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Sabka Vishwas scheme extended to 15th Jan 2020

Sabka Vishwas (Legacy Dispute Resolution) Scheme has received a huge response with almost 73% of the total eligible taxpayers availed the Scheme and have committed to pay tax dues of Rs. 30,627 Crores. Keeping in view the response of the taxpayers to the Scheme, the Central Government today extended it for a period of fifteen days, till 15th January, 2020. This is one-time and final extension in view of taxpayers’ response. CBIC said today that out of the total 1.84 lakh taxpayers who a..

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 for Central Excise & ST will be valid till 31st December

Attention GST Taxpayers Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: A One Stop Solution for Tax Dispute Resolution is launching today. Attention: Assessees having Central Excise & Service Tax Disputes, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 will be valid till 31st December, 2019. Avail the benefits of the scheme for liquidation of past disputes. Click here to register for live webinar on Sabka Vishwas (Legacy Dispute Resolution) Scheme ..

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Summary of Excise and Service Tax waiver in Legacy Dispute Resolution Scheme

RESOLUTION OF PENDING DISPUTES - SABKA VISHWAS (LEGACY DISPUTE RESOLUTION SCHEME) 2019 During the Financial Budget 2019-20, a new scheme called Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 has been introduced by the Finance Act, 2019.   2. In order to reduce the pending litigation under the erstwhile Indirect Tax Enactments, (like the Central Excise Act, 1944, Finance Act, 1994, etc) a dispute resolution scheme namely Sabka Vishwas (Legacy Dispute Resolution Scheme), 2019..

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Excise Duty on Petrol and Diesel reduced by Rs 2 per litre

The Government of India decides to reduce the Basic Excise Duty rate on Petrol and Diesel [both branded and unbranded] by Rs. 2 per litre with effect from 4th October, 2017;  This major decision has been taken by the Government in order to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on Retail Sale Prices of Petrol and Diesel as well as to protect the interest of common man.  The Government of India has decided to reduce the Basic..

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40 Officers of the Customs & Central Excise selected for Grant of Presidential Award

40 Officers of the Customs & Central Excise selected for Grant of Presidential Award of Appreciation Certificate for Specially distinguished Record of Service. 1. Every year, the Officers of the Board of Customs & Central Excise, Department of Revenue are considered for grant of Presidential Award of Appreciation Certificate for ‘exceptionally meritorious service rendered at the risk of life’ and for Presidential Award of Appreciation Certificate for ‘specially dis..

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Investment subsidy by State Govt. - Whether excise duty is payable

State governments offer incentives for setting up industries in the Backward regions and generating employment. The eligible amount of subsidy is determined and capped as per capital invested and employment generated by a unit. The subsidy to be granted is determined also on the basis of VAT/CST deposited. For example the unit has to charge and pay the due tax to the State i.e. total tax liability - input tax credit = tax deposited. Subsidy amount would be say 50% of the tax deposited..

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POS Devices exempted from Central Excise Duty till 31st March

Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31, 2017.  The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not attract any basic cus..

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Revised Monetary Limits for adjudication of Show Cause Notice in Central Excise and Service Tax

Circular No. 1049/37/2016-CX  F. NO. 267/40/2016-CX.8 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS    New Delhi, dated the 29thSeptember, 2016    To, All principal Chief Commissioners/Chief Commissioners of Central Excise/Service Tax  Principal Director Generals/Director Generals of Goods & Service Tax/Systems/Central Excise Intelligence/Audit/Tax Payer Services Chief Commissioner..

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Seizure of cash during investigation in central excise

In order to carry business activities we need cash. It is required to purchase raw material, to pay for transportation, to pay for the numerous activities which are essential to run the business. Similarly, many a times the cash is received for the goods sold or services rendered and undisputedly it is the most acceptable and convenient mode of exchange. The presence of cash in any business establishment is natural and it should not be frown upon during investigation. Many a times it is found th..

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Highlights of Applicability of Excise on Gems and Jewellery Industry

This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis of Circular No. 1040 /28 /2016-CX to No. 1045 /33 /2016-CX ;  and Notification No.'s 26/2016-Central Excise to 29/2016-Central Excise;  No.’s 33/2016-Central Excise (N.T.) to 40 /2016-Central Excise (N.T.) dated 26 July,2016 issued by Central Board of Excise and Customs, it can be concluded that : 1) Excise duty liability will be payab..

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Excise Duty on Jewellery - A Nightmare

In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs]and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e.f. March 01, 2016. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of Input Services, which can be utilised for payment of excise duty on jewellery. For Example: If ..

Posted in articles |   6 comments |   13407 Views

Advantages to a jeweller for registering under excise

Union budget 2016-17 has introduced levy of excise duty on making of jewellery. With the levy, jewellers feared that the ‘Inspector rajya’ would be back and this fear led to a widespread outrage among the jewellers for non acceptance of levy of excise duty on making of jewellery, thereby concentrating only on the ill effects of levy of excise duty on jewellery. With this article, I have tried to highlight some of the advantages which a jeweller can avail on registering under excise a..

Posted in articles |   2 comments |   8922 Views

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