Photo: The Economic Times
Govt Reduces Import Duty By 5% On Refined Palm Oil
Amid the skyrocketed prices of edible oils in India, the government reduced the basic customs duty on refined palm oil to 12.5% from 17.5%, effective from December 21. This will continue in effect till March 2022, reported PTI. However, the President of Solvent Extractors' Association of India (SEA), Atual Chaturvedi, said it may increase the imports of refined palmolien. ''This is contrary to our principle of Aatam-Nirbharta,'' he… read-more
Tags: Import Duty, Palm Oil, Indirect tax, India, Edible Oils
Courtesy: Press Trust Of India
Photo: Business Standard
GST Collections Clock All Time High Of Rs 1.41 Trillion In April
Setting a new record in the indirect tax bracket, the Goods and Services Tax (GST) collections stood at an all-time high of Rs 1.41 trillion in April. Experts attributed government's strict compliance along with heavy crackdown of evaders behind the surge. Reportedly, the collections crossed one trillion mark for seventh time in a row while surpassing previous month's collections by 14%. However, experts expressed worries about future… read-more
Tags: GST, Indirect tax, Goods and Services tax, april, India, tax
Courtesy: Business Standard
Photo: Business Standard
March GST Collections Clock All Time High Of Rs 1.23 Lakh Crore
GST collections of March has skyrocketed at an all-time high of Rs 1.23 lakh crore. The FinMin has cited rapid economic recovery, effective tax administration and stringent fake billing measures besides the increase. Of the Rs 1.23 lakh crore, while CGST and SGST accounted for Rs 22,973 crore and Rs 29,329 crore respectively, IGST clocked Rs 62,842 crore. Notably, the collections increased by 27% compared to March 2020 figures.
Tags: GST, India, tax, Indirect tax, CGST, SGST, IGST
Courtesy: The Times Of India
