Simplifying Taxation in India
Central excise law covers the followingCentral Excise Act, 1944;Central Excise Rules, 2002;CENVAT Credit Rules, 2004;Central Excise (Appeal) Rules, 2001;Central Excise (Advance Rulings) Rules, 2002;Central Excise (Settlement of Cases) Rules, 2007;Central Excise (Removal of goods at concessional rate of duty for manufacture of excisablegoods) Rules, 2001;Central Excise valuation (Determination of price of Excisable Goods) Rules, 2000;Central … Read more
Use of Digital Signature and Electronic maintenance of records under Central Excise and Service Tax Government of India has in the recent past launched its dream initiative of ‘Digital India’ which promises to integrate the government departments and the people of India ensuring that the government services are made available to citizens electronically and thereby … Read more
Rate of excise duty Education Cess and Secondary & Higher Education Cess leviable on excisable goods fully exempted. Further, standard ad valorem rate of excise duty increased from 12% to 12.5%. Amendments in the Central Excise Act, 1944 Section 11A proposed to be amended to provide as follows: (i) category of cases where extended period … Read more
Central Excise:Rate1. Existing rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under the head CENVAT (Basic) duty. Levy of Primary Education Ccess and S&H Education Cess @ 2% and 1% respectively on the quantum of Cenvat (Basic) duty will be exempted from 01.03.2015. Other basic excise duty ad valorem with a few … Read more
TODAY is Central Excise Day. Though the Board is busy with Budget and Parliament and the field is busy with collecting Revenue to be somewhere near the ever-elusive target, the Department is celebrating the DAY all over the country. The Board has introduced this year a scheme of honouring the officers with certificates of merit on … Read more
CENTRAL EXCISE: To implement GST, make negative list of goods (not to be taxed), so automatically Central Excise Tariff, 1985 will go. Customs Tariff is sufficient for classification as per GST. One or two rate of excise duty, number of excise exemption will go. Abolish distinction between capital goods and input for cenvat credit. All … Read more
For the fourth time since November, the government on Friday hiked excise duty on both petrol and diesel by R2 per litre. Oil marketing companies, which absorbed the previous tax increases even while deferring price cuts corresponding to the fall in crude oil prices, reduced prices of petrol and diesel by R2.42 a litre and … Read more
CBEC increases Excise Duty on Petrol & Diesel by Rs. 2 Per Litre To Fund Infrastucture Development Programme, Government Increases Basic Excise Duty on Petrol and Diesel (Both Branded and Unbranded) by Rs. 2 Per Litre; Duties to Come into effect from 2nd January, 2015In order to fund the ambitious infrastructure development programme of the … Read more
We are sharing with you an important judgment of CESTAT, Mumbai, the case of Jyotsana D. Patel Vs. Commissioner of Central Excise, Nagpur [(2014) 52 taxmann.com 255 (Mumbai – CESTAT)]on following issue:Issue:Whether the Time-limit prescribed under Section 11B of the Central Excise Act, 1944 would apply to refund of wrongly paid Service tax? Facts & background:In … Read more
Recently, The Union Cabinet approved on 17th December,2014 the proposal for introduction of a Bill in the Parliament for amending the Constitution of India to facilitate the introduction of Goods and Services Tax (GST) in the country. The Government intends to introduce GST from 01 April, 2016.The proposed bill will give powers both to the … Read more