Holding of shares of subsidiary companies by holding company is not a “supply” and it will not attract any goods and services tax (GST). The Central Board of Indirect Taxes and Customs (CBIC) Monday came up with a series of clarifications including on the much disputed Input service distributor (ISD) mechanism and the cross charge … Read more
Stone memorials erected in memory of community servants by the Gutti Koyas of Ramachandrapuram in Kunavaram Mandal of Alluri Sitarama Raju District on Andhra Pradesh-Chhattisgarh border. In the dense forest nearly 10 km from the main road on Andhra Pradesh-Chhattisgarh border in Kunavaram mandal of the district, three stone memorials greet visitors to the tiny village … Read more
Taxpayers can start e-filling of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) appeals and applications from today. The Central Board of Indirect Taxes and Customs (CBIC) has prepared its portal for e-filing and will test the new module on a trial basis starting from February 28 to March 3. “A module for e-filing of … Read more
India aims to raise the share of its exports in global trade to 3% by 2027 and 10% by 2047 from the current 2.1%, promoting hundred Indian brands as global champions. A Customs ‘ONE’ will be set up to provide import-export clearance within one hour of arrival at entry points and customs ports to facilitate … Read more
The commerce ministry has made it mandatory for exporters to file registration-cum-membership certificate (RCMC) applications through a common digital portal, a move aimed at promoting ease of doing business for the trading community. According to the Foreign Trade Policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters in order to avail benefits under the policy. … Read more
Handset prices are unlikely to fall despite the government announcing concessions in customs duty on specific mobile phone components. Industry experts say the original equipment manufacturers (OEMs) will instead get a cushion to absorb the other high costs arising out of component shortages and supply chain issues. “The reduction in BCD (basic customs duty) on … Read more
Indian exporters across products — from apparel and agricultural commodities to consumer electronics and furniture — are staring at a slump in exports due to a global shortage of containers, and a resultant jump in freight rates, prompting many to seek government intervention. A severe container shortage – triggered by massive congestions at Chinese ports … 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
China’s copper imports in April fell from the previous month, customs data showed on Friday, as a rally in prices for the metal to the highest levels in a decade made purchases less appealing. Arrivals of unwrought copper and products into China, the world’s biggest copper consumer, totalled 484,890 tonnes last month, the General Administration … Read more
The government will impose a basic customs duty of 5% on open cell television panel imports from October 1, the Central Board of Indirect Taxes and Customs (CBIC) notified late Wednesday evening. The levy has been implemented despite repeated requests from the industry to defer it. The government aims to foster domestic manufacturing of open … Read more