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Stay informed about the latest tax updates and amendments in India. Get detailed information on central excise, customs, and service tax changes.
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BUDGETSAFARI swamy associateschennai . coimbatore . bengaluru . hyderabad . ahmedabad
central excise … 4% increased to 8% across the board(except for food / pharma / paper products / notified medical equipments & textile machinery).Goods of ch. hdg 68 manufactured @ site unconditionally exempted Exemption to packaged software on the value representing “transfer of right to use” (both under BED as well as CVD)Notification No. 22/2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/cex2209.pdf Notification No. 80/2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/cus8009.pdf
central excise … Motor vehicles above 2000 cc to cost less Petrol driven transport vehicles & its chassis to cost less ( except Dumpers)- Notification 16 / 2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/cex1609.pdf
central excise … Compound wall for compounding ! - one time compounding cap for Section 9 (1) offences (except for attempt / abetment) - parallel offence under NDPA - one time compounding for any offence under CEA on goods valued more than Rs.1 crore - convicts on or after 30/12/2005- clause 103 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/bud2009_10.htm
central excise … CAs’ Budget!- inclusion in special audits u/s 14 A & 14 AA of CEA along with cost accountants - certification in export refunds of service tax- clause 104 & 105 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill42.pdf
central excise … COD power to High Courts- Sections 35 G & 35 H of CEA amendedclause 107 & 108 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill42.pdf - Sections 130 & 130 A of CA amendedclause 86 & 87of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill41.pdf Return of non relied docs within 30 days of SCNRule 24A of CER 2002 introducedNotification No. 17/2009 NT http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/cexnt1709.pdf
customs … Remission & Refund- Section 26 A of CA introduced - refund on imported defective goods / not as per specs - goods to be exported or relinquished or destroyed ARA of IT ( under Section 245 – O of the ITA) to be ARA of Customs (under Section 28F of CA)- clause 84 & 85 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill41.pdf
customs … DGCEI is DRI too!- Notification 27 / 2009 – Customs (N.T) revalidatedw.e.f 9/5/2000 - to have all India jurisdiction- clause 91 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill41.pdf
customs … Compound wall for compounding ! - one time compounding cap for Sections 135 & 135 A offences - parallel offence under NDPA / Chemical weapons convention Act / Arms Act / Wild Life (Protection) Act - smuggling of specified goods under Appendix 3 of Schedule 2 of ITC / prohibited items under Section 5 of FT(D&R)Act / goods or docs affecting sovereign relationship or national honour - one time compounding for any offence under CA on goods valued more than Rs.1 crore -convicts on or after 30/12/2005 - clause 103 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill41.pdf
customs … Tariff value provision to CTASection 3 (2) of CTA amendedMachinery provisions to safeguard dutySections 8B (4A), 8C (5B) & 9 (7A) of CTARevalidations to Sections 8B,8C,9 &9A of CTAMargin of dumping to be based on facts upon non availability of recordsSub-section 6A to section 9A of CTA- clause 93 – 101 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill41.pdf
service tax … new services… - Cargo transport by rail - Transport of coastal cargo - Cargo transport thru Inland waterways - Legal consultancy (bar @ claw!) - Cosmetic / plastic surgery ( effective after a notified date)- clause 112 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill5.pdf
service tax … amended services… - BAS to include beers! ( Business Auxiliary Service to exclude only manufacture of “excisable goods”) - Sub – brokers out of service tax net - “acquiring” to become “providing” in IT service w.e.f 16/5/2008 ( effective after a notified date)- clause 112 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/f
service tax … No more revision – only appealRule making power to determine: - date for rate - place of provisionRetrospective amendment to Notfn.1/2009 from 1/1/2005 (services provided to GTA)- clause 112 of Finance (No.2) Bill,2009http://taxindiaonline.com/RC2/union_budget/ub2009-10/fb/bill5.pdf
service tax … Works’ contracts tightened - Composition only if gross value of all goods used are included- FOC materials to be included in composition scheme- Supply under separate contracts to be included under composition w.e.f 7/7/2009 but not to apply for WC, which have already commenced or payment is received in part or fullNotification 23/2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/st2309.pdf
service tax … Refund of service tax on exports- New modified scheme - “terminal handling service” included - Refund based on self certification ( up to 0.25% FOB) or on Company’s CA certification - time limit to file claim extended to one year - “relevant date” is the date of export ( What if ST is paid after one year?)Notification 17 / 2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/st1709.pdf
service tax … Exemption for exports- GTA between place of removal to ICD / CFS / port / airport - Foreign Commission agents - BRC not a criterion ( slip or intentional?) - 1% Cap on exemption for Commission paid - Half yearly returns to be filed - Scheme available for exports after 7/7/2009Notification 18 / 2009 - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/st1809.pdf
cenvat credit … Steel & Cement are no more inputs if used in construction ( Explanation to rule 2(k) of CCR amended)Cenvat to be reversed on Inputs / Capital goods, by a service provider, upon writing off in full( Rule 3(5B) of CCR amended)Reversal under Rule 6(3)(i) of CCR reduced:- 10% to 5% for manufacturers - 8% to 6% for service providersNotification 16 / 2009 NT - http://taxindiaonline.com/RC2/union_budget/ub2009-10/cen/cexnt1609.pdf
THANKS swamy associateschennai . coimbatore . bengaluru . hyderabad . ahmedabad