Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: empanelment :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
« Customs and Excise »
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise

Govt not to roll back garment excise duty: Sunil Mitra
April, 14th 2011

Despite demands from trade bodies, the government will not roll back excise duty on hosiery and readymade garments, said Sunil Mitra, revenue secretary, Union finance ministry.

The goods and services tax (GST) is going to come sooner or later. There is no scope for leaving out one entire sector out of taxation. From the time of Independence, the sector has been enjoying tax exemption. We tried to impose tax on it between 2002-2004, but it was rolled back. This time we are not rolling it back, said Mitra at an interaction with member of Merchants Chamber of Commerce here today.

In the last Union Budget, the government had announced a 10 per cent excise duty on hosiery and garment products. The garment industry has been urging the ministry to roll back the duty, with the Federation of Hosiery Manufacturers Association of India also calling a strike last month.

The intention of the government was not to tax the small manufacturers and accordingly, exemption to the SSI had been given.The garment industry has been paying VAT and why should it not pay excise? said Mitra.

Mitra said, the government aimed to moderate the tax rate, while increasing the tax compliance. Also, widespread exemptions had led to tax distortions.

The Budget document was aimed at economic growth, without fuelling inflation, he said. Supply side bottlenecks cannot be done away with in one year. The rate at which commodity prices are increasing globally, one has to learn to live with inflation, he said.

The government has set a revenue collection target of Rs 9 lakh crore for the present financial year, he said.

Buoyed by a higher than expected revenue collection, the government expects to end the last financial year with Rs 7.92 lakh crore, against the original target of Rs 7.45 lakh crore, which was later revised to Rs 7.82 lakh crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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