The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore. “We may exceed our original target…It (indirect tax mop-up) could be around Rs 330,000 crore this year,” V Sridhar, chairman of Central Board of Excise [...]
Archive for the ‘Indirect Taxes’ Category
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Govt likely to phase out some excise exemptions in next Budget
Posted by admin on October 21st, 2010
The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Budget. The move is part of the transition exercise to the goods & services tax regime, slated to come into force next financial year. The Union government currently exempts around 350 goods from excise [...]
Clarification on in-transit sales taxability
Posted by admin on October 18th, 2010
In A&G Projects & Technologies Ltd. Vs. State of Karnataka [(2008) VIL 40 SC], the Supreme Court had laid down certain important principles governing the taxation of interstate sales of goods under the Central Sales Tax Act 1956 (the Act). While the Court had analyzed the two categories of interstate sales as visualised in Sections [...]
How GST got evolved?
Posted by admin on October 11th, 2010
It is India’s most radical tax reform. The Goods & Service Tax (GST), expected to be launched next year, will replace around 16 taxes, including central excise and service tax as well as state levies like value-added tax (VAT), stamp duty and entry tax. It has the potential to increase the country’s GDP by $500 billion and exports by up to 15 per cent.
Visakhapatnam: 58% & 140% rise in excise & customs collection
Posted by khyati on October 7th, 2010
Customs and central excise revenue collections in the Visakhapatnam zone have increased 58 per cent during April-August 2010 compared with the corresponding period last year. Revenue collection in the customs division alone increased 140 per cent during the same period. The Visakhapatnam zone covers Andhra and Rayalaseema areas. “During the five-month period our total collection [...]
Delhi Excise Act 2009 comes into effect, replaces Punjab Excise Act 1914
Posted by khyati on October 6th, 2010
After years of preparation, the Delhi Excise Act 2009 came into effect. The Act replaces the outdated Punjab Excise Act 1914 and is modelled after the Model Excise Act suggested by the Centre. The most important change that the Act brings in is that the fine for consumption of liquor in public places will go [...]
