Latest Tax News & Updates

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CAG Report on Levy & Collection of Service Tax on Entertainment Sector

Service Tax - 03-Apr-2019

Levy and collection of Service Tax on Entertainment Sector Union Government Department of Revenue Indirect Taxes- Service Tax Report No. 31 of 2017 Laid on the table of Lok Sabha/Rajya Sabha____________ Preface This Report has been prepared for submission to the President of India under Article 151 of the Constitution of India. The Report contains significant results of the performance audit on Levy and collection of Service Tax on Entertainment Sector and covers the...

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Director of a company arrested for evasion of Service Tax

Service Tax - 03-Apr-2019

Officers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer. The power to arrest is provided under Section 91 of the Finance Act 1994 for violating the provisions of Section 89 of the Finance Act 1994 read with Section 174 of CGST Act, 2017. He was produced in the Court of Hon’ble...

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Imposition of High Custom Duty on Steel and Aluminium Products

Custom Duty - 03-Apr-2019

The United States has imposed global tariff of 25% and 10% in March, 2018 on certain steel and aluminium products, respectively, under Section 232 of US Trade Expansion Act of 1962.  India took up this issue at World Trade Organisation (WTO) as it considers these additional duties to be non-compliant with WTO provisions. India has retaliated against the US by imposing additional customs duties on 29 items originating from the US under the provisions of WTO Safeguard Agreement. India has...

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Rationalization of customs duty & Procedures to Boost Make In India

Custom Duty - 02-Apr-2019

RFID technology to be used to improve export logistics  The Government has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, “The Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and...

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