Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4%
Customs and Excise »
 Man fleeing from Customs arrested
 Refund of amount on account of double-payment of Customs
 SC paves way for trial against RIL in 1987 excise evasion case
 GST: Govt sets up panel to receive profiteering complaints
 IGST on high-seas sale of imports is levied only during customs clearance
 Central Excise Rules, 2017 – Part II
 Central Excise Rules, 2017 – Part I
 Allocate the charges amongst the Members of the Central Board of Excise and Customs
  Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
 4 new members appointed in Central Board of Excise and Customs
 Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.

CAG: Pharma firms did not pass excise cut relief to consumers
December, 28th 2010

Certain pharmaceutical companies did not cut down price of drugs despite a relaxation in excise duty, making a profit of Rs43 crore. These firms also evaded service tax to the tune of Rs182.81 crore, a Comptroller and Auditor General (CAG) report has revealed.

In view of these violations, CAG has recommended amendment in the Drugs (Prices Control) Order,1995, Act to include penal provisions.

It has also recommended that excise and service tax returns be integrated to mitigate the risk of evasion of duties/tax.
The government has agreed to address the issue while introducing the Goods and Services Tax (GST).

For now, drug manufacturers should be compulsorily asked to declare on their excise returns, whether they had provided output services or received any service from foreign service providers, CAG said.

The public accounts watchdog said during the scrutiny of records it was found that certain manufacturers in Pune, Indore and Mumbai were producing and clearing bulk drugs specified in the first schedule of the Drugs Price Control Order but exceeded the Maximum Allowable Post-manufacturing Expenses (MAPE) by 100%.

It was also found that the National Pharmaceutical Pricing Authority (NPPA) had not specified the maximum retail price (MRP) at which the bulk drugs would be sold, which left the consumers paying up more, adding Rs23.53 to the manufacturers kitty.

The NPPA had agreed in February to recover the amount from M/s. Nicholas Piramal India Ltd. Action taken on the other two firms had not been intimated till March end.

There were two other cases where the NPPA had fixed the ceiling price of certain bulk drugs but the manufacturers charged higher prices from the consumers.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions