Tag Archives: tax

Customs Baggage Limit/Rules Relaxed Further to Rs.20 Lakh

Central Board of Excise and Customs has revised the upper limit for arrest and prosecution from rs.5 Lakh to Rs.20 lakh in cases of outright smuggling or mis-declaration of baggage, bringing relief to celebrities who are either arrested or prosecuted last year including Ranbir Kapoor and others at the airports. Persons involved in serious offences of tax evasion are liable ...

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More Cheer for foreign investors in Investor-friendly Budget 2015-16

The Union Finance Minister, Mr Arun Jaitley in his Budget Speech in Lok Sabha today announced measures to improve the ease of doing business so as to achieve ‘Minimum Government and Maximum Governance’. He sought to bring about simplification of taxprocedures in the Financial Bill 2015. Monetary limits for a case to be heard by a single member bench of ITAT is ...

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Petrol price cut by 2.42, Diesel by 2.25 But Excise Duty up by Rs.2, What’s the Point?

Despite international crude oil prices going below $45 a barrel, India is not relenting its grip over it as the source of its taxation by offsetting the price cut with immediate and almost simultaneous hike in the excise duty by Rs.2 per litre, virtually making no difference in the sale price of fuel. On their part, state-run oil marketing companies ...

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Authorities detect huge tax evasion by Skylark group

India’s excise tax evasion amounting to Rs.33 billion and Rs 102 billion in excise and service tax respectively came to light when authorities conducted raids on Skylark Group of companies. The Directorate General of Central Excise Intelligence(DGCEI) officers have detected evasion of Central Excise duties and Service Tax amounting to Rs.9.7 million and Rs 4.6 billion respectively in 2011-12 fiscal ...

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