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increase in excise duty

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Flexible Windfall Tax

Excise Duty : Taxing unexpected profits earned due to windfalls of war, pandemic, or other unforeseen events: learn all about Windfall Tax. Opti...

January 11, 2023 1734 Views 0 comment Print

Budget 2019: Exhaustive analysis of amendments in Excise Duty Law

Excise Duty : Article explains Union Budget 2019 Proposals Involving Changes in Export Duty Rates, Proposals Involving Change in Excise Duty Rat...

July 11, 2019 5613 Views 1 comment Print

Central Excise – (SSI Exemption Vs. Capital Goods)

Excise Duty : Every manufacturer while crossing the threshold limit of SSI Exemption of Rs. 1.5 Crores home sales under Central Excise Law, sudd...

January 15, 2014 9165 Views 0 comment Print

Procurement of inputs without payment of duty for export

Excise Duty : An Exporter can procure Inputs without payment of excise duty under Notification No. 34/2001. This Rule, Central Excise (Removal o...

June 15, 2013 33726 Views 3 comments Print

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

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...

May 14, 2010 774 Views 0 comment Print


Latest News


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 p...

March 19, 2016 6334 Views 0 comment Print

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

Excise Duty : Excise duty from Tobacco Products - The total revenue collected from central excise duty during the financial year 2011-12 (u...

March 27, 2012 847 Views 0 comment Print

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

Custom Duty : The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for...

February 28, 2010 540 Views 0 comment Print

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

Excise Duty : Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also...

February 28, 2010 525 Views 0 comment Print

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

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...

February 28, 2010 774 Views 0 comment Print


Latest Notifications


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

Excise Duty : Notification No. 1/2016-Central Excise prescribes the Basic Excise Duty (BED), with effect from 02.01.2016, on the following produ...

January 1, 2016 1094 Views 0 comment Print

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

Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...

February 28, 2010 2565 Views 0 comment Print


Amendment in section 9 related to Income deemed to accrue or arise in India to a non-resident

February 26, 2010 6131 Views 0 comment Print

Section 9 provides for situations where income is deemed to accrue or arise in India. Vide Finance Act, 1976, a source rule was provided in section 9 through insertion of clauses (v), (vi) and (vii) in sub-section (1) for income by way of interest, royalty or fees for technical services respectively.

Budget 2010: Change in definition of “charitable purpose” under the Income Tax Act

February 26, 2010 354 Views 0 comment Print

For the purposes of the Income-tax Act, “charitable purpose” has been defined in section 2(15) which, among others, includes “the advancement of any other object of general public utility”. However, “the advancement of any other object of general public utility” is not a charitable purpose,

Budget 2010-11: Major Amendment in Central Excise Duty

February 26, 2010 17479 Views 0 comment Print

Note: Changes come into effect immediately unless otherwise specified. Major proposals about Central Excise duty are the following:A. General CENVAT Rate for non-petroleum goods:The standard rate of excise duty of 8% on non-petroleum products is being increased to 10% with a few exceptions where exemptions/concessions have been given.

Budget 2010-11: Summary of Major Amendment in Custom duty Laws

February 26, 2010 4233 Views 0 comment Print

Goods imported in pre-packaged form and intended for retail sale and certain specified goods namely, ready-made garments, mobile phones and watches are being provided an outright exemption from additional duty of customs of 4%. In addition, outright exemption from this duty is also being provided to Carbon Black Feedstock, waste paper and paper scrap.

Amendment in Service tax Act, Rules & Notifications made by Budget 2010

February 26, 2010 1739 Views 0 comment Print

Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department under this sub-section. b) provide definition of the term ‘business entity’ to include an association of persons, body of individuals, company or firm but not an individual.

Budget 2010: Service tax Exemption provided and withdrawn

February 26, 2010 4003 Views 0 comment Print

Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to ‘Erection, Commissioning or Installation’ of,-

Budget 2010 covered New Services covered under service tax and amended scope of existing services

February 26, 2010 1397 Views 0 comment Print

The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original literary, dramatic, musical and artistic work would continue to remain outside the scope of service tax.

Union Budget 2010 Rationalised provisions relating to Tax Deduction at Source (TDS)

February 26, 2010 1547 Views 0 comment Print

Under the scheme of deduction of tax at source as provided in the Income-tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within the specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limits.

FM raised Income Tax Exemption Limit for Individual and HUF

February 26, 2010 2010 Views 0 comment Print

Income up to Rs 1.6 lakh – nil. Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent. Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent. Income above Rs 8 lakh – 30 per cent

Interest subvention for exporters will continue till 31st March 2011

February 26, 2010 1232 Views 0 comment Print

The Finance Minister proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief. “I propose to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, hand-looms and small and medium enterprises (SMEs),” Finance Minister Pranab Mukherjee said while presenting Budget for 2010-11.

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