Industry body Association of Power Producers (APP) has urged the Finance Ministry to provide relief from double taxation on imported coal for the dry fuel-starved electricity generating firms. APP has shot off a letter to Revenue Secretary Ajay Bhushan Pandey seeking removal of Good and Services Tax (GST) on import freight for coal. Power producers' troubles have mounted since the GST regime came into effect in mid-2017. They are compelled to pay GST on import freight for coal even after paying tax on the CIF (cost, insurance and freight) value of the imported dry fuel, it said. "We understand that several importers have challenged this levy of GST on ocean freight in various courts on the ground that once having paid IGST on full value of imported coal inclusive of freight element, charging GST again on ocean freight amounts to double taxation and is bad in law. However, till date necessary notifications to address the same has not been issued," APP Director General Ashok Khurana ...
An excise and taxation inspector, posted at Bathinda in Punjab, has been suspended over the alleged violation of the model code of conduct. Punjab's Chief Electoral Officer S Karuna Raju Saturday said Gursewak Singh has been suspended for participating in an election-related programme of the Shiromani Akali Dal where party chief Sukhbir Singh Badal was also present. The action came after poll officials took cognisance of the media reports which carried pictures of the excise inspector participating in the SAD's election-related event. Polling to the 13 Lok Sabha seats in Punjab will be held on Sunday. The Election Commission has announced holiday for the polling staff on Monday.
Argentina will exempt an import tax on goods that are used in the production of exports, such as soybeans and machinery to develop unconventional hydrocarbons in the Vaca Muerta shale play, Treasury Minister Nicolas Dujovne said in a radio interview on Friday.
Those industries will be exempt from an import tax that the government has raised a week ago to 2.5% in order to boost the tax revenue, minister Dujovne confirmed
US Treasury Secretary Steven Mnuchin has said that he will not comply with a congressional subpoena to turn over President Donald Trump's federal tax returns in six years, likely to trigger a court battle with the Congress.