201606.01
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Cenvat Credit of Krishi Kalyan Cess (KKC )

Cenvat Credit of Krishi Kalyan Cess (KKC )  Cenvat Credit of Krishi Kalyan Cess (KKC ) The Cenvat credit of KKC is available and admissible . This could be understood from the following : sub-section ( 5) of Section 161 of Finance Act, 2016 (5)The provisions of Chapter V of the Finance Act, 1994 and the…

201605.05
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Lok Sabha Passes Finance Bill 2016

Lok Sabha Passes Finance Bill 2016 Lok Sabha has approved the Finance Bill 2016 with minor changes . However, it has seen the withdrawal of the proposal to tax the withdrawal of provident fund. However, the levy of duty on jewellery has been reatined . The excise duty proposed is at rate of 1% without…

201602.29
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Retrospective effect to notification No. 01/2016- ST

Notification No. 41/2012- ST, dated the 29th June, 2012 is amended with retrospective effect through  notification No.1/2016-ST dated 3rd February, 2016 . It is being done so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods, for export…

201602.29
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Budget 2016 -Reduce litigation and providing certainty in taxation

Budget 2016 -Reduce litigation and providing certainty in taxation An Indirect tax Dispute Resolution Scheme, 2016, being introduced wherein in respect of cases pending before Commissioner (Appeals), the assesse, after paying the duty, interest and penalty equivalent to 25% of penalty imposed, can file a declaration. The proceedings against the assessee will be closed and…

201602.29
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Changes in Customs Act,1962, In Budget 2016-2017

The Union Budget 2016-2017 has brought the following Changes  in Customs Act, 1962 : a.Warehousing provisions are being simplified so as to move from physical control to record based control in most of cases. Several other consequential changes are also being made. b.Section 25 of the Customs Act, 1962 being amended 80 also omit the requirement…

201602.29
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Changes in Finance Act,1994, In Budget 2016-2017

The Union Budget 2016-2017 has proposed the enhanced period for demand of service tax in case it is not paid or short paid, for normal period ,without suppression of facts from 18 months to 30 months for short levy/non levy/short payment/non-payment/erroneous refund of service tax, with effect from date of enforcement of Finance Bill, 2016.