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We have specialization to provide advisory services on complex statutory Compliance and policy-related matters under areas of Logistics (Import & Export), Taxation (GST & Customs), Foreign Trade & Investment (DGFT), Food Safety (FSSAI), Weights & Measures (Legal Metrology), Wireless & Telecommunication Products (WPC) and Chartered Engineering services. Optimize your Supply chain as 4PL Company through our 3PL partners. Refund of duty/ credit/interest at Customs, GST and DGFT Appellate Service related to Customs, GST and Legal Metrology. Licenses and IEC from DGFT.

Friday, March 16, 2012

Baggage allowance for Indians travelling abroad is increased by Rs 10,000


 The duty-free allowance for eligible passengers of Indian  origin from  Rs 25,000 to  Rs 35,000 and for children of up to 10 years from Rs 12,000 to Rs 15,000

Budget Highlights 2012-2013 for INDIRECT TAX


Budget Highlights 2012-2013

INDIRECT TAX

Service Tax

 Sevice tax confronts challenges of its share being below its potential, complexity
in tax law, and need to bring it closer to Central Excise Law for eventual transition
to GST.
 Overwhelming response to the new concept of taxing services based on negative
list.
 Proposal to tax all services except those in the negative list comprising of 17
heads.
 Exemption from service tax is proposed for some sectors.
 Service tax law to be shorter by nearly 40 per cent.
 Number of alignment made to harmonise Central Excise and Service Tax. A
common simplified registration form and a common return comprising of one
page are steps in this direction.
 Revision Application Authority and Settlement Commission being introduced in
Service Tax for dispute resolution.
 Utilization of input tax credit permitted in number of services to reduce cascading
of taxes.
 Place of Supply Rules for determining the location of service to be put in public
domain for stakeholders’ comments.
 Study team to examine the possibility of common tax code for Central Excise
and Service Tax.
 New scheme announced for simplification of refunds.
 Rules pertaining to point of taxation are being rationalised.
 To maintain a healthy fiscal situation proposal to raise service tax rate from 10
per cent to 12 per cent, with corresponding changes in rates for individual services.
 Proposals from service tax expected to yield additional revenue of `18,660 crore.13

Other proposals for Indirect Taxes

 Given the imperative for fiscal correction, standard rate of excise duty to be
raised from 10 per cent to 12 per cent, merit rate from 5 per cent to 6 per cent and
the lower merit rate from 1 per cent to 2 per cent with few exemptions.
 Excise duty on large cars also proposed to be enhanced.
 No change proposed in the peak rate of customs duty of 10 per cent on nonagricultural goods.
 To stimulate investment relief proposals for specific sectors - especially those
under stress.

Basic Customs duty on car has been increased from 60% to 75% in Budget.

Basic Customs duty on car has been increased from 60% to 75% in Budget.

Service Tax Rate is increased from 10 % to 12 %

Service Tax Rate is increased from 10 % to 12 %

Baggage allowance is increased from Rs 25,000 to Rs 35,000 in Budget


See Live Budget at this link

See live webcast of Indian Budget 2012

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