Circular No. 7/2016-Customs F.No.450/172/2015-CUS-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Dated the 7th March, 2016 Subject: – Issue of Indian Currency Note- Foreign going vessels-Instructions Kind reference is invited to Boards Circular No. 51/99 dated 12.08.1999 on the subject cited above wherein Board had decided to… Read More »
Anant Geete briefs media on budget issues Says grant of 200 crores made to the FAME Scheme and Natrip is a welcome step Also reduction in excise duty from 12.5 percent to 6 percent will help Capital Goods Sector Union Heavy Industry & Public Enterprises Minister Shri Anant G. Geete today briefed media on the… Read More »
Tax Administration Reforms Commission The Government has received the Report of Tax Administration Reforms Commission (TARC) headed by Dr. Parthsarathi Shome. The Report has four volumes containing a number of tax administration reforms. The broad recommendations inter-alia include changes in structure, improvement in taxpayers service, enhanced use of information and communication technology, exchange of information… Read More »
Facts of the case The appellants are engaged in the business of airline catering and manufacture of cakes, pastries and chocolates liable to Central Excise Duty. They have entered into catering agreement with various airlines for supply of meal and food items in accordance with menu given by the respective airline from time to time.… Read More »
Procedure for selection of Special Public Prosecutors (SPPs) for handling CBEC cases before the Subordinate Courts/Courts of Session and High Court
Clarifications on levy imposed on jewellery In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment… Read More »
Exchange Rate of Foreign Currency relating To Imported and Export Goods notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.29/2016-CUSTOMS (N.T.), dated 18th February, 2016, except as respects things done or… Read More »
CUSTOMS Amendments Proposed by Budget 2016 Section 2(43) has been amended so as to include Special Warehouse licensed under Section 58A for enabling storage of specific goods under physical control of the department, as control over the other types of warehouses would be only record based. Section 25 is being amended so as to omit… Read More »
Central Excise Act, Amendments made effective immediately The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne. Infrastructure cess is to belevied on motor vehicles under heading 8703 subject to certain exceptions. Further, this… Read More »
CHAPTER VII OF FINANCE BILL 2016 INFRASTRUCTURE CESS Infrastructure Cess Section 159. (1) In the case of goods specified in the Eleventh Schedule, being goods manufactured or produced, there shall be levied and collected for the purposes of the Union, a duty of excise, to be called the Infrastructure Cess, at the rates specified in the… Read More »