Sunday, March 08, 2015

The scheme of Advance Ruling is being extended to Resident firm in Central Excise


The scheme of Advance Ruling is being extended to Resident firm in Central Excise and Customs. Notification No.11/2015-Central Excise (N.T.) and No.27/2015-Customs (N.T.) both dated 1st March, 2015 refer. 

#budget 2015 No prosecution , if adjudication proceedings on same facts have attained finality


  1. Circular No.998/5/2015-Central Excise dated 28th February, 2015 is being issued directing that application for withdrawal of prosecution be filed in accordance with law where the quasi-judicial proceedings on identical set of facts have not been upheld and same has attained finality. 

#budget2015 "place of removal" has been defined for Exporters under Central Excise Act,1944


  1. Circular No.999/6/2015-Central Excise dated 28th February, 2015 is being issued to clarify the scope of the term “place of removal” in case of export of goods by Manufacturers exporters as well as Merchants Exporters. 

Central Excise Registeration is easy. Issued in two working days.Post issue document verification.


Registrationprocess in Central excise is being simplified to ensure that registration is granted within two working days of the receipt of a duly completed application form. Verification of documents and premises, as the case may be, shall be carried out after the grant of the registration. Notification No.7/2015-Central Excise (N.T.) dated 1st March, 2015 and  Circular No.997/4/2015-Central Excise dated 28th February, 2015 issued in this regard may be referred for details of the simplified process.
 

#budget2015 time limit increased for taking CENVAT credit and filing return. Reversal of CENVAT credit for non-excise able goods and new guidelines for utilising CENVAT credits


  1. CENVAT Credit Rules, 2004 are also being amended to
    1. (i)  Increase the time limit for taking CENVAT credit on inputs and input services from
      the present six months to one year (Rule 4 of CCR refers),
    2. (ii)  Increase the time limit fir return of Capital Goods from a job worker from the present
      six months to two years (Rule 4 of CCR refers),
    3. (iii)  Make provision relating to reversal for CENVAT Credit in rule 6, presently
      applicable to exempt goods and services, applicable to non-excisable goods also,
    4. (iv)  Provide for recovery of CENVAT Credit taken but NOT utilized (rule 14 refers). Further, the manner of determining utilization of Credit is also being provided in the
      rule itself.
[Notification No.8/2015-Central Excise (N.T.) and No.6/2015-Central Excise (N.T.) both dated 1st March, 2015 refer]

#Budget2015 Digital signed Invoice and keeping records in electronic form under Excise Rule


  1. Central Excise Rules, 2002 are also being amended to provide for issue of digitally signed invoices and preservation of records in electronic form by a manufacturer (Rule 10 and 11 of CER refers). 

Application of certain provisions of excise and CENVAT rules, presently applicable to the registered dealers, to apply to the registered importers also.

Application of certain provisions of  CentralExciseRules(CER),2002 and CENVATCreditRules(CCR),2004  are bpresently applicable to the registered dealers, to apply to the registered importers also. 

#Budget2015 Direct dispatch of inputs and capital goods to job worker Is made easy

Direct dispatch of inputs and capital goods to job worker without first bringing them to the manufacturer’s /output service provider’s premises subject to the conditions specified therein (Rule 11 of CER and Rule 4 of CCR refers),

#Budget2015 direct despatch of goods by registered dealer/registered importer made easy now

Direct dispatch of goods to registered dealer’s/ registered importer’s customers without first bringing them to the dealer’s / importer’s registered premises subject to the conditions specified therein (Rule 11 of CER and Rule 4 of CCR refers)

AMENDMENTS IN CENTRAL EXCISE RULES, 2002 AND CENVAT CREDIT RULES, 2004



Amendments in Central Excise Rules (CER),2002 and CENVAT Credit Rules(CCR),2004 are being simultaneously being done to provide for-

(i) Direct dispatch of goods to registered dealer’s/ registered importer’s customers without first bringing them to the dealer’s / importer’s registered premises subject to the conditions specified therein (Rule 11 of CER and Rule 4 of CCR refers),

(ii) Direct dispatch of inputs and capital goods to job worker without first bringing them to the manufacturer’s /output service provider’s premises subject to the conditions specified therein (Rule 11 of CER and Rule 4 of CCR refers),

(iii) Definition of “export goods” (rule 5 of CCR refers) and “export” (rule 18 of CER refers),

(iv) Application of certain provisions of these rules, presently applicable to the registered dealers, to apply to the registered importers also. 

#Budget2015 Penalties are rationalised under Section 11AC of Excise & Salt Act,1944.


  1.   Section 11AC is being substituted so as to rationalize the penalty as follows:
    (i) in cases
    not involving fraud or collusion or wilful mis-statement or suppression of facts or contravention of any provision of the Act or rules with the intent to
    evade payment of excise duty, in the following manner,-
    1. a)  in addition to the duty as determined under sub-section (10) of section
      11A, a penalty not exceeding 10% of the duty so determined or Rs.5000
      whichever is higher shall be payable;
    2. b)  if duty and interest payable thereon under section 11AA is paid either
      before issue of show cause notice or within 30 days of issue of show cause notice, no penalty shall be payable and all proceedings in respect of said duty and interest shall be deemed to be concluded;
    3. c)  if duty as determined under sub-section (10) of section 11A and interest payable thereon under section 11AA is paid within 30 days of the date of communication of order of the Central Excise Officer who has determined such duty, the amount of penalty shall be equal to 25% of the penalty so imposed, provided that such reduced penalty is also paid within 30 days of the date of communication of such order.
    (ii) in cases involving fraud or collusion or wilful mis-statement of suppression of facts or contravention of any provision of the Act or rules with the intent to evade payment of excise duty, in the following manner,-
a) in addition to the duty as determined under sub-section (10) of section 11A, a penalty equal to the duty so determined shall be payable. In respect of cases where the details relating to such transactions are recorded in the specified record for the period beginning with 8th April, 2011 and upto the date of assent to the Finance Bill, 2015, the penalty
payable shall be 50% of the duty so determined.
  1. b)  if duty and interest payable thereon under section 11AA is paid within
    30 days of communication of show cause notice, the amount of penalty payable shall be 15% of the duty demanded, provided that such reduced penalty is also paid within 30 days of communication of show cause notice and all proceedings in respect of said duty, interest and penalty shall be deemed to be concluded;
  2. c)  if duty as determined under sub-section (10) of section 11A and interest payable thereon under section 11AA is paid within 30 days of the date of communication of order of the Central Excise Officer who has determined such duty, the amount of penalty shall be equal to 25% of the duty so determined, provided that such reduced penalty is also paid within 30 days of the date of communication of such order; and 

    (iii )(a)  If the duty amount gets modified in any appellate proceeding, then the
    penalty amount mentioned in (ii) (a) above and interest shall also stand modified accordingly. Where the duty amount is increased in the appellate proceedings, the benefit of reduced penalty as specified shall be admissible if duty, interest and reduced penalty in relation to such increased amount is paid within 30 days of such appellate order.
    (b) Cases where no show cause notice has been issued prior to the date on which the Finance Bill, 2015 receives the assent of the President, shall be governed by provisions of section 11AC as amended.
    (c) Proceedings in the pending show cause notices can be closed
    (i) on payment of duty, interest and penalty @ 15% of the duty in cases involving fraud, collusion, -willful mis-statement, etc. can be paid within 30 days of communication of the adjudication order if the duty, interest and penalty is paid within such time.
     statement, etc. and (ii) on payment of duty and interest in cases not involving fraud, collusion, willful mis-statement, etc., within 30 days of the Finance Bill, 2015 receiving the assent of the President. In all cases where show cause notices are adjudicated after the Finance Bill, 2015 receives the assent of the President, reduced penalty @ 25% of the duty in cases involving fraud, collusion, willful mis-statement, etc. and 25% of the penalty imposed in cases not involving fraud, collusion, willful mis-statement, etc. can be paid within 30 days of communication of the adjudication order if the duty, interest and penalty is paid within such time. 

#Budget2015 Section 11 A of Central Excise & salt Act 1944 is amended for return date and short payment of duty


  1. Section 11A is being amended so as to:
    1. (i)  Remove from the statute provisions relating to the category of cases where
      fraud, collusion, willful mis-statement, etc. is involved but the transaction is recorded in the specified record so as to bring uniformity in treatment of all such cases irrespective of whether the transaction is so recorded or not;
    2. (ii)  Amend the provision relating to relevant date to provide definition of relevant date in respect of cases where a return is not filed on the due date and cases where only interest is required to be recovered.
    3. (iii)  Provide that the provisions of section 11A shall not apply to cases where the non-payment or short payment of duty is reflected in the periodic returns filed and that in such cases recovery of duty shall be made in such manner as may be prescribed in the rules. 

Saturday, March 07, 2015

#Budget2015 Basic Custom duty on motor vehicle for transport of goods is now 40%.


  1. Custom Tariff  Heading  8704 ,that for  motor vehicles for the transport of goods, is being increased from 10% to 40%. 

#Budget2015 Basic custom duty increased on motor vehicle for transport of ten or more person


  1. The tariff rate of basic customs duty on goods falling under all the tariff items of heading 8702 that is motor vehicles for the transport of ten or more persons, including  is being increased from 10% to 40%. 

#Budget2015 Re-adjudication cases will not come under purview of Settlement Commission


  1. The proviso to clause (b) of section 127A relating to the provisions of Settlement Commission is being amended to 

                                          delete the reference to “in appeal or revision, as the case may be” so as to provide that when any proceeding is referred back, whether in appeal or revision or otherwise, by any court, Appellate Tribunal Authority or any other authority to the adjudicating authority for a fresh adjudication or decision, then such case shall not be entitled for settlement. 

#Budget2015 penalty on improper export is also quantified ,subjected to payment of duty &interest


  1. Section 114 provides for penalty for attempt to export goods improperly, etc. 

    Section 114 is being amended so as to substitute clause (ii) to provide that any person who, in relation to any dutiable goods, other than prohibited goods, does or omits to do any act which act or omission would render such goods liable to confiscation under section 113, or abets the doing or omission of such an act, shall, subject to the provisions of section 114A, be liable to a penalty not exceeding 10% of the duty sought to be evaded of Rs.5000, whichever is greater. 


    It is also being provided that in cases of short levy or non- levy or short payment or non-payment and erroneous refund of duty for reasons of collusion or any willful mis-statement or suppression of facts, if the duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within 30 days from the date of communication of the order of the proper officer determining such duty, the amount of penalty liable to paid by such person under this section shall be 25% of the penalty so determined. 

# Budget2015 penalty under section 112 is also reduced for improper importation of dutiable goods


  1. Section 112 provides for penalty for improper importation of goods, etc. 

    Section 112 is being amended so as to substitute sub-clause (ii) of clause (b) to provide that any person who acquires possession of or is in any way concerned with or in any other manner deals with any dutiable goods, other than prohibited goods, which he knows or has reasons to believe are liable to confiscation under section 111, shall, subject to the provisions of section 114A, be liable to a penalty not exceeding 10% of the duty sought to be evaded or Rs.5000, whichever is greater.


    Penalty for erroneous refund of duty is  25% of such duty ,provided that demanded duty & interest paid within 30 days.


     It is also being provided that in cases of short levy or non-levy or short payment or non-payment and erroneous refund of duty for reasons of  collusion or any willful mis-statement or suppression of facts, if the duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within 30 days from the date of communication of the order of the proper officer determining such duty, the amount of penalty liable to paid by such person under this section shall be 25% of the penalty so determined.
     

#Budget2015 Intenational short payment of duty will also attract 10% less penalty


  1. After Amedment of  Section 28 of Customs Act, 1962,  penalty amount for wilfully short payment  of duty is reduced from 25% to 10 %.

    It is Provided that in cases involving fraud or collusion or wilful mis-statement or suppression of facts or contravention of any provision of the Act or rules with the intent to evade payment of duty, the amount of penalty payable shall be 15% instead of the present 25%. 

#Budge2015- No penalty for short payment of duty if paid within 30 days.


  1. This is landmark amendment , bonafide short payment of duty  will not attract fine .

    By  Inserting a proviso in sub-section (2)of Section 28 of Customs Act thereof to provide that in cases not involving fraud or collusion or wilful mis-statement or suppression of facts or contravention of any provision of the Act or rules with the intent to evade payment of duty, no penalty shall be imposed if the amount of duty along with interest leviable under section 28AA or the amount of interest, as the case may be, as specified in the notice, is paid in full within 30 days from the date of receipt of the notice and the proceedings in respect of such person or other persons to whom the notice is served shall be deemed to be concluded; 

Monday, March 02, 2015

For Mega Power Project status provisional, condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months.

S. No. 338 of Notification No. 12/2012-Central Excise dated17-3-2012 provided Nil excise duty on goods for setting up of Mega Power Project specified in List No. 11 of the said Notification.

 In case of goods for a Project for which certificate regarding Mega Power Project status is provisional, the exemption is subject inter alia to condition that the Chief Executive Officer of the Project furnishes a bank guarantee or fixed deposit receipt for a term of 36 months or more.


 This condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months. Condition No. 43(b) of Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise, dated 1st March, 2015 refers. 

setting up of Ultra Mega Power Project. Fixed deposit conditions amended

S. No. 337 of Notification No. 12/2012-Central Excise dated 17-3-2012 provided Nil excise duty on goods for setting up of Ultra Mega Power Project specified in List No. 10 of the said Notification.

 In case of goods for a Project for which certificate regarding Ultra Mega Power Project status is provisional, the exemption is subject inter alia to condition that the Chief Executive Officer of the Project furnishes a bank guarantee or fixed deposit receipt for a term of 36 months or more.


This condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 42 months. Condition No. 42(b) of Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise, dated 1st March, 2015 refers.

Goods manufactured domestically and supplied against International Competitive Bidding are eligible for full excise duty exemption provided that such goods when imported attract Nil Basic Customs Duty and Nil CVD

This is  as per S.No.336 of notification No.12/2012-Central Excise dated 17.03.2012 read with Condition No.41.
The condition is being amended so as to provide that if imported goods are eligible for Nil Basic Customs Duty and Nil CVD subject to certain conditions, then the said conditions shall also apply mutatis mutandis to such goods when manufactured domestically and supplied against International Competitive Bidding for the purposes of availing of the said excise duty exemption. Condition No.41 of notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015- Central Excise, dated 1st March, 2015 refers. 

NO IMPORT DUTY ON LIFE SAVING DRUGS FOR PERSONAL USE.





Notification No.12/2012-Customs [S.No.148(C)] fully exempts Basic Customs Duty and CVD leviable on life saving drugs and medicines imported by an individual for personal use subject to the Condition No.10, which stipulates that importer produces a certificate (in prescribed form) issued by the Director General or Deputy Director General or Assistant Director General, Health Services, New Delhi, Director of Health Services of the State Government or the District Medical Officer/Civil Surgeon of the district, in each individual case, that the goods are life saving drugs or medicines.

 The prescribed Form is being amended so as to provide that such certificate shall be valid for a period of one year in case of patients who have to import such drugs and medicines on a regular basis. Condition No.10 of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015-Customs, dated the 1st March, 2015 .

Basic Custom Duty is being reduced on Organic LED (OLED) TV panels from 10% to Nil.

Basic Custom Duty is being reduced on Organic LED (OLED) TV panels from 10% to Nil. 

As per S.No.432 of notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 . 

Sunday, March 01, 2015

Custom duty on digital still image video camera is now reduced.

@ravindrakumar: #CustomDuty # digital still image video camera  effective customs duty is reduced and now it is 12.88%@globaltaxation

Digital invoice are accepted now

@ravindrakumar: #digitalsignedinvoice  #Budget2015  digital signed invoice are recognised as par with physical signed invoice.

CENVAT credit claim is now one year

@ravindrakumar: #cenvatcredit #Budget2015 now CENVAT credit for inputs and input service can be taken within one year from date of supplier's Invoice.

effective service tax rate of transport of gods by road shall increase from 3.09% to 4.2%(without SBC) and 4.8% (With SBC

@ravindrakumar: #ServiceTax  effective service tax rate of transport of gods by road shall increase from 3.09% to 4.2%(without SBC) and 4.8% (With SBC).

Different penalty for different stages

@ravindrakumar: #Budget2015 #penalty  now different stages of adjudicating proceedings will attract different rate of penalty. Early is better!

Mobile phone-custom duty increased.

@ravindrakumar: #Budget2015 #Mobilephone  custom duty increased 6.5% on mobile phone. This is because of excise duty.

Saturday, February 28, 2015

#HighlightBudget2015 #CustomDutyReductionChapter85


Basic Customs Duty Reduction


  1. Basic Custom Duty is being exempted on High Density Polyethylene (HDPE) for manufacture of telecommunication grade optical fibres or optical fibre cables. Item-11 of List-5 of notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1 st March, 2015 refers.
  2. Basic Custom Duty is being reduced from 10% to 7.5% on Water Blocking Tape, Ethylene– propylene–non-conjugated diene rubber (EPDM) and Mica glass tape for use in the manufacture of insulated wires and cables (except sub-heading 8544 11), subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015-Customs, dated 1st March, 2015 [new S.Nos.247A-247C] refers.
  3. Basic Custom Duty is being reduced from 10% to 7.5% on metal parts for use in manufacture of electrical insulators, subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 [new S.No.334B] refers.
  4. Basic Custom Duty is being reduced from 10% to Nil on Digital Still Image Video Cameras capable of recording video with minimum resolution of 800x600 pixels, at minimum 23 frames per second, for at least 30 minutes in a single sequence, using the maximum storage (including the expanded) capacity. Notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 [new S.No.428A] refers. Basic Custom Duty is also being also reduced from 5% to Nil on parts and components for use in the manufacture of such Digital Cameras. S.No.429 of notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No. 10/2015- Customs, dated 1st March, 2015 refers.
  5. Basic Custom Duty is being reduced on Organic LED (OLED) TV panels from 10% to Nil. S.No.432 of notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 refers.
  6. Basic Custom Duty is being exempted on Black Light Unit Module also for manufacture of LCD/LED TV panels, subject to actual user condition. S.No.432B of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015- Customs, dated 1st March, 2015 refers.  
  7. Basic Custom Duty is being reduced from 5% to Nil on magnetron (upto 1 KW) used for the manufacture of domestic microwave oven. S. No. 433 of notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 refers.
  8. Special Additional Duty (SAD) is being exempted on all goods [except populated PCBs] for use in the manufacture of ITA bound goods covered by Notification Nos. 25/1998-Customs dated 2nd June, 1998, 24/2005-Customs dated 1st March, 2005, 25/2005-Customs dated 1st March, 2005, subject to actual user condition. Notification No.21/2012-Customs, dated 17th March, 2012 as amended vide notification No.11/2015-Customs, dated 1st March, 2015 [new S.No. 14D] refers.
  9. Special Additional Duty (SAD) is being exempted on all inputs for use in the manufacture of LED driver and MCPCB for LED lights and Fixtures & LED Lamps, subject to actual user condition. Notification No.21/2012-Customs, dated 17th March, 2012 as amended vide notification No.11/2015-Customs, dated 1st March, 2015 [new S.No.14F] refers. 




#HighlightBudget2015 #CustomDutyReductionChapter84

Basic Customs Duty Reduction


  1. Basic Customs Duty on C- Block Compressor [8414 90 11], Crank Shaft [8414 90 11] and Over Load Protector (OLP) & Positive thermal co-efficient [8536 20 90] for use in the manufacture of Refrigerator compressors is being reduced from 7.5% to 5%. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015- Customs, dated the 1st March 2015 [new S. Nos. 399A and 399B] refers.
  2. Basic Customs Duty on specified components [8537 10 00] of CNC Lathe machines and Machining Centres, namely Ball screws [8483 40 00], Linear Motion Guides [8466 93 90] and CNC Systems is being reduced from 7.5% to 2.5%, subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015-Customs, dated the 1st March 2015 [new S. Nos. 406B, 406C and 406D] refers.
  3. Basic Customs Duty on ceria zirconia compounds [ 2825 60 20], cerium compounds [2846 10 90] and zeolite [3824 90 90] is being reduced from 7.5% to 5% for use in manufacture of washcoat, which is used in catalytic converters, subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015- Customs, dated the 1 st March 2015 [new S. Nos. 371A, 371B and 371C] refers.
  4. Parts and components of cash dispenser and automatic bank note dispensers [heading 8473 40] are exempt from Basic Customs Duty. However, since the classification of parts was not mentioned in the relevant notification, there were doubts about the scope of the exemption for parts of cash dispenser and automatic bank note dispensers. As the ‘parts and components of cash dispensers and automatic bank note dispensers’ were specifically included in the description of goods even though their classification was not, it is clarified that the benefit of exemption from Basic Customs Duty was available to parts and components of cash dispenser and automatic bank note dispensers, in accordance with CBEC circular 9/96- Customs dated 13.2.96 [F.No.528/4/96-Customs (TU)]. Prospectively, the S. No. 408 of the Notification No. 12/2012- Customs dated 17-3-2012 is being amended to include the classification [8473 40] of parts and components of cash dispensers and automatic bank note dispensers. S. No. 408 of Notification No. 12/2012-Cus, as amended vide notification No.10/2015-Customs dated 1 st March, 2015 refers.
  5. Basic Custom Duty is being exempted on evacuated tubes with three layers of solar selective coating for use in the manufacture of solar water heater and system, subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 [new S.No.399C] refers.
  6. Basic Custom Duty and CVD are being exempted on parts, components and accessories for use in the manufacture of tablet computer. Also, Basic Custom Duty and CVD are being exempted on sub-parts for use in manufacture of parts, components and accessories of tablet computers. Both BCD and CVD being exempt, vide S. No. 1 of notification No 21/2012- Customs, dated 17-3-2012, the SAD on these goods will also be exempt. These exemptions are subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 [new S.No.407A] refers. 

#HighlightBudget2015 #CustomDutyReductionChapter84

Basic Customs Duty Reduction

on specified components [8537 10 00] of CNC Lathe machines and Machining Centres, namely Ball screws [8483 40 00], Linear Motion Guides [8466 93 90] and CNC Systems is being reduced from 7.5% to 2.5%, subject to actual user condition.

Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015-Customs, dated the 1st March 2015 [new S. Nos. 406B, 406C and 406D] refers.

#HighlightBudget2015 #CustomDutyReductionChapter84


Basic Customs Duty on


  • C- Block Compressor [8414 90 11], 
  • Crank Shaft [8414 90 11] and 
  • Over Load Protector (OLP) & Positive thermal co-efficient [8536 20 90] 

for use in the manufacture of Refrigerator compressors is being reduced from 7.5% to 5%.

Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.10/2015- Customs, dated the 1st March 2015 [new S. Nos. 399A and 399B] refers. 

#HighlightBudget2015 #NOCHANGEINBasicCustomDuty

As per D.O.F.No.334/5/2015-TRU dated 28.02.2015

THERE IS NO CHANGE IN BASIC CUSTOM DUTY FOR FOLLOWING CHAPTERS

  • 01 TO 24
  • 31 TO 71
  • 75, 77, 78, 79, 80, 82, 83, 86, 88, 89
  • 91 TO 98

#HighlightBudget2015 #BasicCustomDuty

Basic Custom Duty



  • Basic custom duty on digital still image video camera with certain specification reduced to nil.
  • Increase in basic custom duty:
    • Metallurgical coke from 2.5 % to 5%.
    • Tariff rate on iron and steel and articles of iron and steel increased from 10% to 15%.
    • Tariff rate on commercial vehicle increased from 10 % to 40%.

#HighlightBudget2015 # Excisedutyexemption

Excise Duty Exemption


  • Excise duty exemption for captively consumed intermediate compound coming into existance during the manufacture of agarbathi.
  • Excise duty on rails for manufacture of railway or tram way track construction material exempted retrospectively from 17-03-2012 to 02-02-2014, if not CENVAT credit of duty paid on such rails is availed.

#HighlightBudget2015 #Benefitstomiddleclasstaxpayersservicetax

Benefits to middle class tax-payers


  • Service-tax exemption on Varishtha Bima Yojana.
  • Service Tax exemption extended to certain pre cold storage services in relation to fruits and vegetables so as to incentivise value addition in crucial sector.
  • Negative List under service-tax is being slightly pruned to widen the tax base.
  • Service-tax to be levied on service provided by way of access to amusement facility, entertainment events or concerts, pageants, non recoganised sporting events etc.
  • Service-tax exemption to construction, erection, commissioning or installation of original works pertaining to an airport or port withdrawn.
  • Transportation of agricultural produce to remain exempt from Service-tax.

  • Service-tax exemption:
    • Services of pre-conditioning, pre-cooling, ripening etc. of fruits and vegetables.
    • Life insurance service provided by way of Varishtha Pension Bima Yojana.
    • All ambulance services provided to patients.
    • Admission to museum, zoo, national park, wild life sanctuary and tiger reserve.
    • Transport of goods for export by road from factory to land customs station

#HighlightBudget2015 #Benefitstomiddleclasstaxpayersexemption


Benefits to middle class tax-payers

  • Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from ` 1 lakh to `1.5 lakh.
  • Additional deduction of ` 50000 for contribution to the new pension scheme u/s 80CCD.
  • Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.
  • Concession to individual tax-payers despite inadequate fiscal space.

#HighlightBudget2015 #Benefitstomiddleclasstaxpayershealth

Benefits to middle class tax  payers


  • Limit of deduction of health insurance premium increased from `15000 to ` 25000, for senior citizens limit increased from `20000 to `30000.
  • Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of ` 30000 towards medical expenditures.
  • Deduction limit of ` 60000 with respect to specified decease of serious nature enhanced to ` 80000 in case of senior citizen.
  • Additional deduction of `25000 allowed for differently abled persons.

#HighlightBudget2015 #SwachhBharat

Swachh Bharat


  • 100% deduction for contributions, other than by way of CSR contribution, to Swachh Bharat Kosh and Clean Ganga Fund.
  • Clean energy cess increased from `100 to `200 per metric tonne of coal, etc. to finance clean environment initiatives.
  • Excise duty on sacks and bags of polymers of ethylene other than for industrial use increased from 12% to 15%.12
  • Enabling provision to levy Swachh Bharat cess at a rate of 2% or less on all or certain services, if need arises.
  • Services by common affluent treatment plant exempt from Service-tax.
  • Concessions on custom and excise duty available to electrically operated vehicles and hybrid vehicles extended upto 31.03.2016.

#HighlightBudget2015 #Easeofdoingbusiness

Ease of doing business


  • Minimum Government Maximum Governance
  • Simplification of tax procedures.
  • Monetary limit for a case to be heard by a single member bench of ITAT increase from ` 5 lakh to `15 lakh.
  • Penalty provision in indirect taxes are being rationalised to encourage compliance and early dispute resolution.
  • Central excise/Service tax assesses to be allowed to use digitally signed invoices and maintain record electronically.
  • Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over `1 crore annually.
  • Provision of indirect transfers in the Income-tax Act suitably cleaned up.
  • Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.
  • Domestic transfer pricing threshold limit increased from `5 crore to ` 20 crore.
  • MAT rationalised for FIIs and members of an AOP.
  • Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.
  • Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.
  • Specific rates of central excise duty in case of certain other commodities revised.
  • Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed.
  • Excise duty on footwear with leather uppers and having retail price of more than `1000 per pair reduced to 6%.
  • Online central excise and service tax registration to be done in two working days.
  • Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.
  • Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.
  • Donation made to National Fund for Control of Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.
  • Seized cash can be adjusted towards assessees tax liability.

#HighlightBudget2015 #MakeinIndia

Make in India


  • Revival of growth and investment and promotion of domestic manufacturing for job creation.
  • Tax “pass through” to be allowed to both category I and category II alternative investment funds.
  • Rationalisation of capital gains regime for the sponsors exiting at the time of listing of the units of REITs and InvITs.
  • Rental income of REITs from their own assets to have pass through facility.
  • Permanent Establishment (PE) norm to be modified to encourage fund managers to relocate to India.
  • General Anti Avoidance Rule (GAAR) to be deferred by two years.
  • GAAR to apply to investments made on or after 01.04.2017, when implemented.
  • Additional investment allowance (@ 15%) and additional depreciation (@35%) to new manufacturing units set up during the period 01-04-2015 to 31-03-2020 in notified backward areas of Andhra Pradesh and Telangana.
  • Rate of Income-tax on royalty and fees for technical services reduced from 25% to 10% to facilitate technology inflow.
  • Benefit of deduction for employment of new regular workmen to all business entities and eligibility threshold reduced.
  • Basic Custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimise the impact of duty inversion.
  • All goods, except populated printed circuit boards for use in manufacture of ITA bound items, exempted from SAD.
  • SAD reduced on import of certain inputs and raw materials.
  • Excise duty on chassis for ambulance reduced from 24% to 12.5%.
  • Balance of 50% of additional depreciation @ 20% for new plant and machinery installed and used for less than six months by a manufacturing unit or a unit engaged in generation and distribution of power is to be allowed immediately in the next year.

#HighlightBudget2015 #Blackmoney

Black Money


  • Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.
  • Acceptance or re-payment of an advance of ` 20,000 or more in cash for purchase of immovable property to be prohibited.
  • PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh.
  • Third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions.
  • Provision to tackle splitting of reportable transactions.
  • Leverage of technology by CBDT and CBEC to access information from either’s data bases.

#HighlightBudget2015 #Blackmoney

Black Money


  1. New structure of electronic filing of statements by reporting entities to ensure seamless integration of data for more effective enforcement.
  2. Bill for a comprehensive new law to deal with black money parked abroad to be introduced in the current session.
  3. Key features of new law on black money: 
    • Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non-compoundable, have a penalty rate of 300% and the offender will not be permitted to approach the Settlement Commission.
    • Non-filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.
    • Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.
    • Mandatory filing of return in respect of foreign asset.
    • Entities, banks, financial institutions including individuals all liable for prosecution and penalty.
    • Concealment of income/evasion of income in relation to a foreign asset to be made a predicate offence under PML Act, 2002.
    • PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.

#HighlightBudget2015 # Blackmoney

Black Money


  1. Generation of black money and its concealment to be dealt with effectively and forcefully.
  2. Investigation into cases of undisclosed foreign assets has been given highest priority in the last nine months.
  3. Major breakthrough with Swiss authorities, who have agreed to:
    • Provide information in respect of cases independently investigated by IT department;
    • Confirm genuineness of bank accounts and provide non-banking information;
    • Provide such information in time-bound manner; and 
    • Commence talks for automatic exchange of information.

#HighlightBudget2015 #TAXPROPOSAL

TAX PROPOSAL

Broad themes :

  • Measures to curb black money;
  • Job creation through revival of growth and investment and promotion of domestic manufacturing – “Make in India”;
  • Improve ease of doing business - Minimum Government and maximum governance;
  • Improve quality of life and public health – Swachh Bharat;
  • Benefit to middle class tax-payers; and 
  • Stand alone proposals to maximise benefit to the economy.

#HighlightBudget2015 #TAXPROPOSAL

TAX PROPOSAL


  • Objective of stable taxation policy and a non-adversarial tax administration.
  • Fight against the scourge of black money to be taken forward.
  • Efforts on various fronts to implement GST from next year.
  • No change in rate of personal income tax.
  • Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.
  • Rationalisation and removal of various tax exemptions and incentives to reduce tax disputes and improve administration.
  • Exemption to individual tax payers to continue to facilitate savings.

#HighlightBudget2015 #BUDGETESTIMATES

BUDGET ESTIMATES


  • Non-Plan expenditure estimates for the Financial Year are estimated at `13,12,200 crore.
  • Plan expenditure is estimated to be `4,65,277 crore, which is very near to the R.E. of 2014-15.
  • Total Expenditure has accordingly been estimated at `17,77,477 crore.
  • The requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately provided.
  • Gross Tax receipts are estimated to be `14,49,490 crore.
  • Devolution to the States is estimated to be `5,23,958.
  • Share of Central Government will be `9,19,842.
  • Non Tax Revenues for the next fiscal are estimated to be `2,21,733 crore.
  • Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.

#HighlightBudget2015 #SkillIndia

Skill India


  • Special assistance to Bihar & West Bengal to be provided as in the case of Andhra Pradesh.
  • Government is committed to comply with all the legal commitments made to AP & Telengana at the time of their re-organisation.
  • Inspite of large increase in devolution to state sufficient fund allocated to education, health, rural development, housing, urban development, women and child development, water resources & cleaning of Ganga.
  • Part of Delhi-Mumbai Industrial Corridor (DMIC); Ahmedabad-Dhaulera Investment region and Shendra-Bidkin Industrial Park are now in a position to start work on basic infrastructure.
  • Made in India and the Buy and the make in India policy are being carefully pursued to achieve greater self-sufficiency in the area of defence equipment including air-craft.
  • The first phase of GIFT to become a reality very soon. Appropriate regulations to be issued in March.

#HighlightBudget2015 #SkillIndia


Skill India



  • An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a full-fledged IIT.
  • New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institutions to be set up in Bihar.
  • A post graduate institute of Horticulture Research & Education is to be set up in Amritsar.
  • 3 new National Institute of Pharmaceuticals Education and Research in Maharashtra, Rajasthan & Chattisgarh and one institute of Science and Education Research is to be set up in Nagaland & Orissa each.
  • An autonomous Bank Board Bureau to be set up to improve the governance of public sector bank.
  • The National Optical Fibre Network Programme (NOFNP) to be further speeded up by allowing willing states to execute on reimbursement of cost basis.
  • #HighlightBudget2015 #SkillIndia

    Skill India


    • Less than 5% of our potential work force gets formal skill training to be employable. A national skill mission to consolidate skill initiatives spread accross several ministries to be launched.
    • Deen Dayal Upadhyay Gramin Kaushal Yojana to enhance the employability of rural youth.
    • A Committee for 100th birth celebration of Shri Deen Dayalji Upadhyay to be announced soon.
    • A student Financial Aid Authority to administer and monitor the front-end all scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.

    #HighlightBudget2015 #GreenIndia

    Green India


    • Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW Small Hydro.
    • A need for procurement law to contain malfeasance in public procurement.
    • Proposal to introduce a public Contracts (resolution of disputes) Bill to streamline the institutional arrangements for resolution of such disputes.
    • Proposal to introduce a regulatory reform Bill that will bring about a cogency of approach across various sectors of infrastructure.

    #HighlightBudget2015 #Tourism

    Tourism

    • Resources to be provided to start work along landscape restoration, signage and interpretation centres, parking, access for the differently abled , visitors’ amenities, including securities and toilets, illumination and plans for benefiting communities around them at various heritage sites.
    • Visas on arrival to be increased to 150 countries in stages.

    #HighlightBudget2015 #SafeIndia

    Safe India

    `1000 crores to the Nirbhaya Fund.

    #HighlightBudget2015 #Investment

    Investment


    • Foreign investments in Alternate Investment Funds to be allowed.
    • Distinction between different types of foreign investments, especially between foreign portfolio investments and foreign direct investments to be done away with. Replacement with composite caps.
    • A project development company to facilitate setting up manufacturing hubs in CMLV countries, namely, Cambodia, Myanmar, Laos and Vietnam.

    #HighlightBudget2015 #MonetisingGold

    Monetising Gold

    • Gold monetisation scheme to allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account to be introduced.
    • Sovereign Gold Bond, as an alternative to purchasing metal gold scheme to be developed.
    • Commence work on developing an Indian gold coin, which will carry the Ashok Chakra on its face.

    #HighlightBudget2015 #FinancialMarket

    Financial Market


    • India Financial Code to be introduced soon in Parliament for consideration.
    • Vision of putting in place a direct tax regime, which is internationally competitive on rates, without exemptions.
    • Government to bring enabling legislation to allow employee to opt for EPF or New Pension Scheme. For employee’s below a certain threshold of monthly income, contribution to EPF to be option, without affecting employees’ contribution.

    #HighlightBudget2015 #FinancialMarket

    Financial Market


    • Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year.
    • Enabling legislation, amending the Government Securities Act and the RBI Act included in the Finance Bill, 2015.
    • Forward Markets commission to be merged with SEBI.
    • Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity will be exercised by Government in consultation with RBI.
    • Proposal to create a Task Force to establish sector-neutral financial redressal agency that will address grievance against all financial service providers.

    #HighlightBudget2015 #Infrastructure


    Infrastructure

    • Concerns of IT industries for a more liberal system of raising global capital, incubation facilities in our Centres of Excellence, funding for seed capital and growth, and ease of Doing Business etc. would be addressed for creating hundreds of billion dollars in value.
    • (SETU) Self-Employment and Talent Utilization) to be established as Techno-financial, incubation and facilitation programme to support all aspects of start-up business. `1000 crore to be set aside as initial amount in NITI.
    • Ports in public sector will be encouraged, to corporatize, and become companies under the Companies Act to attract investment and leverage the huge land resources.
    • An expert committee to examine the possibility and prepare a draft legislation where the need for multiple prior permission can be replaced by a pre-existing regulatory mechanism. This will facilitate India becoming an investment destination.
    • 5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode.

    #HighlightBudget2015 #Infrastructure

    Infrastructure


    • Sharp increase in outlays of roads and railways. Capital expenditure of public sector units to also go up.
    • National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of `20,000 crores to it.
    • Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors.
    • PPP mode of infrastructure development to be revisited and revitalised.
    • Atal Innovation Mission (AIM) to be established in NITI to provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences to foster a culture of innovation , research and development. A sum of `150 crore will be earmarked.

    #HighlightBudget2015 #FromJanDhantoJanSuraksha

    From Jan Dhan to Jan Suraksha


    • A new scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty line.
    • Unclaimed deposits of about `3,000 crores in the PPF, and approximately `6,000 crores in the EPF corpus. The amounts to be appropriated to a corpus, which will be used to subsidize the premiums on these social security schemes through creation of a Senior Citizen Welfare Fund in the Finance Bill.
    • Government committed to the on-going schemes for welfare of SCs, STs and Women.

    #HighlightBudget2015 #FromJanDhantoJanSuraksha

    From Jan Dhan to Jan Suraksha


    • Government to work towards creating a functional social security system for all Indians, specially the poor and the under-privileged.
    • Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk of `2 Lakh for a premium of just `12 per year.
    • Atal Pension Yojana to provide a defined pension, depending on the contribution and the period of contribution. Government to contribute 50% of the beneficiaries’ premium limited to `1,000 each year, for five years, in the new accounts opened before 31st December 2015.
    • Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and accidental death risk of `2 lakh at premium of `330 per year for the age group of 18-50.

    #HighlightBudget2015 #FundingtheUnfunded

    Funding the Unfunded


    • Comprehensive Bankruptcy Code of global standards to be brought in fiscal 2015-16 towards ease of doing business.
    • Postal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial system.
    • NBFCs registered with RBI and having asset size of `500 crore and above may be considered for notifications as ‘Financial Institution’ in terms of the SARFAESI Act, 2002.

    #HighlightBudget2015 #FundingtheUnfunded

    Funding the Unfunded


    • Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of `20,000 crores, and credit guarantee corpus of `3,000 crores to be created.
    • In lending, priority will be given to SC/ST enterprises.
    • MUDRA Bank will be responsible for refinancing all Micro-finance Institutions which are in the business of lending to such small entities of business through a Pradhan Mantri Mudra Yojana.
    • A Trade Receivables discounting System (TReDS) which will be an electronic platform for facilitating financing of trade receivables of MSMEs to be established.

    #HighlightBudget2015 #Agriculture

    Agriculture


    • `25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD; `15,000 crore for Long Term Rural Credit Fund; `45,000 crore for Short Term Co-operative Rural Credit Refinance Fund; and `15,000 crore for Short Term RRB Refinance Fund.
    • Need to create a National Agriculture Market for the benefit farmers, which will also have the incidental benefit of moderating price rises. Government to work with the States, in NITI, for the creation of a Unified National Agriculture Market.

    #HighlightBudget2015 #Agriculture

    Agriculture


    • Major steps take to address the two major factors critical to agricultural production, that of soil and water.
    • ‘Paramparagat Krishi Vikas Yojana’ to be fully supported.
    • ‘Pradhanmantri Gram Sinchai Yojana’ to provide ‘Per Drop More Crop’.
    • `5,300 crore to support micro-irrigation, watershed development and the ‘Pradhan Mantri Krishi Sinchai Yojana’. States urged to chip in.
    • Target of `8.5 lakh crore of agricultural credit during the year 2015-16.
    • Focus on improving the quality and effectiveness of activities under MGNREGA.

    #HighlightBudget2015 #Goodgovernance

    Good governance


    • Need to cut subsidy leakages, not subsidies themselves. To achieve this, Government committed to the process of rationalizing subsidies.
    • Direct Transfer of Benefits to be extended further with a view to increase the number of beneficiaries from 1 crore to 10.3 crore.

    #HighlightBudget2015 #FiscalRoadmap

    Fiscal Roadmap


    • Government firm on journey to achieve fiscal target of 3% of GDP.
    • Realistic figures shown in fiscal account without showing exaggerated revenue projections.
    • With improved economy, pressure to accelerate fiscal consolidation too has decreased.
    • Accordingly, journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2 years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16, 2016-17 & 2017-18 respectively.
    • Additional fiscal space will go to funding infrastructure investment.
    • Need to view public finances from a National perspective and not just the perspective of the Central Government. Aggregate public expenditure of the Governments, as a whole can be expected to rise substantially.
    • Disinvestment to include both disinvestment in loss making units, and some strategic disinvestment.

    #HighlightBudget2015 #MajorChallengesahead

    Major Challenges Ahead


    • Five major challenges: Agricultural income under stress, increasing investment in infrastructure, decline in manufacturing, resource crunch in view of higher devolution in taxes to states, maintaining fiscal discipline.
    • To meet these challenges public sector needs to step in to catalyse investment, make in india programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.
    • Challenge of maintaining fiscal deficit of 4.1% of GDP met in 2014-15, despite lower nominal GDP growth due to lower inflation and consequent sub-dued tax buoyancy.

    #HighlightBudget2015 #AmrutMahotsav

    Amrut Mahotsav - The year 2022, 75th year of Independence Vision for “Team India” led by PM


    • Ensure a Senior Secondary School within 5 km reach of every child, while improving quality of education and learning outcomes.
    • To strengthen rural economy - increase irrigated area, improve the efficiency of existing irrigation systems, and ensure value addition and reasonable price for farm produce.
    • Ensure communication connectivity to all villages.
    • To make India, the manufacturing hub of the World through Skill India and the Make in India Programmes.
    • Encourage and grow the spirit of entrepreneurship - to turn youth into job creators.
    • Development of Eastern and North Eastern regions on par with the rest of the country

    #HighlightBudget2015 #AmrutMahotsav

    Amrut Mahotsav - The year 2022, 75th year of Independence Vision for “Team India” led by PM
    • Substantial reduction in poverty.
    • Electrification of the remaining 20,000 villages including off-grid Solar Power- by 2020. 
    • Connecting each of the 1,78,000 un-connected habitation.
    • Providing medical services in each village and city.

    #HighlightBudget2015 #AmrutMahotsav

    Amrut Mahotsav - The year 2022, 75th year of Independence Vision for “Team India” led by PM

    • Housing for all - 2 crore houses in Urban areas and 4 crore houses in Rural areas. 

    • Basic facility of 24x7 power, clean drinking water, a toilet and road connectivity. 

    • At least one member has access to means for livelihood.

    #HighlightBudget2015 STATE OF ECONOMY


    STATE OF ECONOMY

      Inflation

     Inflation declined - a structural shift.


    CPI inflation projected at 5% by the end of the year, consequently, easing of monetary policy.

    Monetary Policy Framework Agreement with RBI, to keep inflation below 6%. ¾ GDP growth in 2015-16, projected to be between 8 to 8.5%.

    #HighlightBudget2015 Game changing reforms on the anvil:

    Game changing reforms on the anvil:
    ♦ Goods and Service Tax (GST)
    ♦ Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer.

    #HighlightBudget2015 Three Key achievements


    Three Key achievements:

    1. Financial Inclusion - 12.5 crores families financially mainstreamed in 100 days.
    2. Transparent Coal Block auctions to augment resources of the States.
    3. Swachh Bharat is not only a programme to improve hygiene and cleanliness but hasbecome a movement to regenerate India.


    No Change in Customs Duty for following CHAPTERS

    As per D.O.F.No.334/5/2015-TRU dated 28.02.2015

    THERE IS NO CHANGE IN BASIC CUSTOM DUTY FOR FOLLOWING CHAPTERS

    • 01 TO 24
    • 31 TO 71
    • 75, 77, 78, 79, 80, 82, 83, 86, 88, 89
    • 91 TO 98


    HighlightBudget2015

    #HighlightBudget2015
    ·         Credibility of Indian economy has been re-established in the last nine months.
    ·         Indian economy about to take-off on a fast growth trajectory.
    ·         Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth.
    ·         Economically empowered States are equal partners to Indian economic growth.
    ·         Round the clock, round the year Government to pursue accelerated growth, enhanced investment for the benefit of all Indians.
    ·         After inheriting an economy with sentiments of “doom and gloom” with adverse macroeconomic  indicators, nine months have seen at turn around, making India fastest growing
    ·         large economy in the World with a real GDP growth expected to be 7.4% (New
    Series).
    ·         Stock market - Second best performing in 2014.
    ·         Macro-economic stability and conditions for sustainable poverty alleviation, job creation and durable double digit economic growth have been achieved.

    ·         Restored the trust of the people on the Government by delivering on different areas.

    NO custom duty on Digital Still Image Video Cameras

    Basic Custom Duty is being reduced from 10% to Nil on Digital Still Image Video Cameras capable of recording video with minimum resolution of 800x600 pixels, at minimum 23 frames per second, for at least 30 minutes in a single sequence, using the maximum storage (including the expanded) capacity.
                         As per  Notification No.12/2012-Customs, dated 17th March, 2012 as amended vide notification No.10/2015-Customs, dated 1st March, 2015 [new S.No.428A].

    Basic Custom Duty on High Speed Diesel Oil is reduced

    Basic Custom Duty of High Speed Diesel Oli is Rs. 6 per litre, As per NOTIFICATION No.7/2015-Custom dated 01.03.2015

    [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

    GOVERNMENT OF INDIA
    MINISTRY OF FINANCE
    (DEPARTMENT OF REVENUE)

    NOTIFICATION No.7/2015-Customs

    New Delhi, the 1st March, 2015. G.S.R. (E).-

    In exercise of the powers conferred by section 116 of the Finance Act, 1999 (27 of 1999), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts high speed diesel oil, falling under heading 2710 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the additional duty of customs leviable thereon under section 116 read with the Second Schedule to the said Finance Act, 1999, as is in excess of the amount calculated at the rate of rupees six per litre.

    [F.No. 334/5/2015-TRU]
    (Akshay Joshi)
    Under Secretary to the Government of India

    Basic Custom Duty on Petrol is reduced.

    Basic Custom Duty on Petrol is Rs. 6 per litre, As per Notification No. 6/2015 dated 01.03.2015.

    [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

    GOVERNMENT OF INDIA 
    MINISTRY OF FINANCE
    (DEPARTMENT OF REVENUE) 

    NOTIFICATION No.6/2015-Customs 

    New Delhi, the 1st March, 2015. 

    G.S.R. (E).- In exercise of the powers conferred by section 103 of the Finance (No.2) Act, 1998 (21 of 1998), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts motor spirit commonly known as petrol, falling under heading 2710 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the additional duty of customs leviable thereon under section 103 read with the Second Schedule to the said Finance (No.2)Act, 1998, as is in excess of the amount calculated at the rate of rupees six per litre. [F.No. 334/5/2015-TRU] (Akshay Joshi) Under Secretary to the Government of India

    Friday, February 27, 2015

    Railway budget announcement of setting up of TRANSLOC( Tranortation logistics corporation of India): End - To- End logistic services

    Moving focus from  Infrastructure  company to Service company.


    • Integrating Air cargo , ICD and gateway airports.
          . Introducing bar code tracking of parcel.
      
      .     Automated parcel warehouses


    Friday, January 23, 2015

    Global Tax Guru , Welcome Mr. Obama

    Global Tax  Guru , Welcome Mr. Obama



    World's  greatest democracy coming together for a better world.

    Saturday, January 03, 2015

    No importer shall sell, distribute, deliver, display or store for sale any commodity in the packaged form unless the package complies with in all respects, the provisions of the LEGAL METROLOGY ACT, 2009 and rules made there under.

    Goods can be seized if provisions of LEGAL METROLOGY ACT, 2009 are not followed , as per rule 18 of The Legal Metrology (Packaged Commodities) Rules, 2011.  The said rule is reproduced herein below:


    "18. Provisions relating to wholesale dealer and retail dealers.-(1) No wholesale dealer or
    retail dealer or importer shall sell, distribute, deliver, display or store for sale any commodity in
    the packaged form unless the package complies with in all respects, the provisions of the Act and
    these rules.
    (2) No retail dealer or other person including manufacturer, packer, importer and wholesale
    dealer shall make any sale of any commodity in packed form at a price exceeding the retail sale
    price thereof.
    (3) Where, after any commodity has been pre-packed for sale, any tax payable in relation to such
    commodity is revised, the retail dealer or any other person shall not make any retail sale of such
    commodity at a price exceeding the revised retail sale price, communicated to him by the
    manufacturer, or where the manufacturer is not the packer, the packer, and it shall be, the duty
    of the manufacturer or packer as the case may be, to indicate by not less than two
    advertisements in one or more newspapers and also by circulation of notices to the dealers and
    to the Director in the Central Government and Controllers of Legal Metrology in the States and
    Union Territories, the revised prices of such packages but the difference between the price
    marked on the package and the revised price shall not, in any case, be higher than the extent of
    increase in the tax or in the case of imposition of fresh tax higher than the fresh tax so imposed:
    Provided that publication in any newspaper, of such revised price shall not be necessary where
    such revision is due to any increase in, or imposition or, any tax payable under any law made by
    the State Legislation:
    Provided further that the retail dealer or other person, shall not charge such revised prices in
    relation to any packages except those packages which bear marking indicating that they were
    pre-packed in the month in which such tax has been revised or fresh tax has been imposed or in
    the month immediately following the month aforesaid;
    Provided also that where the revised prices are lower than the price marked on the package, the
    retail dealer or other person shall not charge any price in excess of the revised price, irrespective
    of the month in which the commodity was pre-packed.]
    (4) Nothing in sub-rule (3) shall apply to a package which is not required, under these rules to
    indicate the month and the year in which it was pre-packed.
    (5) No wholesale dealer or retail dealer or other person shall obliterate, smudge or alter the retail
    sale price, indicated by the manufacturer or the packer or the importer, as the case may be, on
    the package or on the label affixed thereto.
    (6) The manufacturer or packer or the importer shall not alter the price on the wrapper once
    printed and used for packing.
    (7) All retailers who are covered under the Value Added Tax VAT or Turn Over Tax (TOT) and
    dealing in packaged commodities whose net content declaration is by weight or volume or a
    combination thereof shall maintain a electronic weighing machine of at least accuracy class III,
    with smallest division of at least 1 g, with facility to issue a printed receipt indicating among other
    things, the gross quantity, price and the like at a prominent place in their retail premises, free of
    cost, for the benefit of consumers and the consumers may check the weight of their packaged
    commodities purchased from the shop on such machine."

    Tuesday, December 30, 2014

    State Government will not verify water meter , sphygmomanometer ,clinical thermometer & load cell

    As per  guideline  issued  by  Department of Consumers , Govt of India ,on 8.10.2013  that  the State Government  will not verify:
     water meter ,
     sphygmomanometer ,
    clinical thermometer &
     load cell.

    Guideline may be seen at  http://consumeraffairs.nic.in/consumer/writereaddata/guideline%20for%20GATC.pdf

    APPLICATION FORM FOR REGISTRATION OF IMPORTER OF WEIGHTS AND MEASURES

    SCHEDULE X 
    APPLICATION FORM FOR REGISTRATION OF IMPORTER 
    OF WEIGHTS AND MEASURES 
    [ Rule 15 ]
    To
    The Director of Legal Metrology,
    Government of India, 
    New Delhi.
    Sir,
    I/We* hereby apply for registration of my/our* name(s) as importer of weights and/or measures.
    Particulars with regard to items specified in the table below are given against each such item. The registration fee of Rs. ....................... has been paid in the treasury at........................... vide Chalan No. ......................... dated.................. enclosed.
    1. Name and full address :
    2. Whether individual/undivided Hindu family/registered firm :
    3. Income-tax registration No. (if any):
    4. Date of registration as manufacturer/dealer; registration No. and name of registering authority :
    5. Date & No. of the licence to carry on the business of weights and measures; the name of authority by whom the licence was issued/renewed :
    (a) buying and selling, or
    (b) manufacturing.
    6. Item(s) of weights and measures in relation to which the applicant has been registered as manufacturer and/or dealer :
    7. Items of weights and measures for which application is being made for registration as-
    (a) exporter,
    (b) importer.
    8. Items, if any, exported/imported during the period of two years immediately preceding the year in which the application is made :
    9. Remarks :

    *Delete which is not applicable. Signature

    google analytics

    newAD

    Google