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INDIRECT TAX PROPOSALS IN UNION BUDGET 2018

Budget - By: - Dr. Sanjiv Agarwal - Dated:- 8-2-2018 - Finance Minister presented this Government's fifth and last full Budget before 2019 elections on 1st February, 2018 amid subdued economic growth, challenging fiscal situation and farm distress. This is also the first Budget under the GST regime, though there is nothing on GST in this Budget. What makes it all the more important is the upcoming elections in eight states this year and the General Election next year, all of which put tough .....

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ccounts), appears to be on track to achieving the Budget estimates for 2017-18. There are, however, many trouble spots in the new regime. Budget 2018-19 projects a total of 23% revenue from GST aggregating to ₹ 743900 crore comprising of CGST, IGST and Compensation Cess. In current fiscal of 2017-18, it is estimated to be ₹ 4,44,631 crore (9 months). Estimate of total Service Tax collection in 2017-18 has been revised to 79,507 crore (3 months). The Budget's main focus has been s .....

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gislated separately after clearance from GST Council. However, most of the executive changes are being done through Notifications. General Name of Central Board of Excise and Customs is being changed to Central Board of Indirect Taxes and Customs with consequential amendments in the following Acts: - (i) The Central Boards of Revenue Act, 1963 (54 of 1963) (ii) The Customs Act, 1962 (52 of 1962) (iii) The Central Goods and Services Tax Act, 2017 (12 of 2017) Following enactments have been repeal .....

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he Finance Act, 1999. Education Cess on imported goods is being abolished by omitting Chapter VI of the Finance Act (No.2), 2004. Secondary and Higher Education Cess on imported goods is being abolished by omitting Chapter VI of the Finance Act, 2007. Customs Custom duty rates have been increased to provide level playing field for Indian companies vis-a-vis import of such goods changes have also been made for trade facilitation. The major highlights are : Proposed reduction in Customs duty on in .....

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f. Where an order for refund under section 27(2) is modified in any appeal and the amount of refund so determined is less than the amount refunded, the excess amount so refunded shall be recovered along with interest at the rate fixed by the Central Government under section 28AA, from the date of refund up to the date of recovery. The definition of advance ruling has been amended as under: Advance ruling means a written decision on any of the questions referred to in section 28H raised by the ap .....

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fice or in the premises of the auditee in such manner as may be prescribed. For the purposes of this section, 'auditee' means a person who is subject to an audit under this section and includes an importer or exporter or custodian approved under section 45 or licensee of a warehouse and any other person concerned directly or indirectly in clearing, forwarding, stocking, carrying, selling or purchasing of imported goods or export goods or dutiable goods. Service Tax Though Service Tax is .....

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