change in service tax

The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFIED SERVICES: Full Article

All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Excise Duty made in Budget 2010-11 at the Link given below:- Budget 2010-11: Major Amendment in Central Excise Duty. . Notifications are as given below: - Please click the Notification No. to view the Notification. Full Article

All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Amendment in Custom duty Laws Full Article

The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium. Full Article

Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation. Full Article

The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union Finance Minister announced project import status at a concessional customs duty of 5 per cent with full exemption from special additional duty to the initial setting up of such projects. Full Article

Project import status at a concessional customs duty of 5 per cent with full exemption from service tax to the initial setting up and expansion of Cold storage, cold room including farm pre-coolers for preservation or storage of agriculture and related sectors produce; and Processing units for such produce; Full Article

Shri Pranab Mukherjee, the Finance Minister while presenting the Union Budget in Lok Sabha today announced grant of project import status to ‘Monorail projects for urban transport’ at a concessional basic duty of 5 per cent. This would strengthen the public transport system and reduce the dependence on fossil fuels. Full Article