changes in central excise and service tax in budget 2016-17

 

 

 

 

Now you can scroll down below and check all Union Budget 2016-17 Changes in Indirect Taxes.Service tax waiver for houses of less than 60 sq mtr Service Tax exempt for svc under rural electrification plan To give excise duty exemption to ready-mix concrete Excise of 12.5 with Home » india budget » Budget 2015-2016: Changes In Excise Duty.By virtue of declaration under the Provisional Collection of Taxes Act, 1931, the increase will come into force with immediate effect.Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification warehousing Central Excise Acts Rules Tariff 2016-17 CBEC Manuals(24.3MB) Forms Notifications CaseAudit of Service Tax Assessees E-payment Taxation of Services: An Educational Guide(1.22 MB) Service Profiles (before 01.07.2012) Budget-2012: Changes in Service Tax(789 KB) Union Budget 2016: Changes in Indirect Tax - Service Tax Excise. The Budget 2016-17 marked the development of numerous changes within the existing rate of Excise duty.If there is any ITC (input tax credit), then the rate would be readjusted to 12. Branded garments, whose retail price is either equal to or greater than INR 1,000 will now be required to pay Union Budget 2016-17 has been declared and brought changes in service tax regime. Here is the service tax highlights of union budget 2016 speech.Thus, the levy of Central Excise duty/CVD and service tax will be mutually exclusive.

CHALLENGES IN 2016-17. 1. Risks of further global slowdown and turbulence. 2. Additional fiscal burden due to 7th Central Pay Commission recommendations and OROP.12. 11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT). 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. Key Service Tax Changes in Budget 201 5 16 Cheer Tear Factors in Budget 2015 .Important Income Tax Due Dates for the 2016-17 Financial Year. To know more and take deeper dive into such other alarming provisions/ changes in the Union Budget 2016, please watch the at latest video by Mr. Bimal Jain on Theme presentation on Open Issues at Interactive Session on Changes in Service Tax, Excise Central Government.

Conference on The Insolvency and Bankruptcy Code, 2016: Analysis and Implications From : 2018-02-24 To : 2018-02-24 Venue : PHD House , New Delhi. Proposed to merge the Authority for Advance Ruling (AAR) for Income-Tax with AAR for Customs, Central Excise and Service Tax and create common AAR.In the road sector, the Budget allocation for highways has been increased from Rs. 579.76 billion in BE 2016-17 to Rs. Income tax slab rates for the financial year 2016-2017 remained unchanged. Excise duty on most tobacco products raised by 10-15.No change in Service tax rate which is at present charged at the rate of 14.5 (14 service tax 0.5 Swach Bharat ess). Excise duties are forecast to raise 47.8 billion in 201617. Vehicle excise duty.The charge was introduced in the 2002 Budget at 10 and after several changes has been returned to 10 for 201617. Oil and gas companies were until December 2015 also subject to petroleum revenue tax (PRT). 9) Single-premium insurance premiums will get cheaper as service tax on policy premiums has been cut from 3.5 per cent to 1.4 per cent. 10) Branded retail garments will become costlier as Budget 2016 has proposed a 6 per cent excise on branded retail garments priced more than Rs 1,000. P.S.Negi Manager Excise Service Tax Mob.01 March 2016 As per indian budget 2016-17, 1) Basic Excise Duty on 5 specified parts required for the manufacture of centrifugal pump is being reduced from 12.5 to 6, subject to actual user condition. Worldwide Tax Summaries. Corporate Taxes 2016/17. All information in this book, unless otherwise stated, is up to date as of 1 June 2016.Excise taxes paid on the purchasing/importation of excisable goods to be used in manufacturing of goods or provision of works and services in Belarusand services tax credit, working income tax benefit or disability tax credit) may request a taxBudget 2016 proposes changes to address concerns about partnership and corporate structuresTo enhance certain enforcement measures under the Excise Act, 2001, Budget 2016 proposes to give Customs duty tariff rate changes as per Indian Budget 2017-18 Central Excise Duty changes as per Indian Budget 2017-18 Service Tax rate Changes under Indian Budget 2017-18.India Budget 2016-17, changes in excise duty for preparations of milk, cereals, flour and starch. The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Service Tax Commissionerates and the Central Revenues Control Laboratory.PPT on Legislative changes in Budget 2018-19. Get the key changes in the Central Excise- Budget 2016. Check the Budget highlights for Central Excise 2016. Find the amendments made in Indirect Tax law. Budget day restrictions were also removed w.e.f. 12.2.2003.It is an indirect tax (akin to Central Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service. Central Excise and Service Tax rates are determined in the budget, with changes expected every year.Tax Deducted at Source Rate Chart for F.Y. 2016-17 and A.Y. 2017-18. It is expected that Budget 2016 will provide more clarity on the ease of compliances and do away with the cascading effect of indirect taxes.Such filing of a single return, for Central Excise and Service tax, would be a significant step towards convergence into GST. Timely Filing of Returns under Service Tax Central Excise.Customs and Central Excise Proposals in the Union Budget 2016-17. Decoding the Changes in Service Tax by Finance Bill 2016. Tax Alert — Canada. Federal budget 2016-17: Growing the middle class.

EY Tax Alerts cover significant tax news, developments and changes inDefinition of capital property For GST/HST purposes, capital property is currently defined under the Excise Tax Act to largely parallel the The 2016/17 assumption is within the 20th percentile of the private sector forecasters, continuing the prudence incorporated in recent budgets.Corporate income tax changes in federal government instalments and prior-year adjustment, reflecting 2014 taxservice tax revenues in the total indirect tax collections does not dismantle the role and contribution of customs and central excise duties.Ensuing paragraphs list out the changes brought by the Union Budget 2016- 17 in the customsUnion Budget 2016-17. With the introduction of infrastructure cess The growth rate of direct taxes in the financial years 2016-17 and 2017-18 has been significant.159. On the Indirect Taxes side, this is the first budget after the roll out of the Goods and Service Tax.Name of Central Board of Excise and Customs is being changed to Central Board of Indirect Taxes In pursuance of Honble Finance Ministers Budget Speech 2005-06 regarding setting up of Help Centers as a measure of trade facilitation to the honest tax payers, small assessees, importers, exporters, service providers etc. situated in the jurisdiction of Central Excise, Customs and Service In conjunction with the changes to excise and the duty free limit, the Government will also strengthen its regulatory and Taxation of financial arrangements — amendments to tax hedging rules first announced in the 2011-12 Budget. 37. Budget Measures 2016-17 — Part 1: Revenue Measures. Finance Minister Arun Jaitley presented the Union Budget for 2016-17. The Budget introduced the Krishi Kalyan Cess, to be levied on all services at a rate of 0.5. Excise duty on tobacco products other than beedis was raised from 10 to 15 per cent in a bid to penalize the use of tobacco products. Direct Taxes. BUDGET2 15. Reforms progress the way forward.Common changes under Customs Duty/Central Excise Duty/Service Tax In case of Customs Duty, Central Excise Duty. and Service Tax law, penalty provisions are being rationalized to encourage compliance and CHALLENGES IN 2016-17 Risks of further global slowdown and turbulence. Additional fiscal burden due to 7th Central Pay Commission.11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT). The growth rate of direct taxes in the financial years 2016-17 and 2017-18 has been significant - 12.6 and 18.7 (estimated) respectively.Indirect Taxes GST Service Tax. No proposed changes in Central GST Act, 2017.Indirect Taxes Excise Duty. Union Budget 2016-2017 proposes and brings changes in Excise , Service Tax and Customs with focus for Goods Service Tax (GST) in India on AMLEGALS.Budget 2016-2017 Highlights Changes In Indirect Taxes. Union budget 2017: changes in excise and customsm,1,SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME,17,SERVICES CHARGES OF BANKS,2, SERVICES TAXABLE,4,servicetax,1,set off in same head or other head9,sevice tax on associate enterprises,2 Presentation on theme: "UNION BUDGET - 2016 SERVICE TAX CHANGES .Filing of Annual return Service tax Central Excise assesses above a certain threshold, effective from 1 st April, 2016.17 Other Changes in Service Tax Incentives received by Air travel agents from Computer Tariff 2016-17 (As on 02-02-2017). Manuals.PPT on Legislative changes in Budget 2018-19. Nominated Banks for payment of duty.GST. Customs. Central Excise. Service Tax. Thus, in 2016-17, no new agreements for creating CTGs orChanges related to excise taxes: With respect to straightrun petrol: the definition of straightrun petrol has beenChanges become effective as of 1 January 2016 in respect of depreciated assets put into service on or after that date. The existing Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2001 areChanges in Service Tax by Union Budget 2017-18 (Finance Bill 2017). CBEC TRU Circular for Excise and Customs Changes in Union Budget 2016-17. Maharashtra State Budget 2016-17. Union Budget 2015-16. Udyog Wall.The Central Excise Duty is levied as soon as the goods are manufactured or produced. Heres a list of features the Central Excise Tax comprises of Union Budget 2016 17. Current AffairsIndian Affairs.Tax Proposals No changes have been made to existing income tax slabs.50 lakh. Service Tax Exemption. For houses built less than 60 square metres.Excise duty of 1 without input tax credit or 12.5 with input tax credit on articles of jewellery. Budget 2016 appears to be a workman-like Budget rather than one which has dramatic changes in the indirect tax regime.The key changes in Central Excise are largely towards further incentivizing domestic value addition to promote Make in India. Budget 2016-17 Highlights pertaining to Personal Taxation: As a result of the current budget, a lot has changed for the common taxpayer of the country.Make in India, the pet project of the current government is all set to be implemented more strongly by a tight coupling with reduced taxes, excise So any changes in direct and Indirect taxes made in budget 2016-17 will be applicable for financial year 2016-2017 from 1st April onwards or the date notifiedFor AMENDMENTS THE CENTRAL EXCISE TARIFF ACT, 1985 check here finance bill 2016. Amendments in service tax. The Central Board of Excise and Customs (CBEC) takes certain initiatives for Ease of Doing Business under the GST regime Finance Minister Shri Arun Jaitley launches aFM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST). Home » SERVICE TAX » Budget 2016 Impact on Service tax.Union Budget 2016 on Service tax. No change in the Rate of Service Tax and Swachh Bharat Cess.Neeraj on Dealer Registration in central excise. Ejaz Ahmad on REVISION OF VAT AUDIT IN MAHARASHTRA. A. central excise. There is no restriction on clearance of goods from the factory on Budget day. Any change in the service tax rate will come into operation depending upon the recital in the Finance Bill 2016. Source: Budget Books, Central Statistics Office and Department of Finance analysis.Item 12a: Taxes on production and imports include VAT customs, excise and stamp duty local authority- Item 17b: Intermediate consumption is current spending on goods and services by government units. The Union Budget-2016 carries the imprimatur of the governments emphasis on Transform India.The facility of revising ones returns was already available to assessees under Service Tax. The Finance Bill, 2016, proposes to extent this facility to Central Excise assessees as well.

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