Excise Duty : Taxing unexpected profits earned due to windfalls of war, pandemic, or other unforeseen events: learn all about Windfall Tax. Opti...
Excise Duty : Article explains Union Budget 2019 Proposals Involving Changes in Export Duty Rates, Proposals Involving Change in Excise Duty Rat...
Excise Duty : Every manufacturer while crossing the threshold limit of SSI Exemption of Rs. 1.5 Crores home sales under Central Excise Law, sudd...
Excise Duty : An Exporter can procure Inputs without payment of excise duty under Notification No. 34/2001. This Rule, Central Excise (Removal o...
Service 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 s...
Income Tax : There is no requirement of declaring pre-budget stocks. Directions have also been issued barring any visits to the jeweller’s p...
Excise Duty : Excise duty from Tobacco Products - The total revenue collected from central excise duty during the financial year 2011-12 (u...
Custom Duty : The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for...
Excise Duty : Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also...
Custom Duty : The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to ad...
Excise Duty : Notification No. 1/2016-Central Excise prescribes the Basic Excise Duty (BED), with effect from 02.01.2016, on the following produ...
Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
Taxing unexpected profits earned due to windfalls of war, pandemic, or other unforeseen events: learn all about Windfall Tax. Optimize for Flexible Windfall Tax!
Article explains Union Budget 2019 Proposals Involving Changes in Export Duty Rates, Proposals Involving Change in Excise Duty Rate Though Notifications, Effective change in rate of Special Additional Excise Duty and Road and Infrastructure Cess on Petrol and Diesel, Amendments In Fourth Schedule To Central Excise Act, 1944, Amendment in the Sixth Schedule to the […]
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.
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 litre to Rs. 7.83 per litre; and (iv) Branded diesel from Rs. 8.19 per litre to Rs. 10.19 per litre.
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.
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.
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). The break-up of excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is under:-
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 SPECIFIED SERVICES:
(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
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 considered as service.
