Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Central Board of Indirect Taxes and Customs (CBIC) has refunded a total of more than Rs. 10,700 crores as refund under the Goods and Services Tax (GST) and Customs. The refund amounts for the period from 8th April 2020 to 23rd April 2020. The CBIC has done a marvellous job in refunding the claims […]
As the sources confirm, India’s defence budget will soon witness a hike of more than Rs. 60,000 crore all thanks to the exemptions from the customs duty and contributions from goods and service tax that escalated from October 1. Defence Minister Rajnath Singh claimed this to be a game-changer for defence ministry as this will […]
The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the use of fire brick that is dismantled from the undershell of a kiln is not obligated for the duty of waste or scrap. The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has witnessed that occasionally, fire […]
The refund of ITC accumulated because of the inverted duty structure to the Indian Oil Corporation Limited (IOCL) is been permitted by the Delhi High Court. The tax rate levied on the inputs excluding LPG which are more compared to the GST rate levied on bottled LPG. ITC has accumulated based on the tax rate […]
The Madras High Court bench of Justice C. Sarvanan has held that the refund of input tax credit (ITC) could not refuse even the duty drawback that has been claimed by the taxpayer. The goods defined under Customs Heading No.8483-40-00 of the Customs Tariff Act 1975 have been exported by the petitioner and claimed the […]
In the wake of India facing the crisis of medical-grade oxygen, life-saving medicines such as Remdesivir and most importantly hospital beds, request from various social and political circles have come to the government to reduce or remove the various types of taxes on the aforesaid items — GST, CGST, IGST, custom duties and so on. […]
Honourable Madras High Court in “Quantum Coal Energy (P) Ltd. Vs Commissioner, Office of the Commissioner of Customs” quashed the imposition of Penalty under Section 112(a) or 114AA of the Customs Act, 1962 stating the reason that ‘Show Cause Notice’ was not issued by Proper Officer. The Honourable court held that an officer who did […]
In the wake of the country’s current situation where the entire economy has collapsed due to the COVID-19 outbreak, the Indian government has taken another big step favoring the businesses and taxpayers. The government on Wednesday declared that it is going to release ‘Custom Refunds’ for around 1 lakh businesses including MSMEs View the impact […]
For starters, a trade deficit is a measure of a particular country’s trade balance i.e the value of a country’s exports and its imports.
