CBEC panel to address issues following SC ruling in Fiat case
The Revenue Department Tuesday said it will set up a committee to address concerns of the industry arising from the Supreme Court judgement on the Fiat India case pertaining to valuation of goods for levy of excise duty.
New Delhi: The Revenue Department Tuesday said it will set up a committee to address concerns of the industry arising from the Supreme Court judgement on the Fiat India case pertaining to valuation of goods for levy of excise duty.
"Revenue Secretary and CBEC have decided that may be in the month of April we will set up a committee which will actually see that the concerns of the industry (are addressed following) the Supreme Court judgement," Central Board of Excise and Customs (CBEC) Chairman Praveen Mahajan said.
Supreme Court in its judgement last year had dismissed the review petition of Fiat India and held that the company would have to pay excise duty of over Rs 300 crore for sale of cars below the cost price.
The dispute pertained to the valuation of car for the purpose of levy of excise duty. While the company insisted that it should be levied on the price being charged by it, the Revenue Department had calculated the duty on the basis of fair price.
Revenue Secretary Sumit Bose said: "Our mantra will continue to be what the FM (finance minister) had mentioned time and again about clarity of tax laws, a stable tax regime, a non-adversarial tax regime, a fair mechanism for dispute resolution and an independent judiciary".
Bose further said the proposed scheme to encourage voluntary compliance with service tax as announced in the budget is a tool to broaden the tax base.
"Only 7 lakh of the 17 lakh assesses have filed return. We expect the remaining and the potential assessees will take advantage of the scheme," he said.