Budget 2016-17 changes in customs import duty tariff,excise duty and service tax
Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise
Indian Budget 2016-17, Excise duty tariff changes, chapter wise
Changes in Service Tax as per Budget 2016-17
Tax changes in sectors of Agriculture, rural economy and environment under Indian Budget 2016-17
According to Indian Budget 2016-17, Dividend Distribution Tax (DDT) uniformly applies to all investors
irrespective of their income slabs. This is perceived to distort the fairness and
progressive nature of taxes. Persons with relatively higher income can bear a
higher tax cost. I, therefore, propose that in addition to DDT paid by the
companies, tax at the rate of 10% of gross amount of dividend will be
payable by the recipients, that is, individuals, HUFs and firms receiving
dividend in excess of `10 lakh per annum.
The budget proposes to raise the surcharge from 12% to 15% on persons,
other than companies, firms and cooperative societies having income above
The budget proposes to collect tax at source at the rate of 1% on purchase of
luxury cars exceeding value of Rs.ten lakh and purchase of goods and
services in cash exceeding Rs.two lakh. For compliant tax payers with
resources, this levy not only advances collection of tax when the expenditure
is incurred, but it provides data to the tax authorities to identify the persons
who incur such expenditure, but may be missing from the tax base. Farmers
and notified class of persons will have an option of giving a form by which
TCS will not be charged.
Rate of Securities Transaction tax in case of ‘Options’ is proposed to
be increased from .017% to .05%.
In order to tap tax on income accruing to foreign e-commerce
companies from India, it is proposed that a person making payment to a nonresident,
who does not have a permanent establishment, exceeding in
aggregate `1 lakh in a year, as consideration for online advertisement, will
withhold tax at 6% of gross amount paid, as Equalization levy. The levy will
only apply to B2B transactions.
The budget proposes to impose a Cess, called the Krishi Kalyan Cess, @ 0.5%
on all taxable services, proceeds of which would be exclusively used for
financing initiatives relating to improvement of agriculture and welfare of
farmers. The Cess will come into force with effect from 1st June 2016. Input
Tax credit of this cess will be available for payment of this cess.
The pollution and traffic situation in Indian cities is a matter of
concern. I propose to levy an infrastructure cess, of 1% on small petrol,
LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other
higher engine capacity vehicles and SUVs.
The budget proposes to impose an excise duty of ‘1% without input tax
credit or 12.5% with input tax credit’ on articles of jewellery [excluding
silver jewellery, other than studded with diamonds and some other precious
stones], with a higher exemption and eligibility limits of ` 6 crores and ` 12
crores respectively. Necessary steps will also be taken to enable the new
taxpayers to comply with this levy without any difficulty.
The budget proposes to change the excise duty on branded readymade garments
and made up articles of textiles with a retail sale price of `1,000 and above
from ‘Nil without input tax credit or 6%/12.5% with input tax credit’ to ‘2%
without input tax credit or 12.5% with input tax credit’.
The budget proposes to rename the ‘Clean Energy Cess’ levied on coal, lignite
and peat as ‘Clean Environment Cess’ and simultaneously increase its rate
from `200 per tonne to `400 per tonne.
To discourage consumption of tobacco and tobacco products, I
propose to increase the excise duties on various tobacco products other than
beedi by about 10 to 15%.
The budget proposes to amend the Finance Act, 1994 so as to declare assignment
by the Government of the right to use the radio-frequency spectrum and its
subsequent transfers a service, to make it clear that assignment of right to use
the spectrum is a service leviable to service tax and not sale of intangible
Exemption of excise duty on non manufacturers of goods for installation of cold storage
Exemption on goods financed by UN and Intl agency extends to sub contractors
Area based excise duty exemption presently available to the North Eastern States
BED and NCCD on pan masala, tobacco products, crude petroleum, mobile phones and motor vehicles
Clarification to Department of Scientific and Industrial Research (DSIR)
Customs duty exemption clarification for aircraft engines and parts
OLP and PTCR for manufacture of refrigerator compressor exemption clarification
clarification on exemption of Liquefied Natural Gas (LNG) for SEZ
Exemption of Excise duty of BCD and CVD on power project
No refund of SAD under notification No.102/2007-Customs dated 14.09.2007
Tax changes for specified goods imported for petroleum exploration under Indian Budget 2016-17
Direct imports by Government will attract customs duties
Exemption for disposable sterilized dialyzer and micro barrier of artificial kidney
Excise duty CENVAT is being levied on articles of jewellery under Indian Budget 2016-17
Excise duty CENVAT for readymade garments and made up articles of textiles
1 per cent service charge on purchase of luxury cars over Rs. 10 lakh, Indian Budget 2016-17
September 30 to be the deadline followed for undisclosed income, Indian Budget 2016-17
1% CESS on petrol cars and 2.5% CESS on diesel cars, Union Budget 2016-17
4% High Capacity Tax on SUV'S , Indian budget 2016-17.
No change in Income tax slabs, Indian Budget 2016-17
Additional levy of 1% on luxury cars, Indian Budget 2016-17
200% penalty on misreporting income, Union Budget 2016-17
EXCISE DUTY of 1% UP on JEWELRIES, Indian budget 2016-17
Tobacco tax goes up to 10-15%, Indian Budget 2016-17
1% increase on cess on CNG and PETROL cars, Indian budget 2016-17
Tobacco products except beedi goes on hike, Indian Budget 2016-17
Budget 2016-17, 9 categories of Tax reforms introduced
Latest Indian budget changes for import of clocks, watches and parts
Import tax tariff changes for vehicles and parts other than railway or tramway as per Indian Union Budget 2016-17
Duty tariff changes for import of antiques, work of art collectors peices as per latest Indian Budget 2016-17
Latest Indian budget changes for import of miscellaneous manufactured articles as per HS code 96
Import duty changes for toys, games and sports equipments under HS code 95 as per Indian Budget 2016-17
Import tariff changes for furniture,lamps and lighting fittings,nameplates & the like under HS code 94 as per new Indian budget
Government tax tariff changes for import of arms and ammunition under Indian Budget 2016-17
Import tax tariff changes for musical instruments and parts as per Indian Union Budget 2016-17
Duty tariff changes for import of medical or surgical instruments and apparatus, optical, photographic parts and accessories as per latest Indian Budget 2016-17
Latest Indian budget changes for import of boats, ships, floating structures as per HS code 89
Import tariff changes for aircraft, spacecraft, aircraft parts, spacecraft parts under HS code88 as per new Indian budget
Govt tariff changes for import of railway or tramway locomotive, traffic signaling equipments, track fixtures and fittings as per Budget 2016-17
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