increase in excise duty

Central Excise – (SSI Exemption Vs. Capital Goods)

Income Tax - Every manufacturer while crossing the threshold limit of SSI Exemption of Rs. 1.5 Crores home sales under Central Excise Law, suddenly start thinking about cenvat credit to be taken on capital goods purchased in current year or in last years....

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Procurement of inputs without payment of duty for export

Income Tax - An Exporter can procure Inputs without payment of excise duty under Notification No. 34/2001. This Rule, Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001 came into force with effect from 21/06/2001....

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8 News services under the service tax net from 8th May 2010

Income Tax - The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFI...

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Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

Income Tax - (a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax...

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Service Tax: Budget Highlights 2010

Income Tax - Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be c...

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Excise Duty on Jewellery articles: No visit at jeweller’s premises

Income Tax - There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s premises. Jeweller’s private records or his records for State VAT or for Bureau of Indian Standards (in the case of hallmarked jewellery) would be accepted for all Central Excise purposes....

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Govt collects 1.14 lakh Crore Excise duty from Tobacco Products in first 10 month

Income Tax - Excise duty from Tobacco Products - The total revenue collected from central excise duty during the financial year 2011-12 (upto January, 2012) is about Rs. 1,14,046 Crore (provisional). The total excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is about Rs. 14,804 Crore (provisional)...

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Custom duty relief for importing digital films: Budget 2010-2011

Income Tax - The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium....

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Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, ready made garments, toy balloons, long pepper, replaceable household water filters to be cheaper

Income Tax - Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation. ...

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Infotainment sector to benefit from concessional customs duty: Budget 2010-11

Income Tax - The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union Finance Minister announced project import status at a concessional customs duty of 5 p...

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Increase in Excise Duty on petrol by 37 paise Per liter & on diesel by Rs. 2 Per Litre

Notification No. 1/2016-Central Excise - (01/01/2016) - Notification No. 1/2016-Central Excise prescribes the Basic Excise Duty (BED), with effect from 02.01.2016, on the following products at the rates indicated below: (i) Unbranded petrol from Rs. 7.36 per litre to Rs. 7.73 per litre; (ii) Branded petrol from Rs. 8.54 per litre to Rs. 8.91 per litre; (...

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Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

NA - (28/02/2010) - All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Ame...

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Recent Posts in "increase in excise duty"

Excise Duty on Jewellery articles: No visit at jeweller’s premises

There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s premises. Jeweller’s private records or his records for State VAT or for Bureau of Indian Standards (in the case of hallmarked jewellery) would be accepted for all Central Excise purposes....

Read More
Posted Under: Custom Duty | ,

Increase in Excise Duty on petrol by 37 paise Per liter & on diesel by Rs. 2 Per Litre

Notification No. 1/2016-Central Excise (01/01/2016)

Notification No. 1/2016-Central Excise prescribes the Basic Excise Duty (BED), with effect from 02.01.2016, on the following products at the rates indicated below: (i) Unbranded petrol from Rs. 7.36 per litre to Rs. 7.73 per litre; (ii) Branded petrol from Rs. 8.54 per litre to Rs. 8.91 per litre; (iii) Unbranded diesel from Rs.5.83 per l...

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Central Excise – (SSI Exemption Vs. Capital Goods)

Every manufacturer while crossing the threshold limit of SSI Exemption of Rs. 1.5 Crores home sales under Central Excise Law, suddenly start thinking about cenvat credit to be taken on capital goods purchased in current year or in last years....

Read More
Posted Under: Custom Duty |

Procurement of inputs without payment of duty for export

An Exporter can procure Inputs without payment of excise duty under Notification No. 34/2001. This Rule, Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001 came into force with effect from 21/06/2001....

Read More
Posted Under: Custom Duty |

Govt collects 1.14 lakh Crore Excise duty from Tobacco Products in first 10 month

Excise duty from Tobacco Products - The total revenue collected from central excise duty during the financial year 2011-12 (upto January, 2012) is about Rs. 1,14,046 Crore (provisional). The total excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is about Rs. 14,804 Crore (provisional)...

Read More
Posted Under: Custom Duty |

8 News services under the service tax net from 8th May 2010

The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFI...

Read More
Posted Under: Custom Duty |

Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax...

Read More

Service Tax: Budget Highlights 2010

Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be c...

Read More
Posted Under: Custom Duty |

Excise Duty notifications related to Union budget 2010-11

All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Excise Duty made in Budget 2010-11 at the Link given below:- Budget 2010-11: Major Amendment in Central Excise Duty. . Notifications are...

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Posted Under: Custom Duty |

Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

NA (28/02/2010)

All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Amendment in Custom duty Laws...

Read More
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