In a welcome move, under budget 2017, the Research and Development Cess has finally been proposed to be repealed w.e.f 01st April 2017. REPEAL OF THE RESEARCH AND DEVELOPMENT CESS ACT, 1986. 139. The provisions of this Part shall come into force on the 1st day of April, 2017. 140. The Research and Development Cess Act,...
Simplified Central Excise Norms for Jewellery Sector The Ministry of Finance has come out with an office memorandum to circulate a press release of 13th July 2016 for informing the “Simplified Central Excise norms for jewellery sector notified” to Jewellery Sector. The purpose was to inform the procedures, applicability of Excise Duty and exemption on articles of jewellery....
No KKC on Services Prior to 31st May 2016- Conditional Krishi Kalyan Cess(KKC) has been exempted vide Notification No. 35/2016-S.T . But such an exemption is conditional as below : a) where invoice has been issued on or before 31st May 2016 and b) provision of service has been completed on or before 31st May...
Supreme Court of India in the matter of Commissioner of Central Excise , Raigad Versus M/s Ispat Metallics Industries ltd & Ors vide civil appeal no. 2562 OF 2008 & 8557 OF 2015 decided on 6th May 2016 held that There is a distinction is made between inputs on which credit has been taken which...
The Supreme Court of India on the issue of imposition of penalty under Compunded levy scheme held that penalty can only be levied by authority of statutory law. Further, Section 37 does not expressly authorise levy of penalty higher than Rs 5000. Thus, imposition of a mandatory penalty equal to the amount of duty not...
Facts The appellant, an advance licence holder, procured intermdiate goods without payment of duty from another advance licence holder under Notification No. 44/2001-C.E (N.T) dated 26.06.2001 as amended by 23/2009 -C.E (N.T) dated 25.09.2009 . The manufactured goods out of the same was cleared to ICB against Notification No. 108/95-CE dated 28.08.95 . Dispute The...
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