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QUICK REACTIONS TO THE BUDGET PROPOSALS ON INDIRECT TAXES

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 29-2-2016 Last Replied Date:- 2-3-2016 - The Economy Survey, tabled by Finance Minsiter in the Lok Sabha on 26.02.2016 describes India as a refuge of stability and an outpost of opportunity at a time of global turbulence and volatility. The targeted growth for 2016-17 is pegged at 7-7.5 per cent , put out in the Economic Survey, does not paint a very glowing picture of the economy. After estimating a 7.6 % growth for the current fiscal, the number .....

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nomy still strong @7.6 economic growth dispute global crises Tax to GDP ratio 10% CPI inflation moderate @ 5.4% Focus on transform India Tax reforms seen as one of the major pillars of Budget The risks of further global slowdown and turbulence are mounting. This complicates the task of economic management for India. It has three serious implications. First, India must strengthen our firewalls against these risks by ensuring macroeconomic stability and prudent fiscal management. Second, since for .....

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#39; theme having transformative agenda which includes - Agriculture and Farmers Welfare: with focus on doubling farmers income in five years; Rural Sector: with emphasis on rural employment and infrastructure; Social Sector including Healthcare: to cover all under welfare and health services; Education, Skills and Job Creation: to make India a knowledge based and productive society; Infrastructure and Investment: to enhance efficiency and quality of life; Financial Sector Reforms: to bring tran .....

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wing major reform areas : Relief to small tax payers. Measures to boost growth and employment generation. Incentivizing domestic value addition to help Make in India. Measures for moving towards a pensioned society. Measures for promoting affordable housing. Additional resource mobilization for agriculture, rural economy and clean environment. Reducing litigation and providing certainty in taxation. Simplification and rationalization of taxation. Use of Technology for creating accountability. So .....

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mineral, fuels / oils, chemicals, paper, newsprint, maintenance, repair and over hauling of aircraft or ship etc. Excise duty has been exempted for ready mix concrete. Excise duty of one percent without input tax credit or 12.5 percent with input tax credit has been levied on articles of specified jewellery items. Excise duty on tobacco products has been enhanced by 10 to 15 percent. In Service Tax, some exemptions have been introduced but they may not have major impact on ordinary assessee. Th .....

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as taxable service and not as sale of intangible goods. Interest rates rationalized / reduced Dispute resolution scheme to be introduced New benches of CESTAT Cenvat Credit Rules simplified Exemption has also been provided to annuity services provided by National Pension Scheme and Employees Provident Fund Organization, construction of affordable houses upto 60 square meters under any scheme of Central or State Government including any PPP scheme, reducing Service Tax to 1.4% of premium on spec .....

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