"February, 2016" Archive - Page 4

Budget 2016: Exhaustive analysis of Excise & Custom duty changes

D.O.F.No.334/8/2016-TRU (29/02/2016)

The Finance Minister has introduced the Finance Bill, 2016 in Lok Sabha today, i.e., 29th February, 2016. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2016. In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the fol...

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Budget 2016 : Exhaustive Analysis of Income Tax Provisions

The provisions of Finance Bill, 2016 relating to direct taxes seeks to amend the Income-tax Act, 1961 ('the Act') , the Finance (No.2) Act, 2004, Finance Act, 2013 and Finance Act 2015, in order to provide for – Rates of Income-tax, Additional Resource Mobilisation, Widening of Tax Base and Anti-Abuse Measures, Measures to Phase Out De...

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Union Budget 2016: Speech of Finance Minister Arun Jaitley

I am presenting this Budget when the global economy is in serious Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and global trade has contracted. Amidst all these global headwinds, the Indian economy has held its ground firmly. Thanks to our inherent strengths and the policies of this...

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Posted Under: Excise Duty |

Key Features / Highlights of Union Budget 2016-2017

INTRODUCTION Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a ‘bright spot’ amidst a slowing global economy by IMF. Robust growth achieved despite very unfavourable global conditions and two consecutive years shortfall in monsoon by 13% Foreign exchange reserves touched highest ever level of about 350 billio...

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Change in rate of interest on goods warehoused for export, when cleared to DTA

Circular No. 1019/7/2016-CX (29/02/2016)

Kind attention is invited to Board’s Circular No. 581/18/2001-CX, dated 29.06.200 1, specifying conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise (No. 2), Rules, 2001 for Central Excise who can avail facility of export warehousing...

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Withdrawal from prosecution in Central Excise cases older than 15 years

Circular No. 1018/6/2016-CX (29/02/2016)

CAG submitted its report regarding administration of prosecution and penalty in Central Excise and Service Tax wherein regarding withdrawal of old cases of prosecution, it noted that “though the discretion to allow withdrawal of prosecution ultimately rests with the Court, it is the department’s responsibility to ensure periodic monit...

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Certificate evidencing payment of Central Excise duty

Circular No. 1017/5/2016-CX (29/02/2016)

I am directed to refer to the Boards circular 620/1 1/2002-CX, dated 20.02.2002 wherein facility of issuing of Certificate as proof of payment of Central Excise duty was extended to Small Scale Industry. References have been received from Trade for extending this facility of issuing Certificate as proof of payment of Central Excise duty t...

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Registration of two or more premises as one registrant in Central Excise

Circular No. 1016/4/2016-CX (29/02/2016)

Notification No. 36/2001-Central Excise (NT), dated 26.06.2001 has been amended vide Notification No. 19/2016-Central Excise(NT), dated 01.03.2016 to provide that if two or more premises of the same factory are located in a close area, these premises are within the jurisdiction of a Central Excise Range and the process undertaken there ar...

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MVAT- Notification of Nagpur Municipal Corporation under Sch. Entry D-10

Notification No. VAT. 1516/C.R. 39(B)/Taxation-1 (29/02/2016)

Government of Maharashtra hereby notifies with effect from the 1st March 2016, the area and the period as shown in column (2) and column (3), respectively of the Schedule appended herewith, to be area and period covered for the purpose of clause (a) of the said entry 10, namely :—...

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Budget 2016 : Key to Budget Documents

KEY TO BUDGET DOCUMENTS BUDGET 2016-2017 1. The Budget documents presented to the Parliament comprise, besides the Finance Minister’s Budget Speech, the following: A. Annual Financial Statement (AFS) B. Demands for Grants (DG) C. Appropriation Bill D. Finance Bill E. Memorandum Explaining the Provisions in the Finance Bill, 2016 F. Macr...

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