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BUDGET 2017-18 AND INDIRECT TAXES

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 7-2-2017 Last Replied Date:- 9-2-2017 - Union Budget 2017-18 proposals have been presented under the following ten distinct themes to foster the socio-economic agenda: Farmers : for whom we have committed to double the income in 5 years; Rural Population : providing employment and basic infrastructure; Youth : energising them through education, skills and jobs; Poor and the Underprivileged : strengthening the systems of social security, health car .....

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rect and indirect, are aimed at the following major reform areas: Measures for Promoting Affordable Housing and Real Estate Sector Measures for Stimulating Growth Promoting Digital Economy Transparency in Electoral Funding Ease of Doing Business Personal Income-Tax Goods and Services Tax RAPID(Revenue, Accountability, Probity, Information and Digitalisation) Key Highlights of Union Budget 2017-18 relating to Economic Reforms GDP to grow @ 6.75 - 7.5 percent in 2017-18 Tax to GDP ratio too low In .....

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f the fastest growing major economies in 2017 Key Highlights of Union Budget 2017-18 relating to Indirect Tax Customs Duty No major changes have been proposed in customs law (except changes in duty structure). Excise Duty Miniaturised POS card reader for m-POS (other than mobile phones or tablet computers), micro ATM standards version 1.5.1, Finger Print Readers / Scanners and Iris Scanners and on their parts and components for manufacture of such devices to be exempt from BCD, Excise/CV duty an .....

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till 30th June, 2017. Nil excise duty, on waste and scrap of precious metals or metals clad with precious metals, arising in course of manufacture of goods, is being made subject to condition that no credit of input or input services or capital goods has been availed by manufacturers of such goods. Nil excise duty, on strips, wires, sheets, plates and foils of silver, is being made subject to condition that no credit of input or input services or capital goods has been availed by manufacturers o .....

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March 2017 are being extended up to 30.06.2017. Service Tax Clause (f) of Negative List (Section 66 D) has been omitted, which provides as under: services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption The definition of process amounting to manufacture [Section 65B (40)] has been omitted from the Finance Act, 1994 and same is being incorporated in the Notification No. 25/2012-ST dated 20.06.2012, i.e., general e .....

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nvalidate proceedings is being omitted in view of the provisions provided under section 245P of the Income-tax Act, 1961 provides that No proceeding before, or pronouncement of advance ruling by the Authority for Advance Ruling would be invalidated on the ground merely due to any vacancy or defect in the constitution of the Authority. The application fee for seeking advance ruling is to be increased from rupees two thousand five hundred(Rs 2500/-) to rupees ten thousand(Rs.10,000/-) on the lines .....

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ted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President. The exemption from service tax under notification No. 14/2012-ST would be not available to a taxable service involving import of technology on which Research and Development Cess is not payable. Full service tax along with cesses (Swachh Bharat Cess and Krishi Kalyan Cess) would be applicable to such taxable service.( W. .....

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efit of the exemption notification No. 41/2016-ST dated 22.09.2016 is being extended with effect from 1.6.2007, the date when the services of renting of immovable property became taxable. notification No. 41/2016-ST dated 22.09.2016, exempts one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for grant of long-term lease of industrial plots (30 years or more) by State Government industrial development corporations/ undertakings to in .....

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ax. Entries are: Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government.(New entry at S. No. 26D of notification No. 25/2012-ST) The exemption vide S. No. 9B of notification No. 25/2012-ST dated 20.06.2012, is being amended so as to omit the word residential appearing in the notification. The exemption remains the same in all o .....

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Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

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Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

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