IndusInd Bank gets authorised by RBI to

 IndusInd Bank gets authorised by RBI to collect Direct and Indirect Taxes

IndusInd Bank today announced, that it has been authorised by the Reserve Bank of India (RBI) for collection of Direct and Indirect Taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC)

The authorization has been awarded basis a recommendation from the Controller General of Accounts as well as the Ministry of Finance (Govt. of India), and comes close on the heels of the Bank being appointed as an ‘Agency Bank’ of the RBI to conduct government business

With this, IndusInd Bank customers will soon be able to pay their Direct and Indirect taxes through the Bank’s state-of-the-art digital platforms such as ‘Indusnet’ – its net banking platform and ‘IndusMobile’ – its mobile banking application.  Additionally, customers can even walk into their nearest branch to avail this service.

Speaking on the development, Mr. Soumitra Sen, Head – Consumer Bank, IndusInd Bank said, “We are delighted to be authorised by the RBI to facilitate the collection of direct and indirect taxes on behalf of the Government. As a responsible financial entity, this empowers us to offer customers with a comprehensive platform to pay their taxes in a convenient and seamless manner. Backed by the strength of our best-in-class technology channels, we look forward to bringing unparalled value to all our partner stakeholders, in their effort to widen the tax collection network.”

G&J industry takes a sigh of relief as

G&J industry takes a sigh of relief as re-import of certified diamond extended for 3 months period

Central Board of Indirect Taxes and Customs (CBIC) in its recent statement released, has extended re-import of certified diamonds for three months between February 1 till July 31, 2020

In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes And Customs, Ministry of Finance, Department of Revenue, Government of India, at the behest of the Gem & Jewellery Export Promotion Council (GJEPC), announced an extension of three months on certified diamond re-imports in an official notification. The provision stated: “Provided that for the cases where the last date of re-import falls between 1st February, 2020 and the 31st July, 2020, the last date stands extended by three months”

Under normal circumstances, diamonds sent overseas for services like grading and certification do not attract any duty if they are re-imported within a period of three months. A 7.5% Customs duty is levied on the consignment if the re-import is delayed.

Given the unprecedented circumstances due to the ongoing pandemic worldwide, the Council had been pursuing with Finance Ministry for an extension of three months for such re-import. The Finance Ministry was quick in deciding to extend the duty exemption period.

Colin Shah, Chairman, GJEPC, said, “I would like to thank the Government for this quick decision taken, which will help to mitigate the effects of Covid-19 on the industry. The Government has been supporting the industry during this crisis. The latest notification on the extension of three months on re-import of certified diamonds is a great respite for our exporters.”

Vipul Shah, Vice Chairman, GJEPC said, “The trade has been reeling under the impact of Covid-19 due to which exports to key destinations have been severely impacted. In this backdrop, the extension notification will give a much-needed relief to the traders. I express my gratitude to the Government for this timely support.”