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Analysis of Union Budget 2017 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.

Budget 2017 notification

Budget 2017: Amendment in Section 46, 47 & 27 of Customs Act

D.O.F. No.450/10/2017-CusIV (03/02/2017)

Sub-section (3) of section 46 is being substituted so as to make it mandatory to file a Bill of Entry before the end of the next day following the day (excluding holidays) on which the vessel or aircraft or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or warehousing and...

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Custom Duty Notification to carry out Budgetary changes

Notification No. 6/2017-Customs (02/02/2017)

where the goods so imported are sought to be disposed of, the importer or the transferee, as the case may be, may pay the duty of customs which would have been payable but for the exemption contained herein, on the depreciated value of such goods subject to the condition that the importer or the transferee, as the case may be, produces b...

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Notification reducing custom duty on certain machinery

Notification No. 5/2017–Customs (02/02/2017)

the importer furnishes an undertaking to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, that such imported items shall be used for the purposes as specified above and, if the importer fails to comply with this condition, he shall be liable to pay, in respect of such items as is not proved ...

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SAD exemption on Catalyst for use in manufacture of cast components of WOEG

Notification No. 4/2017-Customs (02/02/2017)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Rev...

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Budget 2017 imposes 15% Export duty on ‘Other aluminium ores, including laterite’

Notification No. 3/2017-Customs (02/02/2017)

-In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Re...

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Union Budget 2017 Notification amending services tax provisions

Notification No. 07/2017-Service Tax (02/02/2017)

processes of electroplating, zinc plating, anodizing, heat treatment, powder coating, painting including spray painting or auto black, during the course of manufacture of parts of cycles or sewing machines upto an aggregate value of taxable service of the specified processes of one hundred and fifty lakh rupees in a financial year subject...

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Rate of duty on packing machine of Jarda, tobacco & gutkha & Such Products

Notification No. 07/2017-Central Excise (02/02/2017)

The rate of duty per packing machine per month for a chewing tobacco (other than filter khaini) pouch not containing lime tube having retail sale price of ₹ 55.00 (i.e. ‘P’) packed with the aid of a machine having maximum packing speed, at which it can be operated for packing of chewing tobacco (other than filter khaini) pouch of th...

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Budget 2017 proposes Nil Excise Duty on Certain Products

Notification No. 06/2017-Central Excise (02/02/2017)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department o...

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6% concessional excise / CV duty on certain types of machinery

Notification No. 5/2017- Central Excise (02/02/2017)

the manufacturer furnishes an undertaking to the Deputy Commissioner of Central Excise or the Assistant Commissioner of Central Excise, as the case may be, having jurisdiction to the effect that the said items shall be used for the purposes as specified above and, if the manufacturer fails to fulfil this condition, he shall pay the duty w...

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Revised Excise Duty Rate on Pan Masala and packing machine

Notification No. 4/2017-Central Excise (02/02/2017)

The rate of duty per packing machine per month for a pan masala pouch having retail sale price of ₹ 8.00 (i.e. ‘P’) packed with the aid of a machine having maximum packing speed, at which it can be operated for packing of pan masala pouch of the said retail sale price, of 600 pouches per minute shall be = ₹ 177.07+28.87 x (8-6) =...

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