Scheme formulated for Speedy grant of refund of accumulated and unutilised CENVAT credit to help in ease of doing business by unlocking the accumulated credit

Service Tax

Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant of refund of accumulated & unutilised CENVAT credit will help in ease of doing business by unlocking the accumulated credit.Central Board of Excise &Customs (CBEC) has declared this year as…

Reforms in FDI

Misc. Items

Today, India is the fastest growing economy among major Nations.  The World Bank has improved India’s ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%.  Several Global Institutions have projected India as the leading destination for FDI in the World.  IMF has branded India as…

Indirect Tax Revenue (Provisional) collections during October 2015 increased by 36.8% as compared with collections made in October 2014

Income Tax

Cumulatively, during April-October 2015, Indirect Tax Collections increased by 35.9% over the collections made during the same period last year suggesting a healthy growth in the underlying tax base In October 2015, indirect tax revenue (provisional) collections increased by 36.8% compared with collections made in October 2014. Cumulatively, during April-October 2015, indirect tax collections increased…

Constitution of Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment

Income Tax

Instruction No. 17/2015 F. No.225/290/2015-ITA-II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New-Delhi dated the 9th November, 2015 To All Pr. CCsIT/DsGIT/CCIT(Exemptions)/Pr. CCIT(International-tax) Subject: Constitution of Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment — reg.- Sir/Madam Board has consistently been advising the field authorities to be…