The import of items under the ITC(HS) Codes 68022310, 68022390, 68022900 and 68029300 related to granite slabs is permitted freely provided cif value is US $ 50 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016.
The import of items under the ITC(HS) Codes 6802 10 00, 6802 21 10, 6802 21 20, 680221 90, 6802 91 00, 6802 9200 and 25151220 related to marble slabs is permitted freely provided cif value is US $ 40 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016.
Import of Marble and Travertine- Crude or Roughly trimmed and merely cut, by sawing or otherwise, into blocks of a rectangular (including square) shape permitted freely provided cif value is US$ 200 or above per MT.
With a view to settlement of arrears in dispute under the various Acts administered by the Sales Tax Department, the Maharashtra Settlement of Arrears in Disputes Act, 2016 (Mah. XVI of 2016), was enacted.
Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follows :-
S.O. 2979(E).—In exercise of the powers conferred by section 295 read with sub-section (4) of section 115UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016
In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the said Act, shall come into force.
S.O. 2972(E).-In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies M/s. India Infradebt Limited as an infrastructure debt fund for the purposes of the said clause, for the assessment year 2013-14 and subsequent assessment years.
Central Government hereby rescinds the notification of the Government of India, Ministry of Finance, Department of Revenue number 4/2010 dated 28.01.2010 published in the Gazette of India, Part II, Section 3, sub-section (ii) dated 28th of January, 2010 vide S.O. 348 with effect from 1st April, 2007 and shall be deemed that the said notification has not been issued for any tax benefits under the Income-tax Act, 1961 or any other law of the time being in force.
