Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: TDS :: Central Excise rule to resale the machines to a new company
 
 
Customs and Excise »
 The Customs and Central Excise Duties Drawback Rules, 2017
 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

21% customs duty slapped on import of power fears; APP cries foul
July, 25th 2012

The government today decided to slap 21% duty on imports of power equipment, mainly to protect domestic companies from cheap Chinese shipments. "Cabinet has approved levying 21% import duty on power equipment sourced from overseas," sources said.

The Cabinet has approved 5% basic customs duty, 12% counter-veiling duty and 4% special additional duty on import of power gear. Earlier this month, the power ministry had floated a proposal seeking higher duty on import of equipment for the power sector.

The power ministry had proposed 5% basic custom duty, 10% counter-veiling duty and 4% special additional duty. Besides, with the recent hike in excise duty of 2%, the overall import duty would be 21%.
At present, equipment imported for projects of less than 1,000 MW capacity attract 5% customs duty, while those above that enjoy exemption. The proposal is aimed at providing a level-playing field to domestic manufacturers such as BHEL and Larsen & Toubro against cheap imports, especially from China.

However, private power generation companies expressed dissatisfaction.
 "It will increase the cost of power. The government has only gone by the protection of domestic equipment makers. They have not really addressed the concerns of private power generation companies," Association of Power Producers (APP) director General Ashok Khurana said.

Late last month, the Prime Minister's Office had directed the power ministry to prepare a fresh Cabinet note on the issue. In May, the Cabinet had deferred the proposal to raise the duty on imported power gear. The three ministries -- Power, Commerce and Industry and Heavy Industry -- had differences on the quantum of basic customs duty that can be slapped on power gear imports.

While the power ministry pitched for 5%customs duty, commerce and heavy industry ministries sought 15% and 10%, respectively. A panel headed by Planning Commission Member Arun Maira in its report had suggested imposition of 14% levy with a customs duty of 10%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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