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Transcript of Copyright © 2004-2010 Taxindiaonline.com Pvt. Ltd. All rights reserved.
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Copyright © 2004-2010 Taxindiaonline.com Pvt. Ltd. All rights reserved.
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SHE Cess{SECONDARY & HIGHER EDUCATION CESS}
Levy @ 1 % on Customs duties / Excise duties & Service Tax.
Excise and Customs – w.e.f. 01.03.2007. Service Tax – w.e.f. 11.05.2007.
CENVATable.
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CUSTOMS
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Valuation set for major revamp.
Peak rate reduced to 10 %.
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“Interest” ing amendment in Drawback.
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CENTRAL EXCISE
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SETTLEMENT COMMISSION - CASTAWAY Once in a lifetime affair.
No immunity from interest.
Threshold limit raised to Rs. 3 Lakhs.
Pay and use.
Clandestine removals & Remand cases No Entry
Prosecution immunity - Limited.
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Settlement only before original adjudication Fate of ex-parte orders?
* w.e.f 1st June 2007
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UJAGAR UNDONE
Job workers beware !
Duty to be paid on principals’ price.
Rule 10 A inserted in Valuation Rules.
Is it the end of the road?
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* w.e.f 1st April 2007
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OTHER CHANGES …SSI exemption enhanced to Rs.1.5 Crores.
MRP levy in the offing for IT products.
E – payment made compulsory – 50 lakhs PLA
Amounts payable under CCR, 2004 are also duty. – CERA to bury its head.
New Section 5 B .
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OTHER CHANGES.
• Pre - deposit menace to cover more. Section 11AB interest. Rule 57CC / Rule 6 “amounts”. Section 11D. • Time limit for filing departmental appeal - reduced. Transitional provisions expanded.
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• Pipes for Water supply projects extended.
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SERVICE TAX
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NEW LEVIES *
Mining – oil, gas & minerals.
Renting of immovable property.
Works Contracts.
Asset management including portfolio management.
Content development.
Design Services.
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* w.e.f 1st June 2007
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RENTING OF IMMOVABLE PROPERTY
Commercial or business use – partly or wholly
Exclusions : - Religious bodies – both ways. - Educational bodies – one way. - Vacant land. - Land for educational, sports, circus, entertainment & parking purposes. - Residential / Accommodation. - Property tax – pro rata / subsequent adjustments
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WORKS CONTRACTS …
Erection, commissioning, installation, commercial / residential construction, turnkey projects / EPC projects.
Roads, airports, railways, transport terminals, bridges, tunnels and dams, construction of ports – excluded.
Levy either on the service component or 2 % on gross amount.
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Why not all works contracts?
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WORKS CONTRACTS .
Separate Valuation provisions – Rule 2 A
Optional composition scheme – 32 / 2007
2 % on gross amount less VAT / ST on the transfer of property.
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What if VAT / ST is paid on whole value
• No CENVAT on inputs
CG / Input services not barred
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AMENDMENTS TO EXISTING LEVIES
Unification of telecom services.
Space selling in business directories, etc.
Social function for the purpose of mandap keeper / pandal / event management to cover marriages also.
Consulting engineering to cover hardware.
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* w.e.f 1st June 2007
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AMENDMENTS TO EXISTING LEVIES
Rent – a – cab to include cab more than 12 pax.
Management consultancy to include business consultancy.
“Goods” to include software under maintenance & repairs.
Man power supply to include pre-recruitment services.
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* w.e.f 1st June 2007
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OTHER FEATURES
Self adjustment of excess payment.
Revised return / Late filing fee.
Small scale exemption raised to Rs. 8 lakhs.
Exemption to residential welfare associations. upto Rs. 3000/- monthly subscription.
Cost audit / Saving clause like C. Ex.
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chennai - coimbatore - bengaluru - hyderabad - ahmedabad
THANKS
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