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Central Excise Day; How important is Excise under GST regime?

With the introduction of GST since July 1, 2017, all other indirect taxes got looped into one taxing parameter, making the task easy for taxpayers. Here's when the Central Excise Tax, tax on production, sale, or license of certain goods also faded away, taking its new deep seat under the Goods and Services Tax.

To pump up Make in India, custom duty on LCD and LED television panels slashed

In a bid to boost local manufacturing, the Centre has cut the customs duty on Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels by half to 5%. In Union Budget, the government had doubled the customs duty on imported LCD and LED TV panels to 15% from 7.5%.

Arun Jaitley asks tax officials to become ‘trade facilitator’ for easing business

Union Finance Minister Arun Jaitley reiterated that the government aims to provide an easy environment for doing business in India. He appealed the officers to perform the role of trade facilitator to cut down costs, time and bring efficiency to the system.

#GSTimpact : Over 50 lakh returns filed, Rs 83346 Cr collected in October month

After taxes on most commodities have come down, the total collection of GST is slipped to Rs 83346 crore, from over Rs 92000 crore last month. Also, 50.1 lakh returns have been filed for the month of October till 26th November 2017.

Consumers to get benefit of GST rates reduction; revise MRP rates

The benefit of the GST rate reduction should be passed to the consumers said the Central Board of Excise and Customs (CBEC) to the Industry leaders. The changes were applicable from the midnight of 14th November after the 23rd GST council meeting was held on 10th November and the decision to reduce the GST rate on 178 products was taken by the committee.

Import Duty on wheat doubled to 20 percent

The Import duty on wheat has been doubled to 20 percent by the government so that the cheap shipments should be curbed down and in the ongoing Rabi season positive price signal will be given to the farmers in which they will be benefited.

Deadline for claiming GST transition credit extended to Nov 30

The deadline to claim the credit of transitional stock in the Goods and Services Tax (GST) has been extended by the government by a month. The people owning the business got the claiming deadline till November 30. The credit taxes which are paid before the launch of GST in July can be claimed by businesses and file TRAN-1.