Showing posts with label CBEC. Show all posts

Jan 6, 2016

Union Government abolishes export duty on iron ore pellets

1/06/2016
Union Government abolishes export duty on iron ore pellets
Government of India has abolished export duty on iron ore pellets in order to make the commodity more competitive amid weakening prices due to subdued demand.
Central Board of Excise and Custom has issued a notification mentioning that export duty on iron ore pellets has been reduced to zero from 5 per cent.
In 2014, the government had levied a 5 percent export duty on iron ore pellets, which are value-added products of leftover material or low-grade iron ore and are used in steel-making.

Reasons for decline in global commodity prices
  • Due to global economic slowdown and decrease in demand followed by increase in supply (production) has attributed to decrease in global commodity prices especially minerals and oil.
  • Steel and its related raw material market is facing a tough time on account of subdued demand and high production, adversely impacting the prices.
  • Besides fall in demand in China, world’s largest metal consumer also has attributed to falling in commodity prices.

Oct 31, 2015

Najib Shah appointed as Chairman of CBEC

10/31/2015
Najib ShahSenior IRS officer Najib Shah has been appointed as Chairman of Central Board of Excise and Customs (CBEC), apex body on Indirect Taxes. His appointment was approved by the Appointments Committee of Cabinet (ACC).
 
He will have tenure of 2 years i.e. till March 2017, when he attains the age of superannuation 60 years. He was serving as acting Chairman of the board after retirement of Kaushal Srivastava in July 2015.
Mr Shah is Indian Revenue Service (Customs and Central Excise) officer of 1979 batch. Prior to this appointment he was working as Member in the CBEC board since May 2015. Earlier, he had served as Director General of Directorate of Revenue Intelligence (DRI).

About Central Board of Excise and Custom (CBEC)

  • CBEC is the nodal government agency on Indirect Taxes responsible for administering Customs, Central Excise, Service Tax and Narcotics in India.
  • Established in 1855 by the then British Governor General of India as Customs & Central Excise department. Thus, it is one of the oldest government departments of India.
  • Currently it operates and functions under the aegis of the Department of Revenue of Union Ministry of Finance.
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