Daily Archives: February 29, 2016

Change in rate of interest on goods warehoused for export, when cleared to DTA

Circular No. 1019/7/2016-CX F. No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner / Chief Commissioner of Central Excise and Service Tax (All), Principal Commissioner of… Read More »

Pay 15% for Stay of Income at demand at CIT (A) : Office Memorandum No 404/72/93 ITCC DATED 29-2-2016

SECTION 220 OF THE INCOME-TAX ACT, 1961 – COLLECTION AND RECOVERY OF TAX – WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT – AMENDMENT OF INSTRUCTION NO.1914, DATED 21-3-1996 TO PROVIDE FOR GUIDELINES FOR STAY OF DEMAND AT FIRST APPEAL STAGE OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 29-2-2016 Instruction No. 1914 dated 21-3-1996 contains guidelines issued by… Read More »

Govt to withdraw Prosecution cases of Excise of 15 Years older

Withdrawal from prosecution in Central Excise cases older than 15 years involving duty less than rupees five lakhs   Circular No. 1018/6/2016-CX F. No. 96/54/2014-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated the 29th February, 2016 To, Principal Chief Commissioners/Chief Commissioners of Central Excise… Read More »

Govt to isssue Certificate of payment of Central Excise duty to all Industries

Certificate evidencing payment of Central Excise duty Circular No. 1017/5/2016-CX F.No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner / Chief Commissioner of Central Excise… Read More »

Registration of two or more premises as one registrant in Central Excise

Registration of two or more premises as one registrant in Central Excise Circular No. 1016/4/2016-CX F.No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner /… Read More »

Govt amends Reverse Charge Mechanism of Service Tax

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider Notification 18/2016-Service Tax dt. 01-03-2016

Date Notified for Section 107(h) of Finance Act 2015

Seeks to bring into effect provisions of clause (h) of section 107 of the Finance Act, 2015 Notification No 15/2016-Service Tax dt. 01-03-2016 Note : the definition of “support service” [section 65B (49)] is also to be omitted from date to be notified [section 107(h) of Finance Act, 2015]. As and when this amendment is given… Read More »

Interest @ 24% on Delayed payment of Collected Service tax

Notification No 13/2016-Service Tax dt. 01-03-2016 Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due -Rate of simple interest- 24% Other than in situations covered under serial number 1 above. : Rate of… Read More »

Govt exempted Services provided by the bio-incubators

Seeks to amend notification No. 32/2012-Service Tax dated 20th June, 2012, so as to exempt services provided by the bio-incubators approved by the Biotechnology Industry Research Assistance Council, under Department of Biotechnology, Government of India Notification No 12/2016-Service Tax dt. 01-03-2016

Construction of Civil Structure will attract higher Service Tax as Govt Amended notification No. 26/2012

Seeks to amend notification No. 26/2012-Service Tax, dated 20th June 2012, so as to make necessary amendments in the specified entries prescribing taxable portion and the conditions for availing the exemption therein [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

Indian Army Invites Application from MBBS Candidates

Indian Army Invites Application from MBBS Candidates for Short Service Commission in Armed Forces Medical Services The Indian Army has invited applications from Indian citizens, both males and females, who have passed their final MBBS (Part-I&II) examination in first or second attempt and completed/completing internship for grant of Short Service Commission in the Armed Forces… Read More »

Govt will remove Plan – Non Plan Classification in Budget

Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18 The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit… Read More »

Budget 2016 Agenda is to Transform India

FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’             While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year.  This was possible notwithstanding the contraction of global exports by… Read More »

Finance Minister clarify aims of Tax Proposals

FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote… Read More »

3 Steps for disbursement of Govt subsidies in Budget 2016

Initiatives to Ensure Targetted Disbursement of Government Subsidies and Financial Assistance to Actual Beneficiaries Three specific initiatives have been proposed to achieve the objective of targeted disbursement of Government subsidies and financial assistance to the actual beneficiaries. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »

Govt Steps for Financial Sector reforms in Budget 2016

Comprehensive Code on Resolution of Financial Firms to be Enacted Allocation of Rs. 25,000 Crore Towards Recapitalisation of PSBS Target of Amount Sanctioned Under Pradhan Mantri Mudra Yojana is Proposed to be Increased to Rs 1,80,000 Crore While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »

Govt steps in Budget 2016 for Simplification of Taxation

Simplification and Rationalization of Taxation While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17. In order to… Read More »

Increase of 15.3% in Plan Expenditure in Budget 2016

Increase of 15.3 percent in the Plan Expenditure over the current Financial Year The total expenditure in the General Budget for 2016-17 has been projected at Rs.19.78 lakh crore, consisting of Rs.5.50 lakh crore under Plan and Rs.14.28 lakh crore under Non-Plan. The increase in Plan expenditure is in the order of 15.3% over current… Read More »

Krishi Kalyan Cess @ 0.5% on all taxable servies ; Budget 2016

Additional Resource Mobilization for agriculture, rural economy and clean environment Krishi Kalyan Cess @ 0.5% on all taxable services for financing initiatives relating to improvement of agriculture and welfare of farmers While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that uniform application of Dividend Distribution… Read More »

New Health Protection Scheme announced in Budget 2016

A New Health Protection Scheme to provide health cover up to Rs.1 lakh per family announced National Dialysis Services Programme to be launched 3000 Stores to be opened under Prime Minister’s Jan Aushadhi Yojana during 2016-17 The Minister for Finance and Corporate Affairs and Information and Broadcasitng, Shri Arun Jaitley has announced a New Health… Read More »

Good News for pension Savings in Budget 2016

Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case… Read More »

15 Key Reform Measures in Budget speech 2016-17

Union Finance Minister Shri Arun Jaitley spoke on the Key Reform Measures in his Budget speech 2016-17 1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017. 2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912… Read More »

Govt provided marketing freedom to incentivise Oil & Gas production in Budget 2016

Government will provide calibrated marketing freedom to incentivise Oil & Gas production Comprehensive plan to augment investment in Nuclear Power generation Presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivized by giving… Read More »

Govt increased outlay in Infrastructure in Budget 2016

Together with the Capital Expenditure of the Railways, the Total Outlay on Roads and Railways Proposed at Rs 2,18,000 Crore in 2016-17 Total Outlay for Infrastructure in Budgetary Estimates 2016-17 Stands at Rs. 2,21,246 Crore   While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Infrastructure… Read More »

Govt announces Reforms in FDI Policy through Budget 2016

Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges 100% FDI to be Allowed Through FIPB Route in Marketing Food Products Produced and Manufactured in India While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that to promote private… Read More »

FM announces Rs. 2000 crore for LPG Connection to women

Finance Minister announces Rs. 2000 crore in the Budget to give LPG Connection to women member of poor households; Scheme to benefit 1.5 crore households below poverty line in the current year Finance Minister expresses gratitude and appreciation for those households who voluntarily gave up cooking gas subsidy   National Scheduled Caste and Scheduled Tribe… Read More »

New dispute Resolution Scheme Launched by Govt to promote tax-friendly regime

Promoting a tax-friendly regime through a new ‘ Dispute Resolution Scheme ’ While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the… Read More »

Govt tpo launch Ek Bharat Shreshtha Bharat

Ek Bharat Shreshtha Bharat Programme to be Launched ‘Ek Bharat Shrestha Bharat’ programme will be launched to link States and Districts in an annual programme that connects people though exchanges in areas of language, trade, culture, travel and tourism. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun… Read More »

Budget 2016-17 presented in Parliament

Budget 2016-17 presented in Parliament; Major focus on agriculture and farmers’ welfare 28.5 lakh Hectares to be brought under irrigation Rs. 2.87 lakh crore Grant in Aid to Gram Panchayats and Municipalities 100% village electrification by 1st May 2018   A massive mission announced to provide LPG connection to poor households New Health Protection Scheme to… Read More »

Government to Double the Income of Farmers by 2022

Government to Double the Income of Farmers by 2022 Unified Agricultural Marketing E-Platform to be Dedicated to the Nation on 14th April this Year The Union Finance Minister, Shri Arun Jaitley while presenting the General Budget today said that his Government intends to go beyond Food Security and give back a sense of income security… Read More »