Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
The budget document proposes changes to direct and indirect taxes as well as general policies. For direct taxes, no change is proposed to individual tax rates but rebates are increased. Surcharges on taxes over Rs. 1 crore are increased. Tax benefits for home loans and pension funds are introduced. Threshold limits for tax audits are increased. For indirect taxes, service tax is increased by 0.5% to introduce a new agricultural cess. Excise duties are increased on tobacco, jewellery and garments. Tax compliance measures like e-assessments and dispute resolution processes are expanded.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
The budget document outlines key details of the 2017-18 Indian union budget. Some highlights include a fiscal deficit target of 3.2% of GDP, total borrowing estimated at Rs. 546332 crore, a reduction of the corporate tax rate for MSMEs to 25%, and a reduction of the tax rate on income up to Rs. 5 lakh to 5%. It also notes a 25.4% increase in capital expenditure from the previous year.
This budget summary outlines the key priorities and plans of the Indian government's third budget under Prime Minister Modi's administration. It focuses on increasing entrepreneurship, health, dialysis, agriculture and irrigation. Planned expenditures are budgeted to increase 15.3% over the previous year, with funds allocated towards agriculture/farmers, rural development, social sectors, education, jobs, infrastructure, banking reforms, e-governance and tax reforms. Specific agriculture and irrigation initiatives are detailed to achieve the goal of doubling farmers' incomes by 2022.
Greetings!!
Team ValuFocus is pleased to provide you a Glimpse of the Tax Proposals presented by Hon’ble Finance Minister during the Budget for the Year 2016-17. A snapshot of the changes has been covered in the note attached.
We would be pleased to hear any comments or suggestions on the same.
The budget proposal is divided into 10 themes: farmers, rural population, youth, poor/underprivileged, infrastructure, financial sector, digital economy, public services, fiscal management, and tax administration. Key points include increased farmer credit, rural development programs, skill training for youth, healthcare initiatives, infrastructure spending on railways and roads, financial reforms, digital payment promotion, and tax reforms including lowering personal income tax rates. The budget aims to boost rural spending and contains major reforms like merging the railway budget.
This document summarizes key changes from the Indian Budget 2017 relating to direct taxes, indirect taxes, and other financial measures. For individuals, the document outlines changes such as reduced income tax rates, increased deduction limits, and simplified income tax returns. For corporates and professionals, it discusses changes like the corporate tax rate and presumptive taxation. The document also summarizes changes to capital gains tax, TDS/TCS provisions, and introduces new penalties for non-compliance. Regarding indirect taxes, it notes that the Goods and Services Tax is expected to be implemented soon and replaces existing service tax and excise duty laws.
This presentation is an attempt to summarize the salient points of the Indian Budget 2016-17.It is a presentation with basic details and its target audience are students undertaking Graduate level and MBA courses.
The budget document proposes changes to direct and indirect taxes as well as general policies. For direct taxes, no change is proposed to individual tax rates but rebates are increased. Surcharges on taxes over Rs. 1 crore are increased. Tax benefits for home loans and pension funds are introduced. Threshold limits for tax audits are increased. For indirect taxes, service tax is increased by 0.5% to introduce a new agricultural cess. Excise duties are increased on tobacco, jewellery and garments. Tax compliance measures like e-assessments and dispute resolution processes are expanded.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
The budget document outlines key details of the 2017-18 Indian union budget. Some highlights include a fiscal deficit target of 3.2% of GDP, total borrowing estimated at Rs. 546332 crore, a reduction of the corporate tax rate for MSMEs to 25%, and a reduction of the tax rate on income up to Rs. 5 lakh to 5%. It also notes a 25.4% increase in capital expenditure from the previous year.
This budget summary outlines the key priorities and plans of the Indian government's third budget under Prime Minister Modi's administration. It focuses on increasing entrepreneurship, health, dialysis, agriculture and irrigation. Planned expenditures are budgeted to increase 15.3% over the previous year, with funds allocated towards agriculture/farmers, rural development, social sectors, education, jobs, infrastructure, banking reforms, e-governance and tax reforms. Specific agriculture and irrigation initiatives are detailed to achieve the goal of doubling farmers' incomes by 2022.
Greetings!!
Team ValuFocus is pleased to provide you a Glimpse of the Tax Proposals presented by Hon’ble Finance Minister during the Budget for the Year 2016-17. A snapshot of the changes has been covered in the note attached.
We would be pleased to hear any comments or suggestions on the same.
The budget proposal is divided into 10 themes: farmers, rural population, youth, poor/underprivileged, infrastructure, financial sector, digital economy, public services, fiscal management, and tax administration. Key points include increased farmer credit, rural development programs, skill training for youth, healthcare initiatives, infrastructure spending on railways and roads, financial reforms, digital payment promotion, and tax reforms including lowering personal income tax rates. The budget aims to boost rural spending and contains major reforms like merging the railway budget.
This document summarizes key changes from the Indian Budget 2017 relating to direct taxes, indirect taxes, and other financial measures. For individuals, the document outlines changes such as reduced income tax rates, increased deduction limits, and simplified income tax returns. For corporates and professionals, it discusses changes like the corporate tax rate and presumptive taxation. The document also summarizes changes to capital gains tax, TDS/TCS provisions, and introduces new penalties for non-compliance. Regarding indirect taxes, it notes that the Goods and Services Tax is expected to be implemented soon and replaces existing service tax and excise duty laws.
This presentation is an attempt to summarize the salient points of the Indian Budget 2016-17.It is a presentation with basic details and its target audience are students undertaking Graduate level and MBA courses.
This document provides a summary of the key highlights from the Union Budget of India for 2016-17. It discusses proposals related to agriculture and farmers' welfare, rural development, social sectors, education, skills, job creation, infrastructure, financial sector reforms, taxation rates and amendments to various acts. The budget aims to boost growth, employment, ease of doing business while maintaining fiscal discipline. It focuses on priority sectors like agriculture, irrigation, rural development, social sectors, affordable housing and skill development.
Dear All,
Attaching herewith glimpse of the Budget 2016- Indirect Tax.
We have tried to capture all relevant aspects of the Budget which may impact on day to day business activities. Rate changes attributable to individual products and services are not covered.
Any suggestions/ feedback are most welcome.
Thanks and regards,
Nilesh Saboo
nilesh@bsllp.in
The document summarizes key highlights from the Union Budget related to trusts, tax rates for small companies, house property, business income, capital gains, deductions, transfer pricing, special tax rates, TDS, and return filing provisions. Some key changes include an increased tax rate of 25% for small companies with turnover up to 50 crores, reduced holding period for long term capital gains on immovable property from 36 to 24 months, and increased contribution limits for NPS deductions.
We all welcome the Union Budget 2016-17 and consider it reformist budget aimed at creating strong base for economic growth.
The budgetary proposals are built on transformative agenda standing on nine (9) pillars, which could be regarded as facilitators to the various programs of national importance (7 programs) like Start-up India, Digital India, Make in India, Smart India, Stand-up India, Skill India and Clean India.
Budget Analysis of Union Budget 2017 in relation to amendments made in Income Tax Act, 1961 and Service Tax. A comprehensive and detailed analysis in simple language for better understanding of every class of readers.
The Union Budget for 2017-18 was presented by Finance Minister Arun Jaitley on February 1st, 2017 with an overall size of 21.47 lakh crore rupees. Key focuses of the budget included transforming governance, energizing various sections of society including youth and farmers, and cleaning the country from corruption. Major allocations were made for infrastructure development, rural development including doubling farmers' income, healthcare, education and skills development, and the defense sector. The fiscal deficit target for 2017-18 was set at 3.2% of GDP.
The document provides an analysis of key direct tax proposals in the Union Budget 2017 relating to transfer pricing, thin capitalization rules, taxation of individuals and companies, capital gains, real estate transactions, startups, and measures to promote digital payments and discourage cash transactions. Some key changes include reduced tax rates for individuals, introduction of secondary adjustment and thin capitalization rules for transfer pricing, relaxation of conditions for affordable housing tax exemption, and restrictions on cash donations and transactions above certain thresholds.
The document summarizes key aspects of India's 2017-18 Union Budget. It outlines the agenda for the year, which focuses on transforming governance, energizing various sections of society, and cleaning the country from issues like corruption. It also summarizes major policy announcements, including liberalizing FDI rules and listing railway PSEs, as well as key proposals for direct taxes like income tax rates and corporate tax rates, and indirect taxes including changes to customs and excise duty tariffs.
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
The Union Budget 2016 highlights include boosting rural development, farmer's income, and infrastructure spending while maintaining the fiscal deficit target of 3.5%. Revenue expenditure is budgeted to rise 11% and tax revenues are expected to increase 11%. Allocations were increased for agriculture and farmer welfare, rural development including MGNREGA and PMGSY, and rural electrification. Infrastructure spending saw higher allocations for roads and ports. No major tax reforms were announced, but some relief was provided for affordable housing and startups. The budget aims to balance growth initiatives with fiscal prudence, but the fiscal targets may require cautious execution.
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.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
The budget document outlines several major reforms and policy initiatives in the 2017-18 Indian budget. It includes advancing the date of budget presentation, merging the railway budget with the main budget, and abolishing the distinction between plan and non-plan expenditure. It also outlines changes to direct and indirect taxation rates, as well as allocations for infrastructure development, rural development, healthcare, education, skill development, agriculture and banking sector reforms.
The Union Budget of India for the 2016-17 fiscal year was presented. Some key points:
The budget keeps accounts of the government's finances from April 1 to March 31 each year and includes a revenue budget and capital budget. Revenue budget covers tax and non-tax receipts as well as revenue expenditure for daily functioning.
There were no changes to income tax slabs but some relief for small taxpayers. Infrastructure development was emphasized with increased allocations to roads, highways, and other sectors. Agricultural support was increased along with irrigation targets and crop insurance. The budget aims to balance economic growth with equitable resource distribution through effective implementation.
The Union Budget 2017 document summarizes key changes announced in the Indian Union Budget of 2017 and their implications. Some of the major changes include reductions in income tax rates for individual income between 2.5 to 5 lakhs, a reduction in the income tax rebate amount, restrictions on cash transactions over 300,000 rupees, a 10% income tax surcharge for incomes between 50 to 100 lakhs, and reductions in the permissible amount for cash donations from 10,000 to 2,000 rupees. The budget also included exempting long term capital gains from equity investments from tax if securities transaction tax was paid, penalties for delayed income tax filings, and changes to long term capital gains holding periods and the
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides a high-level summary of key aspects of the 2017-2018 budget of India. It allocates ₹21.47 lakh crores with focus on farmers, rural population, youth, poor and underprivileged, and sectors like railways, infrastructure, financial, and digital. It aims to boost agriculture with higher credit limits, expand crop insurance and markets. It also focuses on rural employment, healthcare, education, housing, and transportation infrastructure development through initiatives like MGNREGA, Swachh Bharat, and Smart Cities. Fiscal deficit is targeted at 3.2% of GDP with emphasis on transparency, ease of doing business and a simplified income tax structure.
The document discusses expectations for India's 2016-2017 Union Budget. Key points include:
- Challenges meeting fiscal deficit targets and addressing stressed public sector banks.
- Expectations for strengthening banks, reducing corporate taxes, and continuing initiatives like Make in India and subsidy reforms.
- Hopes for boosting infrastructure spending, returning to fiscal consolidation, and tax reform ahead of a new goods and services tax.
- Views that extra-budgetary sources rather than fiscal slippage should fund increased capital expenditures.
Budget Analysis of 2016-17 of BangladeshRasel Ahamed
The document provides an analysis of Bangladesh's budget for fiscal year 2016-2017. Some key points:
- The budget totals Tk. 3,40,605 crore with a GDP growth target of 7.2%. Revenue is projected at 12.4% of GDP and expenditure at 17.4% of GDP, resulting in a budget deficit of 5% of GDP.
- Private investment is expected to rise to 23.3% of GDP. Inflation is projected to decline to 5.8%. The annual development program amounts to Tk. 1,10,700 crore, higher than the previous year.
- Major expenditures include education, public services, interest payments, and transport. Revenue sources
National Budget of Bangladesh (FY) 2016-17TAREK MAHMUD
National budget of Bangladesh 2016-17 fiscal year has been published on 3rd June. Here I have summarized all the budgeted facts and figures in simple way. I tried to make the analysis easy and simple to understand. I took help from daily star in this case.
This document provides a summary of the key highlights from the Union Budget of India for 2016-17. It discusses proposals related to agriculture and farmers' welfare, rural development, social sectors, education, skills, job creation, infrastructure, financial sector reforms, taxation rates and amendments to various acts. The budget aims to boost growth, employment, ease of doing business while maintaining fiscal discipline. It focuses on priority sectors like agriculture, irrigation, rural development, social sectors, affordable housing and skill development.
Dear All,
Attaching herewith glimpse of the Budget 2016- Indirect Tax.
We have tried to capture all relevant aspects of the Budget which may impact on day to day business activities. Rate changes attributable to individual products and services are not covered.
Any suggestions/ feedback are most welcome.
Thanks and regards,
Nilesh Saboo
nilesh@bsllp.in
The document summarizes key highlights from the Union Budget related to trusts, tax rates for small companies, house property, business income, capital gains, deductions, transfer pricing, special tax rates, TDS, and return filing provisions. Some key changes include an increased tax rate of 25% for small companies with turnover up to 50 crores, reduced holding period for long term capital gains on immovable property from 36 to 24 months, and increased contribution limits for NPS deductions.
We all welcome the Union Budget 2016-17 and consider it reformist budget aimed at creating strong base for economic growth.
The budgetary proposals are built on transformative agenda standing on nine (9) pillars, which could be regarded as facilitators to the various programs of national importance (7 programs) like Start-up India, Digital India, Make in India, Smart India, Stand-up India, Skill India and Clean India.
Budget Analysis of Union Budget 2017 in relation to amendments made in Income Tax Act, 1961 and Service Tax. A comprehensive and detailed analysis in simple language for better understanding of every class of readers.
The Union Budget for 2017-18 was presented by Finance Minister Arun Jaitley on February 1st, 2017 with an overall size of 21.47 lakh crore rupees. Key focuses of the budget included transforming governance, energizing various sections of society including youth and farmers, and cleaning the country from corruption. Major allocations were made for infrastructure development, rural development including doubling farmers' income, healthcare, education and skills development, and the defense sector. The fiscal deficit target for 2017-18 was set at 3.2% of GDP.
The document provides an analysis of key direct tax proposals in the Union Budget 2017 relating to transfer pricing, thin capitalization rules, taxation of individuals and companies, capital gains, real estate transactions, startups, and measures to promote digital payments and discourage cash transactions. Some key changes include reduced tax rates for individuals, introduction of secondary adjustment and thin capitalization rules for transfer pricing, relaxation of conditions for affordable housing tax exemption, and restrictions on cash donations and transactions above certain thresholds.
The document summarizes key aspects of India's 2017-18 Union Budget. It outlines the agenda for the year, which focuses on transforming governance, energizing various sections of society, and cleaning the country from issues like corruption. It also summarizes major policy announcements, including liberalizing FDI rules and listing railway PSEs, as well as key proposals for direct taxes like income tax rates and corporate tax rates, and indirect taxes including changes to customs and excise duty tariffs.
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
The Union Budget 2016 highlights include boosting rural development, farmer's income, and infrastructure spending while maintaining the fiscal deficit target of 3.5%. Revenue expenditure is budgeted to rise 11% and tax revenues are expected to increase 11%. Allocations were increased for agriculture and farmer welfare, rural development including MGNREGA and PMGSY, and rural electrification. Infrastructure spending saw higher allocations for roads and ports. No major tax reforms were announced, but some relief was provided for affordable housing and startups. The budget aims to balance growth initiatives with fiscal prudence, but the fiscal targets may require cautious execution.
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.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
The budget document outlines several major reforms and policy initiatives in the 2017-18 Indian budget. It includes advancing the date of budget presentation, merging the railway budget with the main budget, and abolishing the distinction between plan and non-plan expenditure. It also outlines changes to direct and indirect taxation rates, as well as allocations for infrastructure development, rural development, healthcare, education, skill development, agriculture and banking sector reforms.
The Union Budget of India for the 2016-17 fiscal year was presented. Some key points:
The budget keeps accounts of the government's finances from April 1 to March 31 each year and includes a revenue budget and capital budget. Revenue budget covers tax and non-tax receipts as well as revenue expenditure for daily functioning.
There were no changes to income tax slabs but some relief for small taxpayers. Infrastructure development was emphasized with increased allocations to roads, highways, and other sectors. Agricultural support was increased along with irrigation targets and crop insurance. The budget aims to balance economic growth with equitable resource distribution through effective implementation.
The Union Budget 2017 document summarizes key changes announced in the Indian Union Budget of 2017 and their implications. Some of the major changes include reductions in income tax rates for individual income between 2.5 to 5 lakhs, a reduction in the income tax rebate amount, restrictions on cash transactions over 300,000 rupees, a 10% income tax surcharge for incomes between 50 to 100 lakhs, and reductions in the permissible amount for cash donations from 10,000 to 2,000 rupees. The budget also included exempting long term capital gains from equity investments from tax if securities transaction tax was paid, penalties for delayed income tax filings, and changes to long term capital gains holding periods and the
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides a high-level summary of key aspects of the 2017-2018 budget of India. It allocates ₹21.47 lakh crores with focus on farmers, rural population, youth, poor and underprivileged, and sectors like railways, infrastructure, financial, and digital. It aims to boost agriculture with higher credit limits, expand crop insurance and markets. It also focuses on rural employment, healthcare, education, housing, and transportation infrastructure development through initiatives like MGNREGA, Swachh Bharat, and Smart Cities. Fiscal deficit is targeted at 3.2% of GDP with emphasis on transparency, ease of doing business and a simplified income tax structure.
The document discusses expectations for India's 2016-2017 Union Budget. Key points include:
- Challenges meeting fiscal deficit targets and addressing stressed public sector banks.
- Expectations for strengthening banks, reducing corporate taxes, and continuing initiatives like Make in India and subsidy reforms.
- Hopes for boosting infrastructure spending, returning to fiscal consolidation, and tax reform ahead of a new goods and services tax.
- Views that extra-budgetary sources rather than fiscal slippage should fund increased capital expenditures.
Budget Analysis of 2016-17 of BangladeshRasel Ahamed
The document provides an analysis of Bangladesh's budget for fiscal year 2016-2017. Some key points:
- The budget totals Tk. 3,40,605 crore with a GDP growth target of 7.2%. Revenue is projected at 12.4% of GDP and expenditure at 17.4% of GDP, resulting in a budget deficit of 5% of GDP.
- Private investment is expected to rise to 23.3% of GDP. Inflation is projected to decline to 5.8%. The annual development program amounts to Tk. 1,10,700 crore, higher than the previous year.
- Major expenditures include education, public services, interest payments, and transport. Revenue sources
National Budget of Bangladesh (FY) 2016-17TAREK MAHMUD
National budget of Bangladesh 2016-17 fiscal year has been published on 3rd June. Here I have summarized all the budgeted facts and figures in simple way. I tried to make the analysis easy and simple to understand. I took help from daily star in this case.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
Rs.14000 per month pay for workers, 8% sales tax on sugar and 31% corporate tax are laudable interventions in budget. Prices of laptops and computers will decrease in Pakistan.
The document summarizes Bangladesh's national budget for 2016-17. It shows that the majority (59.7%) of the budget's Taka 3,406.05 billion in resources comes from tax revenue collected by the National Board of Revenue. The largest portions of the budget are allocated to education and technology (15.6%), public administration (13.9%), and interest payments (11.7%). Graphs break down revenue sources and expenditure allocations by sector.
The document summarizes key points from the Indian Budget 2016-17 presented by Finance Minister Arun Jaitley. Some highlights include lowering the corporate tax rate, increasing rural sector allocation, and focusing on agriculture, infrastructure development, and social programs. The total budget amount was 19.78 trillion rupees, a 10.8% increase over the previous budget.
Macroeconomic correlates in the FY2015 budget were inconsistent while key fiscal targets did not reflect reality in designing of the framework.
The basis of achieving 7.3 percent GDP growth remains a suspect without substantial private sector investment which has shown a continuous declining trend, underscored the CPD analysis of the National Budget for FY2015.
The analyses flagged that fiscal measures in the budget are largely in order and tuned to budgetary objectives but not adequate to attain expected GDP growth.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
The budget for 2015-16 outlines 16 interventions that will benefit various groups. It includes a 7.5% increase in pay and pensions for government employees, a minimum wage of Rs.13,000 per month for workers across Pakistan, and 50,000 internships for unemployed students. It also allocates Rs.102 billion for the Benazir Income Support Program to support poor families, Rs.4 billion for Pakistan Bait-ul-Mal to help the poor and unemployed graduates, and Rs.71.5 billion for education initiatives. Defense expenditure is budgeted at Rs.781 billion to support the armed forces of Pakistan.
The document provides information about federal budgets. It defines what a budget is and discusses different types of budgets including government budgets. It explains that a federal budget forecasts spending for the upcoming year in a country. The budget process involves preparation, approval, implementation, and auditing. Budgets can be executive, legislative, capital, operating, line-item, performance-based, or zero-based. It also discusses budget surpluses, deficits, and discretionary vs entitlement spending. The document concludes by summarizing highlights and criticisms of Pakistan's 2015-2016 federal budget, which aimed to strengthen industry and agriculture through incentives but faced challenges including poor governance and an imbalance of spending priorities.
This document provides a summary of the key features of the Union Budget 2016-17 presented by the Finance Minister. It discusses the growth of the Indian economy in 2015-16 at 7.6% despite global challenges. The budget focuses on boosting domestic demand, continuing economic reforms, and enhancing expenditure on priority sectors like agriculture, rural development, infrastructure, and social sectors. It outlines fiscal consolidation measures like maintaining the fiscal deficit target, increasing plan expenditure, and rationalizing central schemes. It also summarizes the allocations and initiatives proposed for agriculture, rural development, social sectors, education, and job creation.
The document provides details about the Union Budget of India for 2009-2010. It summarizes the key aspects of the budget including total estimated expenditures of Rs. 10.2 trillion and estimated revenues of Rs. 6.1 trillion. It outlines spending increases for sectors like rural development, education, health, and infrastructure development. The economic survey highlights India's GDP growth target of 7.5% for 2009-2010 with challenges from the global slowdown and inflation addressed through fiscal policy changes.
The document summarizes key points from the 2017-18 Union Budget of India presented by Finance Minister Arun Jaitley. The budget focused on 10 themes: farmers, rural population, youth, poor/underprivileged, infrastructure, financial sector, digital economy, fiscal management, tax proposals, and political party funding. Key allocations and policy changes are outlined for agriculture, rural development, education, healthcare, infrastructure, energy, taxation, and other sectors. The budget was positively received in stock markets but rail stocks fell due to proposed rail allocation. Certain items like cigarettes and LED components will be costlier while online rail tickets and LNG will be cheaper after the budget.
The document defines what a budget is according to various sources and provides details about the key components of a government budget. A budget is a financial plan that estimates revenues and expenditures for a set period, usually a year. It includes estimates of taxes, borrowing, expenditures on programs and services. The budget helps allocate resources and implement economic policies.
The document summarizes key proposals in the Indian Union Budget for direct taxes. Some key points include:
1) No change proposed to income tax slab rates but various changes impacting taxable income such as higher surcharge for income over Rs. 1 crore and 10% tax on long term capital gains from unlisted securities.
2) Enhancement of deduction limit under section 80GG for rent paid from Rs. 2,000 to Rs. 5,000 per month.
3) Introduction of a new deduction under section 80EE for interest on home loans up to Rs. 50,000 for homes valued under Rs. 50 lakhs with loans under Rs. 35 lakhs taken from FY
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document provides an overview of the budget and economic highlights for KF &Co for the 2014-2015 fiscal year. It summarizes key economic data for Pakistan including a GDP growth of 4.14% in 2013-2014. It also outlines proposed changes to Pakistan's Income Tax Ordinance of 2001, including introducing a new concept of "filers" and "non-filers" and changes to taxation of capital gains, bonus shares, and the incomes of non-profit organizations. Significant proposed amendments to the tax code are summarized relating to income definitions, tax credits, minimum tax rates, and other areas.
Critical analysis of Bangladesh Budget Rifat Ahsan
The document provides an overview of key aspects of Bangladesh's national budget for FY2016-17, including:
- The budget sets GDP growth at 7.2%, inflation at 6%, and the budget deficit at Tk. 97,853 crore.
- Major allocations include Tk. 26,847 crore for education, Tk. 17,487 crore for health, and Tk. 3,759 crore for water resources.
- The total Annual Development Programme size is Tk. 1107 billion, a 21.6% increase over FY2016.
- The budget deficit financing for FY2017 will be 37% from external sources and 63% from domestic sources.
The document summarizes key direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. ...D Murali ☆
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. K. Subramani - Article published in Business Advisor, dated February 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Budget 2017 - Clause by clause analysis of amendments to direct tax laws (Par...D Murali ☆
Budget 2017 - Clause by clause analysis of amendments to direct tax laws (Part 3) - V. K. Subramani - Article published in Business Advisor, dated March 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Finance Bill, 2018 Amendments Passed by the Lok SabhaUpasanaTaxmann
The Lok Sabha on Wednesday passed the Finance Bill, 2018 amendments. Here're the snippets of changes made in finance bill, 2018. For more information visit https://www.taxmann.com/.
Corporate Udates
#SEBI
Charging of additional expenses of upto 0.20% in terms of Regulation 52 (6A) (c) of SEBI (Mutual Funds) Regulations, 1996 -
SEBI issues Circular w.r.t. Total Expense Ratio (TER)– change and disclosure which shall be applicable on All Mutual Funds/AMCs/Trustee Companies
MCA
MCA exempts Government Company from complying with Ind AS 12 for 7 years w.e.f April 2017
MCA designates Special Courts in Kerala, Odisha and Guwahati for speedy Trial of offences
TAXATION
GST: Government Notifies Postponement of E-Way Bill
CBDT has issued Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018.
OTHERS
DGFT – Issues a public notice to notify the amendment in the procedure of seeking modification in IEC
Company Website-
www.acquisory.com
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
The document discusses the key provisions and recent changes made to the Income Tax audit process in India.
Some of the key points include:
- Tax audit is required if business turnover exceeds Rs. 1 crore or professional receipts exceed Rs. 50 lakhs
- Form 3CD must be submitted by the auditor by 30th September of the assessment year
- Recent changes to Form 3CD include additional reporting for GST, capital gains, gifts received, transfer pricing adjustments, and cash transactions over Rs. 2 lakhs
- New clauses have been added for secondary adjustments, interest deduction limitations, GAAR impacted transactions, and reporting of specified financial transactions
1 highlights of income tax provisions in budget 2018Subramanya Bhat
The document summarizes key changes to India's income tax provisions in the 2018 budget. Some key points:
- Long-term capital gains (LTCG) over Rs. 1 lakh from listed equity shares will now be taxed at 10%. All LTCG until January 31, 2018 will be exempt.
- Standard deduction of Rs. 40,000 introduced for salaried employees in lieu of transport/medical exemptions.
- Deduction limits for senior citizens increased for interest income, health insurance premiums, and medical expenditure.
- Corporate tax rate reduced to 25% for domestic companies with turnover up to Rs. 250 crores.
The Finance Minister, Mr. Arun Jaitely on February 29, 2016 presented his 3rd Union Budget in the Parliament. Various changes have been proposed in the income-tax provisions which would impact the taxable income of an individual.
The budget document summarizes key changes for salaried individuals, taxation of long term capital gains (LTCG), business income, international taxation, and miscellaneous items. For salaried taxpayers, deduction limits for medical expenses and interest income were increased. LTCG will now be taxed at 10% for gains over Rs. 1 lakh. Business income rules were expanded and tax rates increased for large companies. International tax provisions now include a broader definition of permanent establishment and taxing digital businesses based on economic presence in India. Various deductions and exemptions were also introduced or modified.
Indian Finance Bill 2020 was tabled in Lok Sabha on March 23, 2020 along with certain Amendments to it and the bill was passed by the House on the same day. A discussion on these amendments have been captured in the note herewith. Inter-alia, Finance Act 2016 is also amended wherein, Equalization Levy at 2% on E-commerce operator for supply of goods and services is also included.
The Payment of Bonus act, 1965. this PPT has inclusion recent amendments and is done from the view point of students. If anything has been missed out, do let us know through comments.
ThankYou
Direct Tax Amendments Applicable From 1st April 2017Amarpal Jakhar
As Financial Year is ending, tax proposals in the Budget 2017 have now become law. This Budget focused on rewarding honest taxpayers, taxing the rich and bringing to task economic offenders. Here we are listing some of the major changes in direct taxation that would apply from April 2017.
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
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Taxmann’s GST Tariff contains GST Tariff for Goods and Services. It provides HSN-wise and SAC-wise Tariff of all the Goods and Services.
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Services Index
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The details coverage of the book is as follows:
•GST Tariff for Goods with HSN Code
•Arrangement of Chapters
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•Rates specified in Central Excise Act
•National Calamity Contingent Duty
•Additional Duty on Tobacco
•Additional Duty on Motor Spirit (Petrol)
•Additional Duty on High Speed Diesel Oil
•Special Additional Excise Duty on Motor Spirit and High Speed Diesel Oil
•Road & Infrastructure Cess
•Agriculture Infrastructure and Development Cess
•GST Rate Reckoner for Goods/Commodity Index
•GST Tariff for Services
•Arrangement of Services
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•Integrated Goods & Services Tax Tariff for Services
•Compensation Cess
•Rate of Tax and Exemption Notifications for Services
•Reverse Charge in case of intra-State supplies of services
•Reverse Charge in case of inter-State supplies of services
•Notified categories of services the tax on intra-State/inter-State supplies of which shall be paid by electronic commerce operator
•No refund of unutilised Input Tax Credit
•Notified registered persons who shall pay tax on reverse charge basis on certain specified supplies of goods or services or both received from an unregistered supplier
•Notified rate of tax to be levied on specified first intra-State supplies of goods or services
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The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
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The document summarizes key income tax implications in India for the financial year 2022-23 based on amendments made in the Finance Act 2022.
It outlines that income tax rates, health and education cess rates, and surcharge rates remain unchanged for FY2022-23. It introduces provisions for taxation of virtual digital assets at 30% and mandatory TDS of 1% on transfer of such assets. It also allows individuals to file an updated income tax return within 24 months of the assessment year on payment of additional tax. The document provides details of various deductions available under Chapter VI-A of the Income Tax Act.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. Direct Tax include Income tax. Income Tax is changed by
relevant finance Act of the year. In Budget 2016, the relevant
finance act will be Finance Act 2016. So Finance Act 2016 will
bring changes in Income tax Act, 1961.
Changes in Direct Taxes / Amendments in Income tax Act,
1961
Slab rates of income-tax are not changed. It is same as it was
in financial year 2015-16.
Surcharge remain same as it was in financial year 2015-16.
Education Cess & SHEC remain same as it was in financial year
2015-16.
In case of domestic company, the rate of Income-tax shall be
twenty nine per cent. of the total income if the total turnover or
gross receipts of the company in the previous year 2014-15 does
not exceed five crore rupees and in all other cases the rate of
Income tax shall be thirty per cent. of the total income.
3. In order to provide relief to newly setup domestic companies engaged
solely in the business of manufacture or production of article or thing, it is
proposed to amend the Act by way of insertion of new section 115BA, to
provide that the income-tax payable in respect of the total income of a domestic
company for any previous year relevant to the assessment year beginning on or
after the 1st day of April, 2017 shall be computed @ 25% at the option of the
company.
Earlier the dividend received was exempt U/s 10(34), now it is taxed
@10% if the dividend received exceeds Rs. 10 Lac.
Change in rate of Securities Transaction tax in case where option is not
exercised from 0.017 % to 0.05%. This is effective from 1st June 2016.
It is proposed to insert a new Chapter titled “Equalisation Levy” in the
Finance Bill, to provide for an equalisation levy of 6 % of the amount of
consideration for specified services received or receivable by a non-resident not
having permanent establishment (‘PE’) in India, from a resident in India who
carries out business or profession, or from a non-resident having permanent
establishment in India provided the consideration exceeds Rs. 1 Lac.
4. TCS: It is proposed to amend the aforesaid section to provide that the
seller shall collect the tax at the rate of one per cent from the
purchaser on sale of motor vehicle of the value exceeding ten lakh
rupees and sale in cash of any goods (other than bullion and jewellery),
or providing of any services (other than payments on which tax is
deducted at source under Chapter XVII-B) exceeding two lakh rupees.
The amendment will take effect from 1st June, 2016.
It is proposed to provide that for the purpose of computing distributed
income u/s 115QA, the amount received by the Company in respect of
the shares being bought back shall be determined in the prescribed
manner. The amendment will take effect from 1st June, 2016.
It is proposed to amend the provisions of the Act and introduce a new
Chapter to provide for levy of additional income-tax in case of
conversion into, or merger with, any non-charitable form or on
transfer of assets of a charitable organisation on its dissolution to a non-
charitable institution. These amendments will take effect from 1st June,
2016.
5. Accelerated depreciation is restricted to 40% for all assets.
In order to facilitate the FMCs ( Foreign Mining Companies) to undertake
activity of display of uncut diamond (without any sorting or sale) in the special
notified zone, it is proposed to amend section 9 of the Act to provide that in the
case of a foreign company engaged in the business of mining of diamonds, no
income shall be deemed to accrue or arise in India to it through or from the
activities which are confined to display of uncut and unassorted diamonds in a
Special Zone notified by the Central Government in the Official Gazette in this
behalf.
Extending the benefit of initial additional depreciation under section
32(1)(iia) for power sector engaged in the business of transmission of power.
it is proposed to insert new section 115BBF to provide that where the total
income of the eligible assesses income includes any income by way of royalty
in respect of a patent developed and registered in India, then such royalty shall
be taxable at the rate of ten per cent ( plus applicable surcharge and cess) on
the gross amount of royalty. No expenditure or allowance in respect of such
royalty income shall be allowed under the Act.
6. it is proposed to insert a new Section 54EE to provide
exemption from capital gains tax if the long term capital gains
proceeds are invested by an assessee in units of such specified
fund, as may be notified by the Central Government in this behalf,
subject to the condition that the amount remains invested for three
years failing which the exemption shall be withdrawn. The
investment in the units of the specified fund shall be allowed up
to Rs. 50 lakh.
it is proposed to amend section 54GB so as to provide that long
term capital gains arising on account of transfer of a residential
property shall not be charged to tax if such capital gains are
invested in subscription of shares of a company which qualifies to
be an eligible start-up subject to the condition that the individual or
HUF holds more than fifty per cent shares of the company and
such company utilises the amount invested in shares to purchase
new asset before due date of filing of return by the investor.
7. it is proposed to amend Section 47 of the Income-tax Act, so as to provide
that any redemption of Sovereign Gold Bond under the Scheme, by an
individual shall not be treated as transfer and therefore shall be exempt from
tax on capital gains.
it is proposed to amend section 48 of the Act so as to provide that the capital
gains, arising in case of appreciation of rupee between the date of issue and
the date of redemption against the foreign currency in which the investment is
made shall be exempt from tax on capital gains.
it is proposed to amend Section 47 so as to provide that any transfer by a unit
holder of a capital asset, being a unit or units, held by him in the consolidating
plan of a mutual fund scheme, made in consideration of the allotment to him of
a capital asset, being a unit or units, in the consolidated plan of that scheme of
the mutual fund shall not be considered transfer for capital gain tax purposes
and thereby shall not be chargeable to tax.
it is proposed to amend section 80GG so as to increase the maximum limit
of deduction from existing Rs. 2000 per month to Rs. 5000 per month.
8. it is proposed to amend Clause (14) of section 2, so as to
exclude Deposit Certificates issued under Gold Monetisation
Scheme, 2015 notified by the Central Government, from the
definition of capital asset and thereby to exempt it from capital
gains tax.
it is proposed to amend the Act so as to provide that any shares
received by an individual or HUF as a consequence of demerger
or amalgamation of a company shall not attract the provisions of
clause (vii) of sub-section (2) of section 56.
With the objective to provide relief to resident individuals in the
lower income slab, it is proposed to amend section 87A so as to
increase the maximum amount of rebate available under this
provision from existing Rs.2,000 to Rs.5,000.
9. Present Section Heads
Existing Threshold Limit
(Rs.)
Proposed Threshod Limit
(Rs.)
192A Payment of accumulated
balance due to an employee
30000 50000
194BB Winnings from Horse Race 5000 10000
194C Payments to Contractors Aggreagate annual limit of
75,000
Aggreagate annual limit of
1,00,000
194LA Payment of Compensation on
acquisition of certain
Immovable Property
2,00,000 2,50,000
194D Insurance commission 20000 15000
194G Commission on sale of lottery
tickets
1000 15000
Rationalization of tax deduction at Source (TDS) provisions. Changes in limit of TDS by budget 2016
10. Section Heads
Existing Rate of TDS
(%)
Proposed Rate of TDS
(%)
194DA Payment in respect of
Life Insurance Policy
2% 1%
194EE Payments in respect of
NSS Deposits
2% 1%
194D Insurance commission Rate in force -10% 5%
194G Commission on sale of
lottery tickets
1% 5%
194H Commission or
brokerage
1% 5%
Changes in rate of TDS by budget 2016 (changes will take effect from 1st June 2016)
11. CHANGES IN INDIRECT TAXES:-
AMENDMENTS IN THE CUSTOMS ACT, 1962:
Subsection (43) of Section 2 is being amended so as to add a new class of
warehouses for enabling storage of specific goods under physical control of the
department, as control over the other types of warehouses would be only record based.
Subsection (45) of Section 2 which defines “warehousing station” is being omitted.
Chapter heading of Chapter III is being amended to omit the word “warehousing
station”.
Section 9 is being omitted.
Section 25 is being amended so as to omit the requirement of publishing and offering
for sale any notification issued, by the Directorate of Publicity and Public Relations of
CBEC.
Sections 28, 47, 51 and 156 are being amended so as to: a) increase the period of
limitation from one year to two years in cases not involving fraud, suppression of facts,
willful mis-statement, etc. b) provide for deferred payment of customs duties for
importers and exporters to certain class of importers and exporters.
12. Section 62 relating to physical control over warehoused goods is being
omitted since the conditions for licensing different categories of warehouses
and exercising control over the same are being provided under sections 57, 58
and 58A.
Section 63 relating to payment of rent and warehouse charges is being
omitted in view of the privatization of services, and free market determination of
rates, including those by facilities in the public sector.
The existing section 64 relating to owner’s rights to deal with warehoused
goods is being substituted so as to rationalize the facilities and rights extended
under the section.
Section 65 is being amended to delete the payment of fees to Customs for
supervision of manufacturing facilities under Bond; and empower Principal
Commissioner or Commissioner of Customs to licence such facilities.
Section 68 is being amended to omit rent and other charges on account of
omission of section 63.
13. Section 69 is being amended to omit rent and other charges on
account of omission of section 63.
Section 71 is being amended so as to substitute the word
“exportation” with the word “export” to align with definition
contained in sub section (18) of section 2.
Section 72 is being amended to delete clause (c) regarding
improper removal of samples
Section 73 is being amended to provide for cancellation bond in
case of transfer of ownership of the goods, and is thus aligned
with sub-section (5) of section 59.
New section 73A is being inserted so as to provide for custody
of warehoused goods and responsibilities including the liabilities
of warehouse keepers.
14. AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944:
Section 5A is being amended so as to omit the requirement of
publishing and offering for sale any notification issued, by the
Directorate of Publicity and Public Relations of CBEC.
Section 11A is being amended so as to increase the period of
limitation from one year to two years in cases not involving fraud,
suppression of facts, willful mis-statement, etc.
Section 37B is being amended so as to empower the Board for
implementation of any other provision of the said Act in addition to
the power to issue orders, instructions and directions.
15. The Third Schedule is being amended so as to: a) make some
editorial changes, consequent to 2017 Harmonized System of
Nomenclature. b) include therein:
1) All goods falling under heading 3401 and 3402;
2) Aluminium foils of a thickness not exceeding 0.2 mm;
3) Wrist wearable devices (commonly known as ‘smart watches’);
and
4) Accessories of motor vehicle and certain other specified goods.
Changes at (b) above will come into effect immediately owing to a
declaration under the Provisional Collection of Taxes Act, 1931.
16. AMENDMENTS IN SERVICE TAX
There is no act for service tax, it is governed by Finance Act, 1992. So to
change service tax, amendments are made in Finance Act, 1992.
An enabling provision is being made to levy Krishi Kalyan Cess on all
taxableservices with effect from 1st June, 2016, to finance and promote
initiatives to improve agriculture @0.5%.
Exemption on services provided by,-
(i) a senior advocate to an advocate or partnership firm of advocates providing
legal service; and
(ii) a person represented on an arbitral tribunal to an arbitral tribunal, is being
withdrawn with effect from 1st April, 2016 and Service Tax is being levied under
forward charge. Now chargeable @ 14%.
Exemption on construction, erection, commissioning or installation of
original works pertaining to monorail or metro, in respect of contracts entered
into on or after 1stMarch 2016, is being withdrawn with effect from 1st March,
2016. Now chargeable @5.6%.
17. •Exemption on the services of transport of passengers, with or
without accompanied belongings, by ropeway, cable car or aerial tramway is
being withdrawn with effect from 1st April, 2016. Now chargeable @14%.
•The Negative List entry that covers ‘service of transportation of passengers,
with or without accompanied belongings, by a stage carriage’ is being omitted
with effect from 1st June, 2016. Service Tax is being levied on transportation of
passengers by air conditioned stage carriage with effect from 1st June, 2016, at
the same level of abatement as applicable to the transportation of passengers
by a contract carriage, that is, 60% without credit of inputs, input services and
capital goods. Now chargeable @5.6%.
•Some new exemption is also introduced by Finance Bill 2016.
Interest rates on delayed payment of duty/tax across all indirect taxes are
being rationalized and made uniform at 15%, except in case of Service Tax
collected but not deposited to the exchequer, in which case the rate of interest
will be 24% from the date on which the Service Tax payment became due. In
case of assessees, whose value of taxable services in the preceding year/years
covered by the notice is less than Rs. 60 Lakh, the rate of interest on delayed
payment of Service Tax will be 12%.