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Union Budget 2016 Analysis For Layman & Tax Practitioners

Rebate under section 87A is increased to Rs. 5,000/- from Rs. 2000/-. [This rebate is available to individual resident in India whose taxable income does not exceed five lakh rupees.] [Applicable from A. Y. 2017-18]...

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Limitation for Issuing SCN Under Section 73 Enhanced

It was proposed in the Central Excise Tariff Conference that the time limit for issuing show cause notice under normal period of limitation should be increased and it appears that the suggestion has been considered by the government in this Budget. In this budget, the government has amended section 73 of the Finance Act wherein the time l...

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Posted Under: Excise Duty |

Simplified Export Procedure for Exempted Units – Exporter of Ready-Made Garments

There can be a situation where units are fully exempted from payment of Central excise duty as the value of the clearances for home consumption is less than 1.5 crore. However, total value of clearances (domestic plus export) is more than 4 crore. Let’s take an example for better understanding...

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Posted Under: Excise Duty |

Watch Union Budget 2016 changes in Service Tax & Excise Duty

The Hon’ble Finance Minister Shri. Arun Jaitley announced a host of changes in the Indirect tax structure in the Union Budget 2016-17 on February 29, 2016, that are expected to impact the Trade and Industry. Under Service tax, on one hand, the effective rate of Service tax would go up to 15% w.e.f June 1, 2016 ...

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Dilemma of Central Excise levy on Readymade garments

The Union Budget/ Finance Bill 2016 has introduced the levy of Central Excise duty on the readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 by withdrawing the exemption available to such goods. ...

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Posted Under: Excise Duty |

Rule 7B of Cenvat Credit Rules, 2004– New concept for Multi-Unit Companies

Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in the Central Excise Law....

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Posted Under: Excise Duty |

Input Service Distributor –Concept Simplified & Scope Widened

Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between different manufacturing / service locations, Rule 7 dealin...

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Posted Under: Excise Duty |

Changes in Central Excise Act, Rules & Cenvat Credit Rules, 2004: Budget 2016

Article Covers the Following Changes made by Finance Bill 2016:- 1. In Central Excise Act, 1944 2. in Central Excise Rules, 2002 3. in Cenvat Credit Rules, 2004 4. Miscellaneous Amendment Made to Other Rules and Related Notifications...

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Posted Under: Excise Duty |

Amendments In Excise & Cenvat Credit Rules,2004: Budget 2016

E1: INCREASE IN CLEAN ENERGY CESS [NOTIFICATION NO 1& 2/2016 DATED 29TH FEB,2016]- APPLICABLE FROM 1ST MARCH 2016 The Clean Energy Cess is being renamed as Clean Environment Cess. Also, the Tenth Schedule to the Finance Act, 2010 dealing with Clean Energy Cess is being amended so as to increase the Scheduled rate of Clean […]...

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Watch IBA -Taxguru webinar on Union Budget 2016

Taxguru has come up with Analysis of Indirect Tax Provisions of Union Budget 2016, Presented by Finance Minister Shri. Arun Jaitley on 29.02.2016 in Association with International Business Advisors (IBA).  In our Analysis we have covered the following Topics :- 1. Amendment in Cenvat Credit Provision 2. Key Amendment in Service Tax Provi...

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