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Presentation transcript:

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SHE Cess {SECONDARY & HIGHER EDUCATION CESS}  1 % on Customs duties / Excise duties & Service Tax.  Excise and Customs – w.e.f Service Tax – w.e.f  CENVATable.  Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

CUSTOMS Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

 Valuation set for major revamp.  Peak rate reduced to 10 %. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.  “ Interest” ing amendment in Drawback.

CENTRAL EXCISE Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.  Settlement only before original adjudication Fate of ex-parte orders? * w.e.f 1st June 2007

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? Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. * w.e.f 1 st April 2007

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. Pipes for Water supply projects extended.

SERVICE TAX Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

NEW LEVIES *  Mining – oil, gas & minerals.  Renting of immovable property.  Works Contracts.  Asset management including portfolio management.  Content development.  Design Services. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. * w.e.f 1 st June 2007

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 Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. Why not all works contracts?

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. What if VAT / ST is paid on whole value No CENVAT on inputs CG / Input services not barred

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. * w.e.f 1st June 2007

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved. * w.e.f 1st June 2007

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. Copyright © Taxindiaonline.com Pvt. Ltd. All rights reserved.

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