E India CA

Professional Updates for Chartered Accountants

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Government announces indirect tax exemption for shipbuilding industry

To promote domestic shipbuilding industry, the government has decided to provide slew of tax incentives including exemption from excise and custom duties on all raw materials and parts used for making vessels. Exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/ vessels/...

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Indirect Tax Ombudsmen to Address Taxpayers’ Concerns

The Indirect Tax Ombudsmen (ITOM) will address concerns of tax payers through trade and industry associations across the country for early compliance, an official statement said on Friday. "A decision to hold meetings with trade and industry associations in the respective jurisdiction of the ombudsmen across the country was taken at...

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Moving back to a regressive tax system

The Swachh Bharat cess imposed by the Narendra Modi government is part of a continuum of moves that is making the Indian tax system even more regressive. Let us rewind to 1991. Socialist India had one of the most regressive tax regimes in the world. Four out of every five rupees collected as tax by the government came from indirect ...

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CBEC redefines import value of capital goods

The Central Board of Excise and Customs (CBEC) has revised its 2008 guidelines for determining the value of imported second-hand capital goods, for the purpose of charging duty. Its circular (No. 25 of October 15) first affirms a fundamental proposition in customs valuation law, that where used second-hand machinery is exported to In...

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CBEC hikes monetary limit for prosecution

The Central Board of Excise and Customs (CBEC) on Friday “substantially” raised the monetary limit for arrest and prosecution for alleged tax evasion so that these rigorous provisions are not used against small and medium enterprises (SMEs). Under the new limit, arrest and prosecution would be resorted to by officers only in the...

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No excise duty for wind turbine parts

The finance ministry on Tuesday exempted components used in wind power generators such as towers, rotors and blades from excise duty, in a bid to improve the ease of doing business in the non-conventional energy sector and to reduce litigation arising from claims of tax exemptions. Industry executives said the move would improve the ...

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Govt raises import duty on wheat to 25%

In a bid to check cheap imports, the Centre on Monday raised the import duty on wheat to 25 per cent till March next year, its second increase in three months. “In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basi...

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Govt may hike import duty on wheat to 25% to check imports

The Centre might raise import duty on wheat to 25 per cent — from the current 10 per cent — to restrict overseas purchases when there is surplus domestic stock. In August, the government imposed a 10 per cent import duty on wheat — for the first time since 2006 — after private flour millers started importing from Australia...