Tag: excise duty
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What are the consequences for not paying Service Tax?
Penalty for late filing of Service Tax Service tax are to be paid before due date in order to free from penalty, if, service tax is filed after the due date a penalty up to Rs 10,000 may be charged[sec. 77(2)] According to section 7C of Service Tax Rules, 1994 late fee is payable as…
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Customs duty on gold, silver and platinum raised
As a part of measures towards containing the current account deficit, the customs duty on gold and platinum has been increased from 8% to 10% and on silver from 6% to 10%. Consequential adjustments in customs duties are being made on gold ore / concentrate, gold dore bar and silver dore bar. Thus, additional duty…
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Maruti SX4 and Corolla Altis to attract lower excise duty
Central Board of Excise and Customs (CBEC) recently, by a circular clarified that Maruti SX4 and Corolla Altis are called and traded as sedans and they will not come under the category of SUVs(at 30 %) even, these comes under the prescribed specifications. Thus, Maruti SX4 and Corolla Altis will now attract 27 % excise…