Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4%
« Service Tax »
 GST to enhance ease of doing business, says Assocham
 Govt sources say cess is a better option than high tax rate
 Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses

Maintain customs, excise, service tax rates in Budget: CII
February, 09th 2015

The rates of service tax, central excise and customs duties be maintained at the current level in the Budget in order to aid the success of the 'Make in India' initiative, industry body CII has said.

At present, the rate of service tax and excise duty is 12 per cent each, while the customs duty stands at 10 per cent. For the success of 'Make in India', Budget 2015-16 should avoid the temptation of raising excise duties.

"Moreover, manufacturing sector continues to be vulnerable. Under these circumstances, it would be prudent to allow excise duties to remain at current 12 per cent," the industry body said.

Besides, CII said it hopes for early roll out of the much-delayed Goods & Services Tax (GST), saying the indirect tax regime should subsume all taxes, be applicable to all products and services and involve a reasonable Revenue Neutral Rate (RNR).

"Industry should be allowed to participate in the Task Force on RNR and other significant issues such as Integrated GST, Place of Supply Rules and draft GST legislation," CII Director General Chandrajit Banerjee said.

To provide a stimulus to the manufacturing sector, excise duties on automobiles, capital goods, consumer durables, etc were lowered in February 2014, but this rebate expired in December 2014.

However, demand continues to be weak, said CII, adding that reduction in rates was desirable but may not be aligned to the government's fiscal situation.

The industry body has advocated reduction in excise duty on automotive parts where the applicable rate is higher than that applicable on automobiles, thus leading to anomalies.

It has also called for reduction in excise rates on various goods, including Active Pharmaceutical Ingredients (API), fly ash products, packing materials for food processing industry, etc.

Regarding customs duties, CII maintains that peak rates should be retained at the current 10 per cent.

"Lowering peak customs duties will act against the 'Make in India' campaign. Many products already attract lower rate of customs duty. Further, due to free trade agreements, concessional rates are applicable to a large range of goods coming from countries like Malaysia, Thailand, ASEAN, and others," the chamber said.

"There is a need to exempt 4 per cent Special Additional Duty of Customs (SAD) on certain metal scraps, while SAD should be imposed on all projects which involve import of capital goods to counter-balance domestic taxes," it added.

The chamber has also called for duty reduction on several key products, including LNG, coking coal, wine, and parts for air conditioners and safety equipment, among others.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions