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 rules made there under, including those relating to...
Rajya Sabha has passed 5 bills on 11th May 2016 . The passed bills are as below : i) Finance Bill, 2016, ii)The Appropriation (No 2) Bill, 2016, iii)The Insolvency and Bankruptcy Code, 2016, iv)The Rajendra Central Agricultural University Bill, 2015 and v) The Indian Trusts (Amendment) Bill 2015. It is pertinent to note that the...
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 input tax credit and 12.5% with...
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...
Budget 2016-2017Budget 2016 -Reduce litigation and providing certainty in taxation
February 29, 20160
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...
Budget 2016-2017Tax Reforms in Budget 2016-2017 To Boost Ease of doing business in India
February 29, 20160
Tax Reforms in Budget 2016-2017 To Boost Ease of doing business in India are as below : 13 cesses levied by other Ministries/Departments and administered by the Department of Revenue, where the revenue collection from each of them is less than `50 crore in a year being abolished. Interest rates on delayed payment of duty/tax...
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