28 February, 2015
Finance Bill 2015 introduced in the Lok Sabha (Lower House of the Indian Parliament) today on 28-2-2015, has proposed certain relaxations in respect of penalty provisions under Central Excise and Customs Laws.
Section 28 of the Customs Act, 1962 is proposed to be amended to provide for non-imposition of penalty if the person to whom a show cause notice has been issued in ...
28 February 2015
Rate of Central Excise duty, which is levied on goods manufactured in India, have been revised upwards for several items. In its first full Budget presentation since taking office in June last year, the Finance Minister has today (28-2-2015) enhanced the rates of Central Excise duty to 12.5%. There is however a small breather inasmuch as exemption has been provided from the E...
28 August, 2014
Certain changes in service tax provisions announced in this year’s Union Budget will come into effect from 1st October, 2014. As per Finance (No. 2) Act, 2014, changes relating to negative list will come into effect from a date to be notified and this date has now been notified as 1-10-2014. The Central Board of Excise & Customs (CBEC) has issued Notification No. 18/2014-S.T.,...
10 July 2014
Budget 2014 though on one hand brings some benevolent provisions in respect of applicability of Advance Ruling provisions to Private Limited Companies, the discretion of the Tribunal or the Commissioner (Appeals) in respect of grant of waiver of pre-deposit while filing appeals seems to have been withdrawn.
In continuance of the last year’s Budget amendments when resident Publi...
By Victor Das
The last two Budgets were witness to the Government trying to put a quietus to the storm generated over retrospective taxation and to increase tax compliance through certain amendments to law and procedures. The Union Budget-2016 carries the imprimatur of the government’s emphasis on “Transform India”. Towards this objective, the G...
The Finance Minister is expected to present Union Budget for the year 2012-13 on 16th March, 2012. To analyze tax implications of this year's budget, the Institute of Business Laws, in association with Lakshmikumaran & Sridharan, is organizing the following seminars on Budget 2012:
17th March, 2012 - India Habitat Centre, New Delhi
17th March, 2012 - M.C. Ghia Hall, Mumbai
Union Budget 2011-’12 has made radical changes to various provisions of Cenvat Credit Rules, 2004 (hereinafter, “Credit Rules”). These far reaching changes have ostensibly been carried out with the objective of augmenting revenues and also to simplify complicated legal provisions. One significant change which has been brought vide the Budget 2011-12 is the insertion of the Explanation to Rule 2...
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