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NOTHING ON GST IN BUDGET - 2016

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-3-2016 - Union Budget for F.Y. 2016-17 is a complete miss so far as Goods and Services Tax is concerned, more so when everyone was expecting some announcement on GST in this Budget. The Budget speech in its opening paragraphs highlights the achievements of last three years including economic consolidation, growth and other strengths besides counting on the failures of previous Government but it lacks direction, vision, seriousn .....

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add to any clarity, whatsoever. On the positive side, many cesses have been scrapped as a clean-up exercise. 13 cesses which did not yield tax revenue of more than ₹ 50 crore have been withdrawn. These include education cess, secondary and higher education cess, salt cess, mica cess, iron cess and cesses on manganese & chrome ore, lime stone & dolomite, textile, cine workers etc. Many exemptions including area based exemptions have been withdrawn or pruned as a preparatory exercis .....

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ss would be from 1% to 4% on various types of specified vehicles excluding taxies, three wheelers, ambulance, vehicles use by handicapped persons etc. Another cess called Krishi Kalyan Cess (KKC) @ 0.50 percent has been levied an all taxable services w.e.f. 1st June, 2016 as Service Tax. It will be levied on all services and used to finance and promote initiatives to improve agriculture and farm development or any other related purpose. However, KKC shall be subject to cenvat credit. KKC will go .....

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