News Update

I-T - Merely mentioning income in P&L a/c and in Balance sheet does not absolve assessee from disclosing such income in returns: HCE-Way Bill - Clarification sought on movement of goods from dry to sea portsGST exemption granted to skill development, start-ups and tourismGST - Tax sops only through budgetary support: MoSRailways to go for GPS-based mapping of assetsParliament passes Payment of Gratuity Amendment Bill, 2018Govt to promote 12 Services as 'Champion Services' for exportsGST - Inclusion of Petrol and diesel under GST – It is for GST council to take a call - Petition dismissed: HCAadhaar chief to make detailed presentation before Apex CourtEnforcement Directorate raids its own officers in Ponzi Scam case in ChandigarhIf meat of the matter is ignored, justice is a distant dream (See 'TOG Insight' in duty imposed on imports of ‘Resorcinol’ from China PR & Japan and on ‘Monoisopropylamine’ from China PRSC says NO to removal of Bombay HC stay on Reliance Communication assets saleGST - Data Analytics turning out to be most potent anti-evasion tool!EU digital economy taxation proposal (See 'TII Edit')Sops for N-E Industrial Development capped at Rs 200 Cr per unitNational Health Mission - Rs 85200 Cr budgetary support till 2020I-T - Merely because a delinquent has managed to escape punishment, will not safeguard other similarly-placed wrong-doers from prosecution or penalty: ITATSSO - One Establishment, Two registrations, many issuesCX - Without a re-classification for assessment, there is no scope for denying CENVAT credit on inputs that find use in manufacture: CESTATUnion Cabinet gives nod to Rs 3000 Crore N-E Industrial Development Scheme + amendment to India-Qatar DTAA + amendment in Surrogacy Bill, 2016 + continuation of National Health Mission
Keeping foreign origin fireworks is akin to inviting police: Govt

By TIOL News Service

NEW DELHI, SEPT 13, 2017: Department of Industrial Policy & Promotion has been receiving a number of complaints regarding clandestine import of fireworks of foreign origin under false declarations. Various Fireworks Associations have time and again raised the issue and informed that these smuggled items include the chemical ‘Potassium Chlorate' which is a dangerous and hazardous chemical and can ignite or explode spontaneously.

The manufacture, possession, use and sale of any explosive containing sulphur or sulphurate in admixture with any chlorate is banned in the country vide Notification GSR No.64(E) dated 27.01.1992. Besides, fireworks have been declared as restricted item under ITC (HS) in respect of import by the Director General of Foreign Trade. Till date, no license for import of fireworks has been granted under the Explosives Rules, 2008 by Petroleum and Explosives Safety Organization, a Subordinate Office of Department of Industrial Policy & Promotion.

Possession and sale of fireworks of foreign origin is illegal and punishable under the Law. Information about possession and/or sale of such fireworks may be reported to the nearest Police Station for suitable action.