The Budget also proposes to amend the Drugs and Cosmetics Rules to ensure availability of drugs at reasonable prices and promote use of generic medicines. New rules for regulating medical devices will also be formulated. These rules will be internationally harmonised and attract investment into this sector. This will reduce the cost of such devices.
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2017 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 15th February, 2017. Click here […]
My dear professional colleagues, With the impending dawn of February, it is time to take stock of the activities, creativities and outcomes, during the Council Year 2016-17 for the furtherance of profession and national economy. With meticulous vision, our combined endeavours have yielded significant results. ICAI’s role of a partner-in-nation-building is well acknowledged. Indian accountancy […]
Article Discusses the following- Amendments in The Customs Act, 1962: Amendment in The Customs Tariff Act, 1975 Amendment in The First Schedule To Customs Tariff Act, 1975 Amendment in The Second Schedule To The Customs Tariff Act, 1975 [Clause 110 Of The Finance Bill, 2017] Other Proposals Involving Changes In BCD, CVD, SAD And Export […]
The additional duty of excise levied under the Seventh Schedule to the Finance Act, 2005 [commonly known as health cess] on non-filter and filter cigarettes of sub-heading 2402 20 is being increased. Clause 146 of the Finance Bill, 2017 refers.
Basic Customs duty rate on Cashew nut, roasted, salted or roasted and salted [20081910] is being increased from 30% to 45% by increasing the tariff rate from 30% to 45%. Clause 109 (a) of the Finance Bill, 2017 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this increase will come into force with immediate effect.
As per section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2014, the specified compensation received by the landowner in lieu of acquisition of land is exempt from income tax.
Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2017. To prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, following notifications are being issued:
Explanatory Memoranda to notification Nos. 3 to 6/2017-Customs, dated 2.2.2017 Sl. No. Notification No. Description 1. 3/2017-Customs Seeks to further amend Notification No. 27/2011-Customs dated 1.3.2011. 2. 4/2017-Customs Seeks to further amend Notification No. 21/2012-Customs, dated the 17.03.2012 so as to specify the rate of additional duty of customs leviable under sub-section 3(5) of Customs Tariff […]
Clauses 120 to 128 of the Bill cover the amendments made to,- • Chapters V and VA of the Finance Act, 1994;• the Service Tax (Determination of Value) Rules, 2006; Other changes are being given effect to by inserting new entries, and amending/omitting existing entries in notification No. 25/2012-ST dated 20.6.2012 and by amending the CENVAT Credit Rules, 2004.
