Taxation - Corporate Law Reporter

CBEC- Provisional assessment of imports of vitrified porcelain tiles exported to India without anti-dumping duty being paid

GOI; Ministry of Finance (Department of Revenue); Notification No. 41/2011-Customs G.S.R. (E). Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ˜subject goods™), falling under Chapter 69 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ˜Customs Tariff Act™) and originating… Read More

DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. "Income Tax Department is engaged in ways to tackle with black money," he told reporters on the sidelines of an income tax conference here. He… Read More

Government should not withdraw DEPB scheme :PHDCCI

The government should not withdraw tax refund DEPB scheme, which is ending in June, as it will make exports uncompetitive and would affect the growth momentum, industry body PHD Chamber said today. Exporters get refund of duties on import content of their export products. It costs the exchequer about Rs 8,000 crore per annum. "If… Read More

Income tax refunds takes a slow pace

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. "The Board's (CBDT) proposal… Read More

FM Inaugurates the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax

ï»¿ The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has… Read More

Assocham calls for Lifting of ban on raw cotton exports

Industry body Assocham today called for lifting of the ban on raw cotton exports following a 40 per cent decline in cotton prices during the past one-and-a-half month, to protect farmers interests across the country. "The government must allow cotton exports immediately or those holding stocks will have to bear heavy losses. Traders will not… Read More

Finmin to set-up Directorate of Criminal Investigation by end of May, 2011

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. "A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and… Read More

IT Dept. starts scrutinizing 6.5 Lacs Frozen Demat Accounts

The Income Tax Department has started scrutinizing over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. "Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked," a… Read More

DEPB scheme to end by 30th June, 2011

Rejecting exporters' repeated pleas, the Finance Ministry today said the popular DEPB tax rebate scheme will come to an end from June 30, saving revenue for the government. "All exports will be zero-rated after Duty Entitlement Pass Book (DEPB) scheme ends. Two similar kind of schemes cannot go on. It will save some revenue for… Read More

Central Excise and Service tax evasion of Rs. 5500 crore unearthed

Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money. Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-seizure operations during the same period,… Read More

SEZs require sanction of Unit Approval Committee for service tax refund

The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund. Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular. SEZ units and developers are exempted from service tax.… Read More

Damages due to Defamation and Wrong Doings of Excise Deptt.

Recently one of our acquaintances faced a serious problem due to collusion between his past rival, a Media Moghal who used a higher official of Excise Deptt to act against the said person. They used print media to defame him. He had lot of activities among public and social sector. The plan was to arrest… Read More

Clarifications regarding Service Tax Refund in SEZ

Circular No.142/11/2011 - ST F. No.354 /30 /2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit North Block, New Delhi 18th May 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director… Read More