The government cut import duty on crude and refined palm oil, soybean oil and sunflower oil to provide a respite to consumers amid rising food prices ahead of the consumption-driven festive season. In a notification issued late on Friday, the Central Board of Indirect Taxes and Customs (CBIC) notified the changes in customs duty rates, … Read more
The finance ministry on Wednesday said it will issue certificates of appreciation to over 54,000 GST payers for timely filing of returns and cash payment of the tax, to mark the fourth anniversary of the historic tax reform Goods and Services Tax. More than 66 crore GST returns have been filed so far and lower … Read more
The Central Board of Indirect Taxes and Customs (CBIC) Wednesday extended the waiver of penalty on non-implementation of dynamic quick response code which is mandatory for companies over Rs 500 crore turnover, by three months till September 30, 2021. According to a notification the Board said that the waiver will be applicable from December 1, … Read more
The government on Tuesday reduced basic customs duty on crude palm oil to 10 per cent, which will help bring down the edible oil prices in the retail market. The Central Board of Indirect Taxes and Customs (CBIC) in a notification cut the basic customs duty on crude palm oil to 10 per cent and … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has extended waiver of penalty on non-implementation of dynamic quick response code which is mandatory for companies over Rs 500 crore turnover, till June 30, 2021. According to a notification issued Tuesday, the Board said that the three-month waiver will be applicable subject to the condition … Read more
The Centre has approved funding support of Rs 1702 crore to Karnataka to develop Tumakuru node as the next big industrial hub in what top officials described as a New Year gift to the state. Vasantha Narasapura industrial hub and its extensions under development form part of the Tumakuru industrial node. The area is about … Read more
India Thursday revoked anti-dumping duty on nylon tyre cord fabric imported from China, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification. The duty was first imposed on such imports in June 2015. The Directorate General of Trade Remedies (DGTR) had in October recommended extending the duty of $520- 1100 per … Read more
India has extended anti-dumping duty on imports of methylene chloride from China till January 31, 2021, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification issued Tuesday. The Board said that the decision has been taken after the Directorate General of Trade Remedies (DGTR) initiated a review and sought for extension … Read more
Stern action would be taken against risky exporters that have attempted to claim Rs 2,020 crore integrated goods and service tax refunds, said finance ministry officials aware of the matter, noting the rise in cases where exporters were not traceable. The number of untraceable risky exporters has gone up to 1474 as on date, which … Read more
The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding (MoU) for exchange of information This MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. “Significant developments have taken place since … Read more