Refer
Notification 14/2012 dated 17.03.2012, amended by 19/2014 customs dated
11.07.2014, 69/2004 custom dated 09.07.2004.
Wednesday, July 16, 2014
Exemption to Secondary and Higher Education Cess
Refer
Notification 14/2012 dated 17.03.2012, amended by 19/2014 customs dated
11.07.2014, 69/2004 custom dated 09.07.2004.
Central Excise Cess is introduced @3% on Selected IT,Electronics and other Products
- Goods specifies in headings, sub headings or tariff items 3818, 84690010, 8470, 8471, 84732100, 84732900, 84735000;
- Line telephone sets and line videophones of heading 8517;
- Goods specified in tariff item 85195000;
- All prepared unrecorded media for sound recording or similar recording of other phenomenon, other than products of chapter 37 (excluding cards incorporating a magnetic stripe) of heading 8523;
- Recoded media for reproducing phenomena other than sound or image of heading 8523;
- Goods specified in headings, sub-headings or tariff items 853120, 8532, 8533, 85340000, 8541;
- Parts of electronic integrated circuits and micro-assemblies of tariff item 852352 or 85429000;
- Goods specified in headings, sub-headings or tariff items 85437011, 90138010, 90139010, 9026, 90272000, 902730, 902750, 902780 (except exposure meters), 90304000, 90308200; and
- Goods specified in serial numbers 11 to 12A, 17 to 44, 47 to 50 and 54 of the said table.
Exemption to Education Cess
Refer
Notification 13/2012 dated 17.03.2012, amended by 18/2014 customs dated
11.07.2014, 69/2004 custom dated 09.07.2004.
Tuesday, July 15, 2014
After Budget Total Custom Duty on "Geneva" (Alcoholic Bewerage)
After Budget Total Custom Duty on Geneva Bewerage ( 2L or less capacity ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Gin" ( More than 2L )
After Budget Total Custom Duty on Gin ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Gin"
After Budget Total Custom Duty on Gin ( 2L or Less capacity ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Vodka" ( More than 2L )
After Budget Total Custom Duty on Vodka ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Vodka"
After Budget Total Custom Duty on "Vodka" ( 2L or Less capacity) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Rum" ( More than 2L)
After Budget Total Custom Duty on Rum ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on "Rum"
After Budget Total Custom Duty on Rum (2L or Less capacity) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Scotch ( More than 2L )
After Budget Total Custom Duty on Scotch ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Scotch
After Budget Total Custom Duty on Scotch (2L or Less capacity) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Bourbon Whiskey ( More than 2L)
After Budget Total Custom Duty on Bourbon Whiskey ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Bourbon Whiskey.
After Budget Total Custom Duty on Bourbon Whiskey (2L or Less capacity) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Liquors ( More than 2L ).
After Budget Total Custom Duty on Liquors ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Brandy ( More than 2L ).
After Budget Total Custom Duty on Brandy ( More than 2L ) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Liquors
After Budget Total Custom Duty on Liquors (2L or Less capacity) is 160%.
No Import Restriction.
After Budget Total Custom Duty on Brandy
After Budget Total Custom Duty on Brandy (2L or less capacity ) is 160%.
No Import Restriction.
Monday, July 14, 2014
After Budget, Total Custom Duty on "LED TV"
After Budget Total Custom Duty on LED TV set (Screen size below 63 cm) is 26.495%.
No Import Restriction.
Thursday, July 10, 2014
: Brief highlights of this Budget concerning individual Income Tax, simplification of Customs clearance and change in Tax related to your Industry
Indirect tax
Basic Customs Duty
Steel grade
limestone and steel grade dolomite @2.5%.
Imported flat
rolled products of stainless steel @7.5%.
Forged Steel
Ring used in manufacture of bearings of wind operated electricity generated
@5%.
Excise Duty
Exempt
Central Excise Duty
Machinery
and equipment required for setting up of a project for Solar Energy Production.
Forged Steel
Rings
Forged Steel
Ring used in manufacture of bearings of wind operated Generators.
Solar Power Project
Concessional
Basic Customs Duty (BCD) of 5
percent is also being extended to machinery and equipment required for setting
up of a project for solar energy production.
Exempting
from Excise Duty:
i.
EVA
sheets and solar back sheets and specified inputs used in their manufacture;
ii.
solar
tempered glass used in the manufacture of solar photovoltaic cells and modules;
iii.
flat
copper wire for the manufacture of PV ribbons for use in solar cells and
modules;
iv.
machinery
and equipment required for setting up of a project for solar energy production;
v.
forged
steel rings used in the manufacture of bearings of wind operated generators;
Wind Power Project
Reducing
the Basic Customs Duty (BCD) from 10
percent to 5 percent on forged steel rings used in the manufacture of bearings
of wind operated electricity generators.
Also
exempted the SAD of 4 percent on
parts and raw materials required for the manufacture of wind operated
generators.
Clean Energy Cess
Increased
the Clean Energy Cess from ` 50 per tonnes to `100 per tonnes.
Service Tax
No
Change noticed related to your Industry.
Easy made doing Business
Reduced interface with Governmental agencies, dwell
time and the cost of doing business.
1.
Extended existing 24x7 customs clearance facility to 13 more airports in
respect of all export goods and to 14 more sea ports in respect of specified
import and export goods.
2. Under an 'Indian Customs Single Window Project' to facilitate trade,
importers and exporters would lodge their clearance documents at a single point
only. Required permissions, if any, from other regulatory agencies would be
obtained online without the trader having to approach these agencies.
Scheme
of Advance Ruling
The
scheme of Advance Ruling in indirect taxes is being expanded to cover resident private limited companies.
This will allow these companies to seek advance ruling in respect of new
activities being proposed to be undertaken by them.
Scope of Settlement Commission
The
scope of Settlement Commission is being enlarged
to facilitate quick dispute resolution.
Disposal of Appeal
To
expedite the process of disposal of appeals, amendments have been proposed in
the Customs and Central Excise Acts with a view to freeing appellate
authorities from hearing stay applications and to take up regular appeals for
final disposal.
Change in Budget in Direct Tax and Transfer price
Direct Taxes
1. Increase personal income tax exemption limit by `50,000
i)
From ` 2 lakh to ` 2.5 lakh in the case of individual
taxpayers who are below the age of 60 years.
ii)
Raise the exemption limit from ` 2.5 lakh to ` 3 lakh
in the case of senior citizens.
2. No change in the rate of surcharge for the corporates and
the individuals, HUFs, firms etc.
3. The education
cess for all taxpayers shall continue at 3 percent.
4. Increased the
investment limit under section 80C
of the Income-tax Act from ` 1 lakh to ` 1.5 lakh.
5. Increased the deduction limit on account of interest on
loan in respect of self occupied house property from ` 1.5 lakh to ` 2
lakh.
Manufacturing Sector
Provided investment
allowance at the rate of 15 percent to a manufacturing company that invests
more than ` 25 crore in any year in new plant and machinery.
This benefit will be
available for three years i.e. for investments upto 31.03.2017. The Scheme
announced last year will continue to operate in parallel till 31.03.2015.
Extended the 10 year
tax holiday to the undertakings which begin generation, distribution and
transmission of power by 31.03.2017.
Treating capital gains the income arising to Foreign Portfolio Investors (FPIs)
from transaction in securities.
Continued the concessional rate of tax at 15 percent on dividend received by
Indian companies from their foreign subsidiaries without any sunset date.
Extended the eligible
date of borrowing in foreign currency from 30.06.2016 to 30.06.2017 for a
concessional tax rate of 5 percent on interest payments.
Also extended this
tax incentive to all types of bonds instead of only infrastructure bonds.
Transfer
Pricing
Made certain changes in Transfer Pricing regulations.
(1) To be strengthened
the administrative set up of APA to
expedite disposal of applications. Introduced a "Roll Back" provision in the APA scheme so that an APA
entered into for future transactions may also be applied to international
transactions undertaken in previous four years in specified circumstances.
(2) In order to align Transfer Pricing regulations in India
with the best available practices, Introduced range concept for determination of arm's length price. However, the
arithmetic mean concept will continue to apply where number of comparable is
inadequate. The relevant data is under analysis and appropriate rules will be
prescribed.
(3) As per existing
provisions of Transfer Pricing Regulations, only one year data is allowed to be
used for comparable analysis with some exception. Proposed to amend the
regulations to allow use of multiple year data.
(4) Necessary legislative
amendments to give effect to the above proposals including those relating to
the Authority for Advance Rulings and Income-tax Settlement Commission will be
moved in the current session of the Parliament.
Duty Free Baggage Allowance has been increased by Rs. 10,000/- to make your foreign trip pleasurable.
Now , the free baggage allowance is Rs 45,000.
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