This document contains a summary of key points from the Indian Union Budget for 2015-2016 presented by Finance Minister Arun Jaitley. Some of the main points included increasing investment in education institutions like AIIMS, IITs, and IIMs. It also outlined proposed changes to corporate tax rates, excise duties, and service tax rates that are expected to increase tax revenues. The budget covered infrastructure development projects in various states and sectors like heritage sites, apprenticeship training, and disability studies. It provided details on proposed amendments to taxation laws and procedures to simplify compliance.
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
Background
Even though Union Budget, 2017 is supposed to be on 01.02.2017, the Government has introduced significant changes to service tax law through the issue of Notification No. 01/2017, 02/2017, 03/2017 and 04/2017 dated 12.01.2017.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
Background
Even though Union Budget, 2017 is supposed to be on 01.02.2017, the Government has introduced significant changes to service tax law through the issue of Notification No. 01/2017, 02/2017, 03/2017 and 04/2017 dated 12.01.2017.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
Information return precautions by mfg and service providersAshish Chaudhary
CBE has come out with Notification requiring RBI and Electricity Companies to submit requisite details about foreign remittance and electricity consumption. Certain aspects requiring consideration by manufacturers and service providers/receivers
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
On 12th January 1946, Rs. 500 was demonetized and people were given 10 days for exchange. After this period explanation was required as to why exchange was not done in the first 10 days.
The Scheme was a failure as out of the total issue of Rs. 143.97 crores of High Denomination Notes, Rs. 134.90 crores were exchanged. Thus only Rs. 9 crores were demonetized.
1946 exercise turned out to be only an exchange.
Enrolment Plan for your State
The schedule of the enrolment activation drive for states is given below. We encourage you to complete the enrolment during the specified dates. However, the window will be open till 31/01/2017 for those who miss the chance.
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
The mood is positive for GST with the Congress appearing to soften its stand and press reports indicating a possible five hour debate in the Parliament on the 122nd Constitutional Amendment.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
Section 65(105)(zzzh) provides for a levy of service tax on services in relation to ‘construction of complex’ and an explanation was added by Finance Act, 2010.
The new law provides for an equalisation levy of 6% on the amount of consideration received, or receivable on specified services carried on by a non-resident not having a permanent establishment in India.
Article co-owners of house property - dt & dt implicationsoswinfo
When more than one person owns a property and the said property realizes revenue in the form of rent and interest on loan is involved, direct and indirect tax implications require examination in the light of relevant statutory provisions and judicial precedents.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Canadian Immigration Tracker March 2024 - Key SlidesAndrew Griffith
Highlights
Permanent Residents decrease along with percentage of TR2PR decline to 52 percent of all Permanent Residents.
March asylum claim data not issued as of May 27 (unusually late). Irregular arrivals remain very small.
Study permit applications experiencing sharp decrease as a result of announced caps over 50 percent compared to February.
Citizenship numbers remain stable.
Slide 3 has the overall numbers and change.
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Budget 2015-2016 - analysis of indirect tax proposals -client
1. K.VAITHEESWARAN
ADVOCATE &TAX CONSULTANT
Flat No.3, First Floor,
No.9, Thanikachalam Road,
T. Nagar,
Chennai - 600 017, India
Tel.: 044 + 2433 1029 / 4048
402, Front Wing,
House of Lords,
15/16, St. Marks Road,
Bangalore – 560 001, India
Tel : 080 22244854/ 41120804
Mobile: 98400-96876
E-mail : vaithilegal@yahoo.co.in vaithilegal@gmail.com
www.vaithilegal.com
2. AIIMS
Institute of Pharma
IITs
Upgrade Indian School of
Mines into IIT
IIMs
Horticulture Research &
Education
Centre for Film
Production, Animation
and Gaming.
Upgrade National
Institute of Speech and
Hearing to a University of
Disability Studies
Apprenticeship Training
Institute for Women
Institute of Science &
Education Research
Development of heritage
sites
ARUN JAITLEY EXPRESS…. States and Union Territory Covered in the Budget
Karnataka
J & K
Punjab
Tamil Nadu
Himachal Pradesh
Assam
Amritsar
Maharashtra
Rajasthan
Chhattisgarh
Nagaland
Odisha
Andhra
Haryana
Uttrakhand
Dhanbad
Goa
Bhihar
Gujarat
Telangana
Uttar Pradesh
3. 2014-2015
(Revised Estimates)
(Rs. in Crores)
2015-2016
(Budget Estimates
(Rs. in Crores)
CorporationTax 426079 470628
Taxes on income 278599 327367
Customs 188713 208336
Excise 185480 229808
ServiceTax 168132 209774
Without an increase in corporate tax rates, the Government is estimating an
increase of Rs.44000 crores which is more than 10% of the RE of 2014-2015.
With a marginal increase in excise duty rate from 12% to 12.5%, the Government
is estimating an increase of nearly Rs.44000 crores.
Factoring the increase in the rate of service tax Government is estimating an
additional increase of about Rs.13000 crores.
4. Education cess and Secondary Education cess on excise duty
exempted from 01.03.2015.
Education cess and Secondary Education cess continues on
customs duty.
Education cess and Secondary Education cess continues on
service tax.
Clean energy cess on coal, lignite, peat increased from
Rs.100 per ton to Rs.300 per ton from 01.03.2015. (effective
rate at Rs.200 per ton vide Notification No.1/2015)
5. Excise duty increased from 12% to 12.5%
from 01.03.2015.
Imposition of duty on condensed milk,
peanut butter.
Excise duty of 2% without cenvat credit and
12.5% with cenvat credit on tablet computer.
Parts, components, accessories used for
manufacture of tablet computer exempted.
Scope of MRP based taxation widened.
6. Mineral waters and aerated waters
containing added sugar from 12% to 18%.
Cigarettes by 25% and 15%.
7. Inverted duty structure.
Rate of customs duty on a number of imported raw materials
/ inputs reduced to encourage manufacture in India.
Reduction in duty on metal parts for use in manufacture of
electrical insulators.
Certain parts used for manufacture of insulated wires and
cables; microwave ovens, compressor.
Certain items used for hydrogen peroxide, fertilizers, parts
and components of digital still image video camera with
minimum resolution of 800 x 600 pixels at minimum 23
frames per second.
8. Specified inputs used for manufacture of specified CNC lathe
machines reduced.
Certain items used for manufacture of LCD, LED TV panels
reduced to ‘nil’.
Organic LED panels reduced to ‘nil’ rate.
Certain items used for manufacture of solar water heater
system exempted.
Parts, components, accessories falling under any Chapter
for use in the manufacture of Tablet Computers and the
sub-parts used for manufacture parts, components and
accessories fully exempted from BCD, CVD and SAD.
9. Duty on specified inputs such as ethylene dichloride (EDC),
vinyl chloride monomer (VCM) and styrene monomer (SM)
from 2.5% to 2%.
BCD on liquefied butane, isoprene reduced from 5% to 2.5%.
BCD and CVD on parts, components and accessories for use
in the manufacture of table computer exempted.
Effective BCD of 10% on vehicles falling under 8702 or 8704
when imported in CKD condition.
Effective BCD in any other form at the rate of 20%.
Nil BCD and CVD for goods imported for setting up mega
specified project.
10. Accumulation of cenvat credit in the hands of manufacturers
on account of SAD.
All goods except populated PCB falling under any chapter for
used in the manufacture of ITA bound goods reduced from
4% to nil.
Inputs used for manufacture of LED driver and MCPCB for
LED lights, fixtures and LED lamps reduced from 4% to nil.
EDC, VCM and SM used for manufacture of excisable goods
reduced from 4% to 2%.
Metal scrap of iron and steel, copper, brass and alluminium
reduced from 4% to 2%.
11. Duty of excise arising on account of reasons other than
fraud, etc. penalty non-exceeding 10% of the duty or
Rs.5,000 whichever is higher.
No such penalty if the duty or interest is paid before issue of
Show Cause Notice or within 30 days of Show Cause Notice.
If duty and interest is paid within 30 days from the date of
receipt of order, penalty shall be 25% of the total penalty.
New concept of penalty even for duty demands which do not
involve any fraud or suppression.
12. Duty on account of fraud or suppression, etc. with intent –
Penalty equivalent to duty.
In such cases, if the duty and interest is paid within 30 days of
receipt of Show Cause Notice, penalty shall be 15% of the
duty provided the penalty is also paid within 30 days.
In such cases, where the duty and interest is paid within 30
days of receipt of order, penalty shall be 25% of the duty
provided the penalty is also paid within 30 days.
13. Advance Rulings applicable to resident firms
(LLP, Partnership Firm, Sole Proprietor, one
person company).
14. Time limit for availment of credit increased from 6
months to 1 year.
Rule 6 amended to provide that exempted goods
shall include non-excisable goods cleared for a
consideration from a factory
Capital goods can be taken out for job work and
received back within 2 years.
Credit on inputs / capital goods can be taken as soon
as the inputs / capital goods are received in the job
worker premises in case the goods are sent directly
to the job worker location.
15. Credit taken wrongly but not utilized –
recovery under Section 11A or Section 73 as
the case may be.
Credit taken but utilized wrongly or has been
erroneously refunded, same shall be
recovered with interest.
16. Records can be preserved in electronic form
and every page of the record so preserved
shall be authenticated by means of a digital
signature.
If invoice meant for a transporter is digitally
signed, hard copy of the duplicate copy of the
invoice meant for transporter and self-
attested by the manufacturer shall be used
for transport.
17.
18. Concept of aggregator.
Aggregator defined as a person who owns and manages a web
based software application and by means of the application
and a communication device enables a potential customer to
connect with the persons providing service of a particular kind
under the brand name or trade name of the aggregator.
Aggregator is liable to pay service tax.
If aggregator does not have a physical presence in the
taxable territory any person representing the aggregator for
any purpose shall be liable to pay service tax.
If aggregator does not have a physical presence or a
representative, he shall appoint a person for the purpose of
paying service tax.
19. Services provided by MF agent or distributor to MF or AMC –
Service receiver liable.
Services provided by selling or marketing agent of lottery
tickets to a lottery distributor or selling agent – service
receiver liable.
100% tax to be paid by service receiver in respect of
manpower supply services and security services.
20. Concept of support services provided by Government
omitted in Act and Rules.
In respect of services provided or agreed to be provided by
Government or local authority excluding renting, postal,
port, airport, transport service tax is payable by the business
entity located in the taxable territory.
Auction fees for spectrum, mines ?
Any activity for consideration provided by the Government
which is not in the nature of a tax or a sovereign levy.
21. Transport of goods by rail taxable value of 30% - no
cenvat credit on inputs, capital goods and input
services.
Transport of passengers by rail taxable value of 30%
- no cenvat credit on inputs, capital goods and input
services.
22. Transportation of passengers by air in a class
other than economy class – taxable value
60%.
Goods transportation agency taxable value
increased from 25% to 30%.
23. Rule 4(1A) of the Service Tax Rules which
enabled the Board to specify documents to
be submitted for registration deleted.
24. Invoice can be authenticated by digital
signature.
Board to specify conditions, safeguards and
procedures.
Records can be kept in electronic form and
every page so preserved shall be
authenticated by digital signature.
Board to specify conditions, safeguards and
procedures.
25. Service tax rate increased from 12% to 14% after FA 2015
is enacted and an effective date is notified.
Till the new rate is notified education cess and secondary
education cess to continue.
Alteration in compounded rates for travel agents, insurer
carrying on life insurance business, money changing.
26. Swachh Bharath Cess on all or any of the
taxable services at the rate of 2% on the
value of such services for the purposes of
financing and promoting Swachh Bharath
initiatives – Section 117 of Finance Bill, 2015.
Enabling provision and effective after a date
is notified.
27. Section 67 is being amended in order to provide that
consideration include any reimbursable expenses or
cost incurred by the service provider and charge in
the course of providing or agreeing to provide a
taxable service except in such condition and subject
to such condition as may be prescribed.
Decision of the Delhi High Court in the case of Inter-
Continental Consultants and Technocrats nullified.
28. Amendment in definition of ‘service’.
Services of a foreman of chit fund for conducting or
organizing a chit in any manner taxable – Delhi Chit
Funds Association case nullified.
Services of a lottery distributor or selling agent in
relation to promoting, marketing, organizing,
selling of lottery or facilitating in organizing lottery
of any kind taxable – Tashi De Lek Gaming
Solutions Pvt. Ltd.
29. Government defined.
Government will not include any entity created by
statute or otherwise, the accounts of which are not
required to be kept in accordance with Article 150 of
the Constitution.
30. In a case where the amount of service tax payable has been
self-assessed in the return furnished under sub-section (1) of
section 70, but not paid either in full or in part, the same shall
be recovered along with interest in any of the modes
specified in section 87, without issue of notice under Section
73(1).
Section 78 penalty – 15% of the service tax payable as
penalty if the tax and interest is paid within a period of 30
days from the date of receipt of notice.
31. Section 76 penalty at the rate of 10% of the tax where the levy for
reasons other than fraud.
If the tax and interest is paid within a period of 30 days from the
date of receipt of Notice – No penalty.
If the tax and interest is paid within a period of 30 days from the
date of receipt of Order, penalty shall be 25% of the penalty
imposed in the order, provided the reduced penalty is paid within a
period of 30 days from the date of receipt of order.
32. Construction, installation etc. provided to Government
taxable. (01.04.2015)
Construction, installation etc. of airport and port taxable
(01.04.2015)
Drama, music, theatre artist exempt only if consideration
charged for such performance is not more than Rs.1 lakh.
(01.04.2015)
Transportation by rail or vessel or GTA by road of food stuff
taxable. Exemption confined to milk, salt, food grain
including flour, pulses and rice. (01.04.2015)
Section 80 omitted.
33. Negative list is being amended in order to delete admission
to entertainment events or access to amusement facilities.
Services by way of right of admission to
exhibition of cinematograph film, circus, dance or
theatrical performance including drama or ballet,
recognized sport event,
award function / concert / pageant / musical performance
or other sport events where the consideration for
admission is not more than Rs.500/-
exempted after enactment of FA 2015 and from an effective
date.
34. Services by way of exhibition of movie by an
exhibitor to the distributor or an association
of persons consisting of the exhibitor as one
of its members is exempt from 01.04.2015.
Litigation ?
35. Deletion of definition of entertainment event.
Service tax on admission to certain entertainment events.
Entertainment is a State subject.
Definition of process amounting to manufacture or production of goods
to exclude manufacture of alcoholic liquor for human consumption.
Negative list amended in order to enable levy of tax on any process
amounting to manufacture or production of alcoholic liquor for human
consumption.
Service Tax leviable on contract manufacturing/job work for production
of potable liquor for a consideration.
Intoxicating liquors, that is to say, the productions, manufacture,
possession, transport, purchase and sale of intoxicating liquors’ falls
under Entry 8 of the State List.
36. Finance Bill, 2015 has also introduced amendments to
Reserve Bank of India Act, 1934
Forward Contracts (Regulation)Act, 1952
Securities Contract (Regulation)Act, 1956
FEMA, 1999
Prevention of Money Laundering Act, 2002
FRBM Act, 2003
Government Securities Act, 2006
37.
38. 122nd Constitutional Amendment was introduced in the Lok
Sabha.
Requires 2/3rd majority in the Parliament for clearance and
subsequent adoption by 50% of the legislatures.
We are now embarked on two more game changing reforms.
GST and what the Economic Survey has called the JAM Trinity
– Jan Dhan, Aadhar and Mobile – to implement direct transfer
of benefits. GST will put in place a state-of-the-art indirect tax
system by 1st April, 2016. The JAM Trinity will allow us to
transfer benefits in a leakage-proof, well-targetted and
cashless manner. (Para 11 of the Finance Minister’s Speech on
28.02.2015)
39. We need to revive growth and investment to ensure that more jobs are
created for our youth and benefits of development reach millions of our
poor. We need an enabling tax policy for this. I have already introduced
the Bill to amend the Constitution of India for Goods and Services Tax (GST)
in the last Session of this august House. GST is expected to play a
transformative role in the way our economy functions. It will add buoyancy
to our economy by developing a common Indian market and reducing the
cascading effect on the cost of goods and services. We are moving in
various fronts to implementGST from the next year. (Para 96)
As part of the movement towards GST, I propose to subsume the
Education Cess and the Secondary and Higher Education Cess in Central
Excise duty. (Para 118)
Introduction of GST is eagerly awaited by Trade and Industry. To facilitate a
smooth transition to levy of tax on services by both the Centre and the
States, it is proposed to increase the present rate of service tax plus
education cesses from 12.36% to a consolidated rate of 14%. (Para 121)
40. Compensation to States for revenue losses
due to phasing out of CST
Actual 2013-14 Budget 2014-15 Revised 2014-15 Budget 2015-16
(Rs. in Crores)
70 0.01 10758 14929
41. Seriousness on the part of the Government in introducing
GST from 01.04.2016 is evident in the speech.
Significant provision forCST compensation to States will
ensure that the States come on board.
Devolution of more revenues to States by the Finance
Commission would improve the State Finances and act as a
GST enabler.
Increase in the service tax rate would make people ready for
a GST rate.
Law, policy, guidelines, IT infrastructure will have to move at
a faster pace at the Government level in order to meet the
deadline.
42. K.VAITHEESWARAN
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