New central excise law in the offing

A new central excise law will replace the existing eight-decade-old Central Excise Act, the finance ministry said on Tuesday while seeking public comments on a draft bill. After most of the goods have been subsumed into the Goods and Services Tax (GST), only crude oil, petrol, diesel, natural gas and jet fuel are covered under … Read more

CBDT amends safe harbour norms for MNC group transactions

The Central Board of Direct Taxes (CBDT) has amended the Income Tax rules to liberalize the ‘safe harbour’ norms that allow multinational companies to avoid rigorous audit of their cross-border transactions by following certain requirements. The changes introduced through the Income-tax (Twenty-Ninth Amendment) Rules, 2023 will be effective from 1 April 2024, showed an official … Read more