Page-5 of Taxation
Government doubles import duty on wheat to 20%
The Central Board of Excise and Customs (CBEC) under Union Finance Ministry has doubled import duty on wheat to 20% from 10% to curb cheap shipments and give positive price signal to farmers in ongoing Rabi season. It also imposed ..
Month: Current Affairs - November, 2017
Government reconstitutes Multi-Agency Group probe into Paradise Papers revelation
The Union Government has reconstituted Multi-Agency Group (MAG) to investigate cases relating to ‘Paradise Papers’ data disclosure which is also probing the Panama Papers leak. It will be led by Central Board of Direct Taxes (CBDT) Chairman and will have ..
Month: Current Affairs - November, 2017
CBDT signs seven unilateral APAs in October 2017
The Central Board of Direct Taxes (CBDT), the policy-making body of income-tax department has signed seven unilateral advance pricing agreements (APAs) in October 2017. With this, total number of APAs entered into by CBDT now stands at 184. This includes ..
Month: Current Affairs - November, 2017
Cabinet approves agreement on cooperation and mutual assistance in customs matters between India and Armenia
The Union Cabinet approved signing and ratifying agreement between India and Armenia on cooperation and mutual assistance in customs matters. The agreement will be signed by two countries after it is approved by respective Governments. Key Facts The agreement will ..
Month: Current Affairs - November, 2017
Government imposes anti-dumping duty on certain Chinese steel products
The Union Finance Ministry has imposed anti-dumping duty on imports of certain steel wire rods from China for five years to guard interest of domestic players from cheap in-bound shipments. The duty will be difference between landed value of steel ..
Month: Current Affairs - October, 2017
GST council constitutes GoM to review GST Composition Scheme
The GST Council has constituted a Group of Ministers (GoM) to make the composition scheme more attractive and revisit the goods and services tax rates on restaurants. It will be headed by Assam Finance Minister Himanta Biswa Sarma and submit ..
Month: Current Affairs - October, 2017
CBDT signs 2 more APAs with taxpayers
The Central Board of Direct Taxes (CBDT) has signed two more advance pricing agreements (APAs) in September 2017 with Indian taxpayers in order to reduce litigation by providing certainty in transfer pricing. The two signed APAs pertain to automobile and ..
Month: Current Affairs - October, 2017
GSTN reopens composition scheme window for small traders
The GST Network (GSTN) has reopened composition scheme window facility for small taxpayers with turnover of up to Rs.75 lakh to opt for composition scheme, which offers easy compliance for business as returns are to be filed only quarterly. The ..
Month: Current Affairs - September, 2017
Ministry of Corporate Affairs, CBDT ink MoU for Automatic and Regular Exchange of Information
The Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) have signed Memorandum of Understanding (MoU) for automatic and regular exchange of tax information. The purpose of the MoU is to curb the menace of shell companies, ..
Month: Current Affairs - September, 2017
CBDT signs 4 more Advance Pricing Agreements
The Central Board of Direct Taxes (CBDT) has entered into four more Advance Pricing Agreements (APAs), pertaining to sectors like telecom, banking, manufacturing and education in August 2017. Out of these four agreements, three were unilateral and one was bilateral. ..