Login | Register Now | Contact Us   
 

CGST Act IGST Act UTGST Act GST (Compensation to the States) Act Addendum to the GST Rate Schedule - 03.06.2017 101st Constitution Amendment Act, 2016 Addendum to the GST Rate Schedule - 18.05.2017 GST Compensation Cess Rates Decided in the GST Council Meeting held on 18.05.2017 Chapter Wise Rate wise GST Schedule - 03.06.2017 Chapter wise GST Rate Schedule for Goods Decided in the GST Council Meeting held on 18.05.2017 Revised Threshold for Composition Scheme - 11.06.2017 IGST Exemptions Approved by the GST Council - 11.06.2017 GST Rates Approved by the GST Council - 11.06.2017 Service Tax Exemptions in GST IGST Exemption, Concession List - 03.06.2017 Composition - Rules Valuation Rules ITC - Rules Invoice, Debit & Credit Notes - Rules Payment - Rules Refund - Rules Registration - Rules Return- Rules Transition Rules Proposed CTD Document Accounts and Record Rules GST rate Schedule for Services List of Services under Reverse Charge Classification Scheme for Services Under GST Decisions Taken by the GST Council in the 16th Meeting - 11.06.2017
Indirect Tax Budget: End of An Era
02 February, 2017 Ahmedabad :
Indirect Tax Budget:  End of An Era

In the modern era, media and immediate analysis of Budget makes the same more exciting. The preparation of the Budget is always guarded as a well-kept secret exercise. The Union finance ministry takes no chances and ensuring that the contents of the Budget to be presented by Finance Minister in Parliament are not leaked out before he begins to read his Budget speech.

Since independence, the union budget was announced at 5 pm on the last working day of the month of February. About a decade back this practices was changed and Budget is presented at 11.00 a.m. In comparison to last decade, in Budget 2017 two major shifts is made is that the Railway Budget is combined with the Finance Budget as well as the Budget is presented on 1st of February instead of Last day of February.

After introduction of GST, all major decisions like change in rates, exemptions etc. will be taken by GST council after voting. Thus, except for Customs and products which are out of scope of GST, all the decisions are to be taken by voting on recommendations made by the GST Council. Thus, it may very well be the last full-fledged budget as far as Indirect Tax is concerned. It is practically end of an era. In democracy there cannot be any secrets and thus the changes in GST will not be as secretly guarded as it is in present scenario.

The Finance Minister, Arun Jaitley refrained from making major alterations in indirect taxes, keeping in sight the implementation of Goods & Services Tax (GST). Coming to the changes brought by the Budget 2017, in Service Tax, Excise and Customs, the pending cases before Advance Ruling Authority are proposed to be transferred to the Authority established under Section 245O of the Income Tax Act. Research & Development Cess has been proposed to be repealed. Exemption from Service Tax has been provided to Armed Force Insurance Funds. The State Government Industrial Developmental Corporation has been granted retrospective exemption for amounts received towards grant of long term lease.

The Customs Law has undergone many changes. Basic Customs duty rate on Cashew nuts has been increased,thereby dryfruits in general have become more expensive. BCD on LNG has been reduced promoting the swachh bharat abhiyaan. Generating power from renewable sources of energy like wind and solar energy has been made more affordable BCD on catalyst and resin used in manufacture of Wind operated Electricity Generator has been reduced and exempting SAD on the same and BCD has been reduced to NIL on solar tempered glass or same used for manufacture of solar cells/panels/modules. Buying silver, silver medallions or coins with silver content not below 99.9% has been made dearer by raising standard duty to 10% from 6%. Mobile phone has been made expensive by raising the duty on populated PCB’s of mobile phones. Import of goods through postal parcels, packets and letters, of CIF value not more than Rs.1,000/- per consignment are being exempted from BCD, CVD and consequently from SAD.

In order to incentivise domestic value addition and to promote Make in India, the Honourable Finance Minister has proposed to make changes in respect of certain items for addressing duty inversion. The Excise Duty has been hiked for cigarettes of all sizes. The prices of RO system will go down. Government is promoting the Cashless transactions, they have proposed to reduce the duty rate on manufacture at Nil for the products like POS card reader, Micro ATM, Fingerprint Reader/Scanner and Iris scanner and for the components thereof too. However, there are no big such changes in the tax structure of the Excise regime as the GST shall be come into force in upcoming future. It is practically an end of an era as far as Budget proposals for indirect taxes is concerned.

Courtesy: From the desk of Monish Bhalla, Founder, www.servicetaxonline.com
Related Contents
 
 

www.centralexciseonline.com

 


www.taxolegal.com


Page copy protected against web site content infringement by Copyscape


www.customsindiaonline.com
Home | Mission | Contact Us | Acknowledgements © 2009 Copyrights, All Rights Reserved. 
Disclaimer Though all efforts have been made to reproduce the order and other contents correctly, the access and circulation is subject to the condition that EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is not responsible/liable for any loss or damage caused to anyone due to any mistake/error/omissions. The replica watches Site is constantly updated and any or all of the contents are liable to be modified, altered, deleted or replaced. EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is not responsible/liable for any loss or damage caused to anyone whether directly or indirectly  due to any modification , alteration, addition, deletion or replacement of any of the contents.

Copyright: Reproduction of news articles, photos, or any other content in whole or in part in any form or medium without express written permission of  EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is prohibited.Do not copy contents of this site. All pages are protected by COPYSCAPE. Plagiarism will be detected by COPYSCAPE.