In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of duty on jewellery. Some…
The Payment of Bonus (Amendment) Bill, 2015 was passed by the Parliament in the just concluded Winter Session of the Parliament. The Payment of Bonus (Amendment) Act, 2015 has been published in the Gazette of India, Extraordinary on 1st January, 2016 as Act No. 6 of 2016. The provisions of the Payment of Bonus (Amendment)…
At present, there are 16.35 crore LPG consumers in the country. With the implementation of the PAHAL Scheme (DBTL), the subsidy is being transferred directly to the Bank Account of 14.78 crore LPG Consumers. The objective of the scheme was to ensure that the subsidy benefits go to the targeted group. The Government had also…
The Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India has taken a number of initiatives to facilitate trade and to resolve disputes. A slew of measures were taken to enable effective and speedy dispute resolution and to facilitate the trade and industry. Some of the important initiatives are: (1)…
Issue to open on 17th December 2015 and close on 31st December 2015 NHAI plans to raise funds through public issue of tax free, secured, redeemable non-convertible bonds with Face Value of Rs 1,000 each for an amount of Rs 1,000 crore with an option to retain over subscription of upto additional Rs 9,000 crore,…
In view of the severe floods in the State of Tamil Nadu, Department of Financial Services had issued the following guidelines to be followed by Banks and other Financial Institutions.It is imperative that all steps be taken to extend every possible facilitation to the affected people who are insured persons/nominees and may have been injured/lost…
63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve the reach of Gold Monetisation Scheme (GMS) The Prime Minister Shri Narendra Modi had launched three Gold related Schemes i.e. Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme…
The Government has decided to provide further indirect tax incentives for domestic shipbuilding industry. Accordingly, the Central Government has issued Notification Nos. 44/2015-Central Excise, 45/2015-Central Excise, 54/2015-Customs and 55/2015-Customs all dated 24.11.2015 so as to provide the following indirect tax incentives to the aforesaid industry: 1) Exemption from customs and central excise duties on all…
Government extends RuPay Card usage condition to 90 days for a claim under an inbuilt accident insurance cover in case of RuPay Classic cardholders with effect from 25th November 2015; As on 20.11.2015, out of 697 claims lodged under Accidental Insurance under RuPay Debit Card in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, 644 claims…
The Union Finance Minister Shri Arun Jaitley said that the Public Sector Banks (PSBs) have made great contribution in rebuilding the economy of the country. However, the Finance Minister asked the bankers to get rid of their past scars of Non Performing Assets (NPAs) and clean-up their balance sheet at the earliest .The Finance Minister…