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Flyer arrested with ?6.7 crore gold bars.


Mumbai: In one of the biggest gold seizures this year, the city’s customs department on Tuesday arrested a passenger arriving from Dubai with 22kg of smuggled bars worth Rs 6.7 crore at Mumbai international airport. Officials later recovered Rs 1.5 crore from the residence of the passenger read more »


Panel backs lower GST on under-construction flats.


New Delhi: A ministerial panel has backed a move to lower goods and services tax (GST) on under-construction real estate projects from the current 18% to 5%, with a lower levy likely for affordable houses.

The move is expected to pave the way for read more »


‘GST cannot be levied on sums recovered from staff for benefits’.


Mumbai: A ruling by Maharashtra Authority for Advance Rulings (AAR) is a shot in the arm for corporate employees. They will not have to bear a GST levy, when they partly reimburse the employer company for various facilities such as a canteen food and medical insurance cover read more »


GST mop-up rises to Rs. 1.02 lakh crore in January.


The GST numbers are out. Collections in January rose to Rs 1.02 lakh crore, the second highest monthly mop-up after April.

This is a significant increase from the collection of Rs 94,725 crore in December 2018, and 14 per cent higher than January 2018 read more »


Union Budget 2019 highlights: Tax cut for middle class, relief for small farmers.



Finance minister Piyush Goyal on Friday presented the much awaited Union Budget in Lok Sabha. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States. Here is a look at the main points of the read more »


Govt cuts customs duty on EV parts - Imported Li-Ion Batteries, Power Banks Costlier.


New Delhi: Two days before the interim budget, the government on Tuesday slashed the customs duty on electric vehicles (EVs), that are imported in completely knocked-down or semiknocked down state, to 10-15% from 15-30%, making it more attractive to ship the greener vehicles into the country than read more »


Most states suggest GST still evolving: N K Singh


‘Say They Need Many Qtrs To Conclude On GST Behaviour With Multiple Rate Changes’

The 15th Finance Commission has completed nearly half its state visits and travels to Punjab on Tuesday. Its chairman N K Singh spoke to TOI about the challenges being faced read more »


Gold smuggling, money laundering.


Mumbai: A Dubai-based Indian businessman was arrested by DRI officials for allegedly gold smuggling and money laundering, said an official statement issued on Wednesday. The arrest came after DRI’s probe in a foreign currency and gold smuggling case revealed the role of the businessman, allegedly a key read more »


JNPT in top-30 container ports worldwide.


India’s largest container port, JNPT, has made its way to the top-30 container ports across the globe.

Quoting a ranking done by Lloyds Report, which is highly rated across the world in maritime sector, the shipping ministry said, “JNPT notched up five spots, to read more »


Several states opt to double GST threshold.


Deadline Extended By A Wk

New Delhi: Kerala is so far the only state to retain the GST threshold at an annual turnover of Rs 20 lakh for businesses in the state, even as half-a-dozen states agreed to double the registration and tax limit read more »


No e-way bill if GST return not filed for 6 mths.


New Delhi: Non-filers of GST returns for six consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network is developing such IT system that businesses which have not filed returns for two straight return cycles, which is read more »


Interim Budget to go beyond vote-on-a/c?


Finance minister Arun Jaitley on Thursday hinted that the interim Budget may not necessarily be a vote-on-account. “The larger interest of the nation dictates what will be a part of the interim Budget,” he said in his address, through a video link, to an award function. He read more »


DRI busts int’l syndicate, 20kg gold recovered.


New Delhi: The Directorate of Revenue Intelligence (DRI) has busted an international gold smuggling syndicate operating from Chennai, arresting four persons and recovering 20.6 kg gold valued at around Rs 7 crore from their possession.

“In 2017-18, Customs had seized 3,223 kg of gold read more »


In effort to placate traders, BJP doubles GST relief limit to Rs. 40L.


New Delhi: As part of an attempt to make life simpler for small businesses, the Goods and Services Tax (GST) council decided on Thursday to double the registration limit for manufacturing units, kirana and garment stores to an annual turnover of Rs 40 lakh, while opening a read more »




After initial protest, Congress-ruled states back raising of GST threshold

New Delhi: Ministers from some of the Congress-ruled states on Thursday opposed a move to double the GST threshold for the goods segment, before agreeing to it due to absence of support from opposition-governed read more »


Missing link held in Rs. 50cr drug bust.


Mumbai: The Directorate of Revenue Intelligence (DRI) has arrested a person from Chennai in a case of illegal manufacture of synthetic drugs like ketamine and methamphetamine.

The DRI said H Azad alias Thampi was a key link in the case, arranging raw materials required read more »


60% may escape GST net if turnover threshold doubled.


3% Share Of Taxpayers With Up To ?40L Biz In Total Collections

New Delhi : The move to double the threshold for goods and services tax (GST) registration to annual turnover of Rs 40 lakh may result in up to 60% of the registered read more »


Ahead of GST council meet, bldrs lobby for input tax credit.


New Delhi: Ahead of the GST Council meeting on Thursday, builders are lobbying hard to ensure that the government allows input tax credit on under-construction residential property, while reducing the levy to 5%.

Geetambar Anand, who is the chairman on industry lobby group Credai read more »


Why reduced GST will prove costly for budget home buyers.


Lack Of Input Tax Credit Will Lead To Hike In Prices In Most Cities

The government’s plan to reduce 12% GST on housing to a flat 5% without extending the benefit of input tax credit (ITC) to developers will increase price of apartments for read more »


Ministers propose to shield small units from GST burden.


States Allowed To Impose Calamity Cess

New Delhi: A group of ministers has recommended several steps to make life easier for small businesses under goods and services tax (GST), including backing a plan for raising the registration threshold, while another panel has cleared the read more »


Goods from Alibaba can’t be shipped as ‘gifts’.


Govt Clamps Down On Chinese E-Tailers Evading Import Duties

New Delhi: The government has ordered a clampdown on shipments from Chinese e-commerce platforms allegedly sent to India under the guise of gifts. This will tighten the noose around e-tailers that exploit loopholes in regulations. read more »


GST collections slip to Rs. 94,726 crore in Dec.


New Delhi: Gross GST revenue receipts slowed to Rs 94,726 crore in December, lower than the previous month’s Rs 97,637 crore. But experts said there was no cause for concern as the overall trend points to a stabilisation in the tax regime.

Receipts had read more »


RBI moves to bail out MSMEs on debt row.


Mumbai: In a move that will benefit thousands of troubled small businesses, banks and finance companies will grant debt relief to micro, small and medium enterprises (MSMEs) saddled with loans of up to Rs 25 crore that are facing stress but are not yet classified as bad loans. Announcing read more »


Customs’ order suspending broking firm’s licence stayed.


Bombay HC says it must be examined whether concerned commissioner can pass such an order at all

In a yet another order against alleged excesses by the Customs Department, the Bombay High Court has stayed an order passed by the Commissioner of Customs (General) read more »


Gold worth Rs 89.59L seized from Indian flier.


Two gold bars and two pieces of gold valued at Rs 89.59 lakh were seized from an Indian passenger by customs officials at Mumbai international airport, officials said on Sunday.

According to officials of the Air Intelligence Unit (AIU), an Indian passenger identified as read more »


Flyer held with Rs. 2 crore gold concealed in auto parts.


Mumbai: A Mumbai resident in his early 30s nearly made the perfect escape smuggling gold worth Rs 1.8 crore in his luggage, had it not been for the alertness of custom sleuths at Delhi’s Indira Gandhi International (IGI) airport. The man had meticulously melted gold pieces and read more »


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



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.


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.


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.


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.



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.



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.


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 »