Article Covers Amendment in Central Excise Duty Provisions vide Budget 2015-16 as presented by Union Finance Minister Mr. Arun Jaitley on 28.02.2015. It covers the changes
Below Article covers recent amendment carried out and Proposed by Union Budget 2015-16 presented by Finance Minister Arun Jaitley on 28.02.2015 in Lok Sabha. Articles covers amendment in six sections which are as follows
CENTRAL EXCISE Rate of excise duty Education Cess and Secondary & Higher Education Cess leviable on excisable goods fully exempted. Further, standard ad valorem rate of excise duty increased from 12% to 12.5%. Amendments in the Central Excise Act, 1944 1. Section 11A proposed to be amended to provide as follows: (i) category of cases […]
Tax Rates No change in the basic exemption limit and the tax rates of individuals Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year. The existing rate of tax on Income by way of Royalty and Fees for technical services in case of […]
Budget 2015 introduced in India on 28.02.2015 has made significant changes as far as International taxation are concerned. Major ones include:- Reduction in rate of tax on non-residents for royalties/fees for technical services from 25% to 10%, Offshore funds not to be taxable in India in respect of fund manager located in India.
Ist Full Year Budget of New Government has been introduced in Parliament on 28th February, 2015. This Article intends to outline key amendments made in Service Tax. A. Changes effective from enactment of Finance Bill I. Rate of service tax Present rate: 12.36% (12% + 3% as Education Cess) Revised rate: Consolidated 14% (subsuming Education […]
Central Excise: Rate- 1. Existing rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under the head CENVAT (Basic) duty. Levy of Primary Education Ccess and S&H Education Cess @ 2% and 1% respectively on the quantum of Cenvat (Basic) duty will be exempted from 01.03.2015. Other basic excise duty ad valorem with a few exceptions are not being changed.
Budget 2015 delivered a staggering blow by hiking the rate of service tax from 12.36% (including Education Cess and SHE Cess) to 14%. Likewise, the rate of excise duty was increased from 12.36% (including Education Cess and SHE Cess) to a consolidated rate of 12.5%.
The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”;
It is proposed to amend the provisions of the section 194A of the Act to expressly provide from the prospective date of 1st June, 2015 that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under section 194A(3)(v) ) of the Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members.
