The Central Board of Indirect Taxes and Customs (CBIC) is planning to prepare a list of products that end up in litigation due to classification issues. The fitment committee will investigate items with minor changes in composition but different tax slabs, creating confusion in tax liability, particularly in the fast-moving consumer goods (FMCG) sector.
Source economictimes
Latest Posts in "India"
- FCIK Calls on Government to Grant Power and VAT Amnesties for Industrial Units
- Transfer Pricing and GST: Understanding Related Party Transactions and Arm’s Length Principle in India
- GST Exemption on Insurance: Has 18% Tax Cut Reduced Premiums for Policyholders? Government Responds
- GST on Mining Lease Royalty: Classification, Applicable Rate, and Reverse Charge Mechanism Clarified
- CESTAT: Software Preloaded in Imported Hardware Includible in Customs Value, No Penalty on Wipro
