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: cpt :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
Service Tax »
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax
 Consensus eludes Centre, states on GST dual control

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