7th February, 2012
The Union Budget will be presented by the Indian Finance Minister in the Parliament on 16th March, 2012, as per reports. This year, the budget exercise has been postponed due to elections to certain state assemblies.
Service Tax net is likely to be widened in the annual financial exercise. A negative list for taxing services is on the cards. Once implemented, except a few...
4th January, 2012
Customs Tariff has been amended from 1st January, 2012 as per relevant provisions of Finance Act, 2011. The Central Board of Excise & Customs has issued several notifications to amend existing exemption notifications to reflect the changes in tariff headings and sub-headings.
As per Finance Act, 2011, First Schedule to Customs Tariff Act, 1975 stands amended from this year...
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
By R. Subhashree
“Certainty is integral to rule of law. Certainty and stability form the basic foundation of any fiscal system. Tax policy certainty is crucial for taxpayers (including foreign investors) to make rational economic choices in the most efficient manner...”
The Supreme Court of India’s observation in the Vodafone case emphasises certainty. A much sought after ideal by tax...
By Dr. G. Gokul Kishore
As the D-day nears, the voices get shriller. Most of them, obviously, are interest groups who are recognised as key players in policy-making process. The prayers and petitions echo the stereotypes one has been hearing for many years. Tax-payers with evergreen agenda of reduction in rates, industry with mercurial entrepreneurship pleading for sops and support from the S...
This issue of "Tax Amicus" covering major changes brought by Budget 2012 also discusses the features of new Service Tax regime based on Negative List. While Central Excise and Service Tax rates have been raised across the board to 12%, various new rules are being proposed in Service Tax. Cenvat credit Rules have been amended to introduce simplified scheme for refund of credit in case of exports...
This pre-budget issue of "Tax Amicus" covers article seeking clarifications on various Cenvat credit issues. Cenvat Credit Rules have been further amended to restrict credit availability to units getting inputs from units enjoying area based exemptions. CBE&C has clarified on Central Excise duty exemption available to units in Uttarakhand and Himachal Pradesh, in case of change in ownership and...
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