Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

MISCELLANEOUS

Memorandum Explaining the Provisions in The Finance Bill, 2016 - Bill - 1) The Oil Industry (Development) Act, 1974 is being amended so as to reduce the rate of Oil Industries Development Cess, on domestically produced crude oil, from ₹ 4500 PMT to 20% ad valorem OIDB Cess. The amendment in the Act will be effective from the date of assent to the Finance Bill, 2016. [Clause 222] 2) The Seventh Schedule to the Finance Act, 2005 is being amended so as to increase the excise duty across all l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

with Clean Energy Cess is being amended so as to increase the Scheduled rate of Clean Energy Cess from ₹ 300 per tonne to ₹ 400 per tonne. The effective rate of Clean Energy Cess is being increased from ₹ 200 per tonne to ₹ 400 per tonne [Clause 232] 4) Infrastructure Cess is being levied on motor vehicles, of heading 8703, as under: b) Petrol/LPG/CNG driven motor vehicles of length not exceeding 4m and engine capacity not exceeding 1200cc - 1% c) Diesel driven motor vehi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t from this Cess. No credit of this Cess will be available, and credit of no other duty can be utilized for payment of this Infrastructure Cess. [Clause 159] The changes at 2), 3) and 4) above will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931. RULES AND REGULATIONS UNDER THE CUSTOMS ACT, 1962 1) The existing Baggage Rules, 1998 are being substituted with the Baggage Rules, 2016, so as to simplify and rationalize multiple slabs of duty fr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

from the Central Excise authorities. Need for additional registration is also being done away with. The new Rules will be effective from 01.04.2016. 3) The Customs Baggage Declaration Regulations, 2013 is being amended so as to prescribe filing of Customs declaration only for those passengers who carry dutiable or prohibited goods. AMENDMENTS IN THE CENTRAL EXCISE RULES, 2002 AND THE CENVAT CREDIT RULES, 2004 1) The Central Excise Rules, 2002 are being amended so as to: (a) reduce the number of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cturers also. (c) provide that in cases where invoices are digitally signed, the manual attestation of copy of invoice, meant for transporter, is done away with. (d) provide that in case of finalization of provisional assessment, the interest will be chargeable from the original date of payment of duty. 2) The CENVAT Credit Rules, 2004 are being amended, so as to improve credit flow, reduce the compliance burden and associated litigations, particularly those relating to apportionment of credit b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

are being issued to Chief Commissioners of Central Excise to file application to Courts to withdraw prosecution in cases involving duty of less than rupees five lakh and pending for more than fifteen years. 4) The existing Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2001 are being substituted with the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016, so a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eventh Schedule which provides for levy on NCCD of excise on specified goods so as to include 2017 Harmonized System of Nomenclature (HSN) editorial changes. These changes will be effective from 01.01.2017. [228 (ii)] 2. THE CENTRAL SALES ACT, 1956 Section 3 of the Central Sales Tax Act, 1956 is being amended so as to insert an explanation: Explanation.- Where the gas sold or purchased and transported through a common carrier pipeline or any other common transport distribution systems becomes co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version