CBEC Clarification w.r.t. Customs Duty Exemption for Import of Ash Handling Systems, Water Treatment Plant and Coal Transportation Facilities etc. Required for Ultra-Mega/ Mega Power Projects under Heading 9801(Project Imports)
Circular No. 33/2013-Customs F.No.354/94/2011 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit New Delhi, dated the 23th August, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. All Directors General of CBEC. Sub: - Customs Duty Exemption for… Read More
Tags: Excise, India, Ministry of Power, New Delhi, Nhava Sheva, Tariff, Tax exemption, TRU
Services Provided to Special Economic Zone (SEZ) Authorised Operations Exempted From Service Tax
The Central Government has decided to exempt the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ Unit) or Developer of SEZ ( hereinafter referred to as the Developer) and used for the authorised operation from… Read More
Tags: Authorization, Cenvat Credit Rules, Domestic Tariff Area, Money back guarantee, Service Provider, SEZ, Special Economic Zone, Tax exemption
Basic Exemption under Service Tax is not basic
Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year. Basic emption is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More
Tags: Capital good, Fiscal year, Income tax, Income Tax Act, Payment, Service Provider, Tax, Tax exemption
CBEC examines issues regarding difficulties faced in availing exemption in Oil Exploration Sector
Circular No. 21 /2013-Customs F.No.B1/20/2013 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, dated 16th May, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. Subject: Difficulties being faced in availing exemption relating to the… Read More
Tags: Contract, Government of India, India, Joint venture, New Delhi, New Exploration Licensing Policy, Subcontractor, Tax exemption
Salient features of the Tax Forgone Statement
The salient features of the Tax Forgone Statement issued by the Government are as under: ¢ This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. ¢ This Statement attempts to estimate some of the major tax expenditure under… Read More
Tags: Government Accountability Office, Revenue, Revenue Foregone Statement, Tax, Tax exemption, Tax expenditure, United States, United States Congress Joint Committee on Taxation
Highlights of the Maharashtra Budget for 2013-14
HIGHLIGHTS OF THE BUDGET PRESENTED BY DEPUTY CHIEF MINISTER AND FINANCE MINISTER, SHRI AJIT PAWAR ON 20TH MARCH, 2013 Surveillance of transactions by Sales Tax Department to go up. Tax exemption on essential commodities, Solapuri chadars and towels, wet dates to continue up to 31st March, 2014. Tax exemption on currants and raisins to continue… Read More
Tags: Ajit Pawar, Braille, Drought, Financial institution, Percentage, Sales tax, Tax exemption, Value Added Tax