Introduction:- With the forthcoming budget 2016-17 there were lot of hopes and expectations of the automobile industry that they will be encouraged by way of various tax incentives but the budget came as a curse to them. All the hopes went in vain as soon as the Finance minister announced levy of … [Read more...]
Limitation for Issuing SCN under Section 73 Enhanced
It was proposed in the Central Excise Tariff Conference that the time limit for issuing show cause notice under normal period of limitation should be increased and it appears that the suggestion has been considered by the government in this Budget. In this budget, the government has amended section … [Read more...]
Input Service Distributor –Concept Simplified & Scope Widened
Introduction:- Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between … [Read more...]
Import Of Goods At Concessional Rate Of Duty – Procedure Simplified With A Demerit
Preface:- The Budget, 2016 brought about a series of changes in various sectors of the industry. In this article we will focus on the various changes made through notification No. 32/2016 – Customs (N.T.). This notification has been issued to supersede the existing Customs (Import of Goods at … [Read more...]
Rule 7b Of CENVAT Credit Rules, 2004 – A New Concept For Multi-Unit Companies
Introduction:- Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about … [Read more...]
Import of goods by vessel – Budget, 2016 made it expensive!!!
Introduction:- Budget 2016 has been introduced and with it has come many amendments and changes in the law. One such change is with respect to the services by way of transportation of goods by an aircraft or a vessel. The amendments made in it are effective from 1.6.2016 and will impose additional … [Read more...]
Single Registration facility under Central Excise – condition amended in Budget 2016
Introduction:- The Budget, 2016 was presented before the country on 29 February 2016 by the Finance Minister Shri Arun Jaitley which bought with it some issues as well as various reliefs. In this article, we will discuss the relief granted on registration aspect to the two or more premises of the … [Read more...]
Excise Duty Studded On Jewellery By Budget, 2016
Introduction:- It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver … [Read more...]
Glance At Burning Legal Issues To Set Off In This Budget!
With the budget round the corner, the consultants are busy making representations whether it be related to rectification of apparent mistakes in the notifications or whether it be related to amendments desired in particular sectors. There is a huge wish-list of assessees operating in respective … [Read more...]
Budget 2016 – Suggestions Recapitulation of errors that need instant rectification
With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is … [Read more...]