SIGN IN SUBSCRIBE

News Update

9 pilgrims burnt to death as bus catches fire near Nuh in HaryanaSpain denies dock permission to ship carrying arms to Israel12 Unicorns, over 125 startups commit to onboarding ONDCBEML secures Rs 250 crore order from Northern Coal FieldsBharat Parv celebration takes centerstage at Cannes Film FestivalSteel industry should work towards reducing emissions: Steel SecretaryI-T - Additions framed on account of unexplained cash credit & unexplained money, are not tenable where cash deposits & withdrawals were of personal funds & were done through banking channels: ITATUS says not too many vibrant democracies in the world than IndiaI-T - Benefit of section 11(2) can not be denied merely on reasoning that form 10 is filed belatedly: ITATSwati Maliwal case takes new turn with Kejriwal’s assistant Bibhav Kumar filing FIR against herI-T- Unexplained money - Additions sustained as assessee unable to provide proper explanation for amount withdrawn & subsequently deposited into same bank account: ITATIndia says Chabahar Port to benefit Central Asia and AfghanistanRussia seizes Italy’s UniCredit assets worth USD 463 mnCus - Order re-determining transaction value based on CRCL test report is not correct & hence unsustainable: CESTATPutin says NO to Macron’s call for ceasefire in Ukraine during OlympicsCus - If price is not sole consideration for sale, then transaction value can be rejected under Rule 8 of Export Valuation Rules & then must be redetermined sequentially through Rules 4 to 6: CESTATBrazil to host women’s World Cup 2027Cus - If there is additional consideration for sale, then proper course for the officer is to reject transaction value & re-determine value under Rule 4 or Rule 5 or Rule 6 sequentially: CESTATSC upholds ICAI rules capping number of audits per year

MESSAGE BOARD

   

Hasty passage of GST Bills - Customs loses power to levy IGST on Import of Goods!!


Customs Power to levy IGST

It is like arguing I will not pay CVD on animals imported under the existing law as there is no excise duty on them as they are not manufactured. There is something called deeming fiction under Sec 3 of the Customs Tariff Act which takes care of these issues.

bipin agarwal 06/04/2017

 
Re :Customs Power to levy IGST

Actually i could not decipher whether the comments made by learned commentator supports the content of the column or otherwise.

If there is no Excise duty shown in the CE Tariff against the entries pertaining to live animals [Chapter 1 of CETA, 1985] why would/should one pay CVD on imports of live animals?

By the way, section 3 of the CEA 1944 provides enlightenment in this context,
Deeming fiction some other time.

Parth Banerji

t r 06/04/2017

 

Back

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST