E India CA

Professional Updates for Chartered Accountants

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Dumping duty on velcro-tape imports extended by a year

The Finance Ministry has extended by one year the validity of anti-dumping duty on ‘’narrow woven fabric’ imports from China and Chinese Taipei. In market parlance, “narrow woven fabric” are popularly known as “Velcro tapes” or “fastening tapes”.or “hook and loop tape fasteners”. It finds application in indust...

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Anti-dumping on import of select products from China

Government today slapped anti-dumping duties on import of front axle beam and steering knuckles used in heavy and medium commercial vehicles as also three other products from China for five years. The duties have been imposed pursuant to recommendations of the Directorate General of Anti-dumping and Allied Duties, the Finance Minist...

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August fiscal surplus may taper off from Oct, only to emerge towards FY16-end

The data for central finances during April-August showed a pleasant surprising anomaly that the month showed a fiscal surplus of Rs 15,808 crore. It was the first time in eight years that there was a fiscal surplus for the month of August. However, this certainly looks difficult to sustain from October till at least January. This is...

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India’s indirect tax revenue collections on target

Indirect tax revenue collections stood at Rs61,284 crore at the end of September 2015, forming 50.6 per cent of the budget estimates for the financial year 2015-16. Tax collections during the six-month period, however increased by 32.6 per cent compared to Rs46,224 crore collected in April-September 2014-15. Provisional figures rele...

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Government raises import duty on ghee, butter to 40%

Government today increased import duty on ghee, butter and butter oil by 10 per cent to 40 per cent and promised to take more such actions to safeguard the interest of domestic producers in wake of a glut in the global commodity markets. "We have taken a decision that starting from today, for a period of six months, we will be incre...

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Govt imposes 20% safeguard duty on select steel products

Government today imposed provisional safeguard duty of 20 per cent on import of certain categories of steel with a view to protect domestic producers from recent surge in inward shipments, Finance Minister Arun Jaitley said today. “This order (imposing duty) comes into effect immediately and a notification in this regard has been...

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Bill of lading not basis of customs duty

Valuation of goods for Customs duty should be done only at the time and place of importation and it should not be based on the bill of lading but on goods arriving in India. The Supreme Court rejected the argument of the Commissioner of Customs that the quantity mentioned in the bill of lading should be the basis of payment of duty, ...

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Safeguards duty proposed on steel imports for 200 days with immediate effect

Directorate general (safeguards) has recommended provisional safeguards duty of 20 per cent ad valorem for a period of 200 days on imports of hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more into India with immediate effect. “On the basis of analysis of the application filed by the ...