There was dispute was going on between the trade and the Central excise department on the exemption on Heena Paste. This exemption was given in last year budget but there was ambiguity in drafting on such notification. We have written an article on the this issue just after the presentation of the budget. Now the Government has come with the clarification in the next budget. This article tries to analysis this issue.
DIRECT TAXES PROPOSALS Personal Income-tax exemption limit raised by Rs.50,000/- that is, from Rs.2 lakh to Rs.2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs.2.5 lakh to Rs.3 lakh in the case of senior citizens. No change in the rate of surcharge either for the […]
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: Description of the product sun dried dark seedless raisins in notification No.12/2012-Customs, dated 17.03.2012, which attracts concessional Basic Customs Duty of 30% is being changed to dark seedless raisins.
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Excise duty on machinery for the preparation of meat, poultry, fruits, nuts or vegetables, and on presses, crushers and similar machinery used in the manufacture of wine, cider, fruit juices or similar beverages and on packaging machinery is being reduced from 10% to 6%.
Service tax leviable currently on sale of space or time for advertisements in broadcast media, namely radio or television, has been extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media, however, would remain excluded from service tax. Print media is being defined in service tax law for the purpose. This change will come into effect from a date to be notified later, after the Finance (No.2) Bill, 2014 receives the assent of the President.
Union Finance Minister Arun Jaitley has Presented his First Budget today today, the 10th July of 2014 in Parliament. The Budget is First Budget of Narendra Modi Government. We have uploaded below the copy of Union Finance Budget 2014-15 (Final) for your reference.
The debate whether to introduce a Goods and Services Tax (GST) must now come to an end. We have discussed the issue for the past many years. Some States have been apprehensive about surrendering their taxation jurisdiction; others want to be adequately compensated. I have discussed the matter with the States both individually and collectively.
To boost domestic manufacture and to address the issue of inverted duties, the General budget 2014-15 has reduced basic customs duty (BCD) on certain items. To encourage new investment and capacity addition in the chemicals and petrochemicals sector, basic customs duty has been reduced. This was announced by the Union Finance Minister Shri Arun Jaitley […]
Government has proposed certain legislative and administrative changes with a view to reduce litigation in direct taxes. Announcing this in his maiden Budget Speech in the Parliament today, the Union Finance Minister Shri Arun Jaitley said that resident tax payers can now obtain an advance ruling in respect of their income tax liability above a […]
The Finance Minister Shri Arun Jaitley has kept a target of limiting fiscal deficit to 4.1 per cent for the current fiscal and to reduce it further to 3.6 per cent and 3 per cent for 2015-16 and 2016-17 respectively. Announcing this in his maiden Budget Speech today in the Lok Sabha, the Finance Minister […]
