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: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: form 3cd
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Tax dispute cell threshold limit revised
July, 16th 2007
The minimum threshold limit for Settlement Commission(Customs and Central Excise) for adjudicating on cases related to indirect tax disputes has been raised from Rs 2 lakh to Rs 3 lakh from June 2007.
 
"Anyone who has been slapped with a showcause notice, with a tax liability of Rs 3 lakh or beyond can approach the Settlement Commission, provided the case is not pending in an Appellate Tribunal", said Sunipa Basu, vice president of Settlement Commission(Customs and Central Excise), Kolkata.
 
However, the concerned individual or company cannot question the legality of the commission's decision.
 
E-filing of returns have been made mandatory, effective from June 2007 for all those paying excise or customs duties of Rs 50 lakh and beyond, she stated.
 
The powers of the Settlement Commission(Customs and Central Excise) have been curtailed.
 
Giving details of this matter, Basu said cases of outright smuggling and evasion have been kept out of the purview of the commission. Basu was speaking on the occasion of a seminar on Central Excise, Customs, Service Tax and VAT: Laws and Procedures, organised by Calcutta Management Association(CMA) under the patronage of Patton International Limited.
 
In Customs, the deemed value has been replaced by transaction value, which implies that tax will be imposed on the price that one pays for the goods, Basu informed reporters.
 
Speaking on the occasion, RK Mishra, additional commissioner, central excise, Kolkata referred to the system of Risk Management, introduced last year. This system has allowed a large number of goods to be cleared without scrutiny.
 
"It is not feasible to do a thorough check on all the goods and so now the focus is on observing the behaviour of the industry", Mishra said.
 
Mishra also hinted at the Goods and Services Tax, which is likely to be introduced in 2010.
 
About Rs 1,22,000 crore worth of central excise duties were collected last year, thereby accounting for 36 per cent of the total tax collection, Mishra claimed.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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