Article explains with examples Tax on long term capital gains on Sale of Listed equity share in a company or on unit of an equity oriented fund in view of recent amendment proposed vide union budget 2018 by proposing amendment in Section 112A of the Income Tax Act, 1961.
Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover.
Can SC judgement be used as a tool to impose entry tax by Government on same lines as CST or as stick to traders to make them agree to proposed CESS on GST?
In order to be eligible to the concessional rate of duty of 1%, the articles of jewellery shall be manufactured from inputs or capital goods on which appropriate duty of excise leviable has been paid. Appropriate duty includes nil duty also. On failing to prove it, the duty at tariff rate i.e. 12.5% shall apply.
Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Before dwelling deep into the subject, it would be appropriate to first understand the concept of excise duty.
ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary
1. Is Reserve Bank of India a Temporary Bank ? 2. Do you need to have an aircraft pilot license for flying a Kite? India’s repertoire of laws that don’t work-the bizarre, the weird, the irrelevant and the absurd-seems infinite. They are not necessarily bad laws, just obsolete as smoke belching steam engines. But, beware, they are all ‘live’ laws that can theoretically be moved in court.
As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year.
Before the amendment of the constitution by its (Forty-Sixth Amendment) by a series of subsequent decisions, the Supreme Court has, on the basis of the decision in Gannon Dunkerley’s case, held various other transactions which resemble, in substance, transactions by way of sales, to be not liable to sales tax.
CA Lalit Munoyat For latest update refer comments at the bottom of the article. Notification No. 30/2004-CE dated 09-07-2004 further amended by Notification No. 37/2015-CE dated 21-07-2015 so as to restore the legal position as it stood before the amending notification No. 34/2015-CE dated 17-07-2015. Raw materials levied at NIL rate of duty also allowed […]
