Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2016 (Clauses 113 to 138 for Customs and Clauses 139 to 144 for Central Excise). In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:
An enabling provision is being made to empower the Central Government to impose a Krishi Kalyan Cess on any or all the taxable services at a rate of 0.5% on the value of any or all taxable services. The proceeds from this Cess would be utilized for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
Executive Summary of Finance Bill 2016 – Direct Taxes Highlights and Amendments in Service Tax Non-Tariff – Amendment in Central Excise Act, 1944 Tariff – Amendment in Central Excise Act, 1944 Non-Tariff – Amendment in Customs Act, 1962 Tariff – Amendment in Customs Act, 1962 ——————— Prepared by the joint efforts of following members: I. […]
Excise duty applicability of ready-made garments- Applicable to Branded Ready-Made Garments i.e when ready-made garments bear or sold under a brand name. Optional levy of 2% (without Cenvat credit) or 12.5% (which Cenvat credit) shall be applicable if RSP is 1000 or above. For RSP b
Income-tax Department is also issuing instruction making it mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).
Service Tax New Exemptions and Exemptions Withdrawn immediately with effect from 1st March, 2016 (Budget 2016) Subject Present Position Budgetary Change Condition if any Reference Effective From Restoration of exemption on services provided to the Government, a local authority or a governmental authority. Exemption from Service Tax on services provided to the Government, a local […]
Assessee is a one person company whose aggregate value of taxable services provided from one or more premises is fifty lakh rupees or less in the previous financial year, or is an individual or proprietary firm or partnership firm or Hindu Undivided Fami
In Union Budget, 2015, as a policy decision to prune exemptions, the exemption to services provided by mutual fund agents/distributors to an asset management company was withdrawn. However these services were put under reverse charge liability, i.e., the Asset Management Company was made liable to pay service tax for the services received from such agents/distributors.
G.S.R.___ (E).- In exercise of the powers conferred by section 73B of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.8/2006-Service Tax, dated the 19th April, 2006, published in the Gazette of India, Extraordinary, vide number G.S.R.
Union budget for the year 2016-17 has been presented by the finance minister, this budget facing basic challenges global slowdown and additional fiscal burden due to 7th Central pay Commission recommendation. This budget focusing on the agricultural, farmer’s welfare and infrastructure investment and financial sector reforms.
