Steps, Indicating That The Eco Is Now Far Too Dynamic For All Big Decisions To Be Taken On A Single Day

New Delhi: In 1991, the P V Narasimha Rao government ushered in major economic reforms — read more »


NOT 1ST TIME - GST glitches: Top Infy execs get summons from finmin.


New Delhi: The finance ministry has summoned senior Infosys executives to find out why the technology major has been unable to fix glitches in the GST Network system, which is causing hardship to lakhs of taxpayers.

Senior vice-president C N Raghupati and vice-president V read more »


Govt blocks Rs. 40k crore GST claims on returns mismatch - Action Against 2K Entities For Alleged Fraud, Non-Filing.


New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed. Last week, the indirect tax read more »


To help desi cos, curbs likely on tyre, furniture imports - ‘Under-Invoicing Also Causing Revenue Loss’.


New Delhi: The government is all set to clamp down on import of furniture and certain types of tyres, especially retreaded ones, amid concerns that cheap goods are flooding the market and pushing out domestic manufacturers.

Sources said furniture imports are also plagued by read more »


Govt to stagger GST return filing to ease load.


New Delhi: The government on Wednesday decided to allow staggered filing of GST returns, following repeated complaints of the online system getting clogged ahead of the monthly deadline.

So, only entities with annual turnover of Rs 5 crore or more will have to file read more »


Govt moves to limit duty-free to 1 bottle, slash no. of cigarettes - Commerce Min Also For Cutting Limit On Value Of Goods & Gifts From Abroad.


New Delhi: The commerce and industry ministry has proposed to reduce the number of alcohol bottles and cigarette packets a passenger can buy at duty-free outlets when returning from an overseas trip, while also seeking a cut in the value of goods and gifts one can get read more »


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


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.


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.


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.

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


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.


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.


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.


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.


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 »