Circular No. 29/2015-Customs The revised All Industry Rates (AIR) of Duty Drawback has been notified vide Notification No. 110/2015-Customs (N.T.), dated 16.11.2015 which comes into force on 23.11.2015. These AIRs broadly take into account certain broad average parameters including, inter alia, prevailing prices of inputs, input output norms, share of imports in input consumption, the rates of central excise and customs duties, the factoring of incidence of service tax paid on taxable services which are used as input services in the manufacturing or processing of export goods, factoring incidence of duty on HSD/furnace oil, value of export goods, etc.
जीएसटी अर्थात वस्तु एवं सेवाकर को देश का सबसे बड़ा क्रांतिकारी एवं सुधार का टैक्स बिल भी कहा जा सकता है। संभावना इसकी भी है कि जीएसटी के माध्यम से सरकार देश का काला धन की अर्थव्यवस्था के बड़े हिस्से को इस कर प्रणाली में शामिल कर देश में व्याप्त कालेधन पर अपनी पकड़ मजबूत बना लें।
Notification No. 110/2015 – CUSTOMS (N.T.) (1) The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified six or eight digits in the said Schedule are in several cases not aligned with the descriptions of goods given in the said First Schedule to the Customs Tariff Act, 1975.
Introduction Section 145(2) empowers central government to notify in accounting standards to be followed by any class of assessees or in respect of any class of income. In exercise of the mentioned powers central government had earlier notified only 2 accounting standards i.e. i.e. ‘Disclosure of Accounting Policies’ & ‘Disclosure of Prior Period Items and Extraordinary […]
The Customs, Central Excise and Service Tax Drawback Rules, 1995 have also been amended vide Notification No. 109/2015-Customs (N.T.) dated. 16.11.2015 effective from 23.11.2015. The first of these amendments enables exporters of wheat to function under the brand rate mechanism. The second change relates to payment of provisional drawback in certain cases of export under claim for brand rate.
Circular No. 188/7/2015-ST Accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head 506-Swachh Bharat Cess and new Sub-heads as under:
