Central Excise

Officials get to audit businesses; duty recovery time increases to three years

At present, Central Excise is levied mainly on petroleum products. As a part of the pre-legislative consultative process, CBIC has sought stakeholders' comments by June 26

Input tax credit can be claimed as such items are not gifts, says Telangana authority

No service tax on corporate guarantees by parent company to subsidiaries in absence of consideration, it says

Where the taxpayers are doubtful on whether they will be penalized, it makes sense to opt for settlement and get a quick closure. For them, the latest FAQs give a quick initiation

Ahead of New Year celebrations, the Delhi Excise Department has intensified raids to seize illicit liquor, with the latest being the recovery of 1,037 bottles of high-end brands from the Tagore Garden area here. The seizure was made from a godown on Thursday, officials of the department said. The liquor was sold through Whatsapp to people and delivered to them after verification to keep the entire operation under cover. The seized liquor was of brands such as Glenfiddich, Glenlivit, Black Dog, Chivas Regal, Teachers, Jack Daniels, Bacardi, Absolut, Grey Goose, Jacob Greek, Gold Reserve and Johnnie Walker Black Label. The department's excise intelligence bureau had received information that a large number of liquor bottles of prominent brands had been hidden at a godown at the Tagore Garden Extension area. Based on the information, a team of the bureau led by Assistant Commissioner of Police Rajesh Meena along with Sub Inspector Vivek, Excise Inspector Rakesh, head constables Vika

As a matter of rule, no evidence of actual duties suffered on imported or indigenous nature of inputs used, even if the AIR has customs portion, should be insisted upon by field formations

The excise revenue of the Delhi government in the first quarter of the current fiscal year remained flat compared to 2019-20 despite a steep rise in whiskey and wine sales

India Inc, traders and exporters have welcomed the Centre's move to slash excise duty on auto fuels and urged states to follow suit to provide more relief to consumers. They said the price cut would lower inflation on account of lower cost of transportation. CII welcomes the government's move to cut excise duty on fuel, which will help bring down inflation levels. The government's swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors," CII President Sanjiv Bajaj stated. He expressed hope that following the Centre, state governments will also respond in the same manner, bringing further relief. Assocham Secretary General Deepak Sood tweeted expressing gratitude to the government "for anti-inflationary measures" including the excise cut on petrol and diesel. He said these measures "will have a positive spiral impact" on reining in inflation. The Confederation of all India Traders (CAIT) said the fuel price

Due to a hit taken by steelmakers based in India, they would be forced to cancel European orders amid an excise cut of 15%

The loss to the exchequer due to the recent excise duty cuts will have to be borne through additional market borrowings, says Bloomberg.

If an LC specifies the details of a shipping mark, the documents mentioning the marks should show these details; additional information is acceptable provided it is not in conflict with the LC terms

Airline major IndiGo on Wednesday urged the Centre to reduce central excise on jet fuel to 5 per cent from 11 per cent in the Union Budget FY23, to be tabled in the Parliament on February 1.

The "area-based exemption" for new units of firms in Himachal Pradesh provides full exemption from excise duties for production of specific goods for 10 years, as per norms.

Revenue payment by the cement major ACC went up by 26 per cent to Rs 1,038 crore