"16 March 2012" Archive

Budget 2012 – Important changes in respect of Custom Duty

There is no change in the peak rate of basic customs duty of 10% applicable to non­agricultural goods with few exceptions which are separately discussed. The rates below the peak are also being retained. Notification no. 21/2002-Customs dated 1.3.2002 prescribing the general effective rates is being superceded by Notification No. 12/2012...

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Budget 2012- Important changes in Central excise duty

The standard rate of Central Excise duty for non-petroleum products has been enhanced from 10% to 12% ad valorem. The merit rate of excise duty for non-petroleum goods that hitherto attracted 5% has been increased to 6%. Similarly, the rate of duty of 1% imposed on 130 items in the last Budget has been increased to 2%. The exceptions to t...

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Date of Applicability of Amendments in Custom and Central Excise Duty

The Finance Minister has introduced the Finance Bill, 2012 in Lok Sabha today, i.e., 16th March, 2012. Changes in Customs and Central excise law and rates of duty have been proposed through the Finance Bill, 2012 [clauses 114 to 126 for customs; clauses 127 to 142 for Central Excise and clauses 151, 152, 154 to 156 for miscellaneous chang...

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Budget 2012- Chapterwise Explanatory Notes on Excise Duty

General excise duty rate (CENVAT rate) is being enhanced from 10% to 12%. Consequently, the merit rate of 5% is being enhanced to 6% while 1 % excise duty applicable on 130 items is also being enhanced to 2%with a few exceptions. The statutory or tariff rate of central excise is being reduced to 12% for non-petroleum goods other than thos...

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Budget 2012- Chapterwise Explanatory Notes (Customs)

Chapter 1 to 4 -No change. Chapter 5 -5.1 Basic customs duty on artemia classified under tariff item 0511 99 11 is being reduced from 30% to 5%. [S.No. 15 of notification No. 12/2012-Customs dated 17.03.2012 refers]...

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Posted Under: Custom Duty |

Service Tax Exempted on Copyrights Relating to Recording of Cinematographic Films

There is something to cheer about for the film industry in the Union Budget 2012-13. While presenting the Union Budget 2012-13 in Lok Sabha today, the Finance Minister Shri Pranab Mukherjee said that the year 2012 marked the beginning of the Centenary year of Indian Cinema. ...

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Posted Under: Custom Duty |

Advance Pricing Agreement Introduced to bring down Tax litigation

Advance Pricing Agreement is an agreement between a taxpayer and a taxing authority on an appropriate transfer pricing methodology for a set of transactions over a fixed period of time in future. The APAs offer better assurance on transfer pricing methods and are conducive in providing certainty and unanimity of approach. ...

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Posted Under: Custom Duty |

Govt to introduce white paper on means to Curb Black Money

Curbing the Black Money A Priority Concern for the Government; Number of Proactive Steps To Tackle the Malaise Announced; White Paper to be Laid in Current Session Itself: FM ...

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Posted Under: Custom Duty |

Service Tax Exempted for Items on Negative List (Check List)

Health Care, Services Provided by Charities, Religious Persons, Independent Journalists, Sportspersons Among Others also Exempted from Service Tax. In his Budget Speech, the Union Finance Minister ShriPranab Mukherjee said that the Government has proposed to tax all services except those in the negative list. The list comprises 17 heads....

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Posted Under: Custom Duty | ,

One Page Common Return for Central Excise and Service Tax Proposed

As a measure of harmonization between Central Excise and Service Tax, the Government has made a number of alignments. This was announced by the Finance Minister Shri Pranab Mukherjee while presenting the Union Budget 2012-13 in Lok Sabha today....

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Posted Under: Custom Duty | ,

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