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Check out the Latest Updates at CAalley ...

Updates were in the following categories:

Indian News

Union Budget 2017-18

Legal Updates

  • Service Tax
  • Central Excise
  • Customs

Indian News:

Taxmen can reopen up to 10-yr old cases in big transactions

RBI says it hasn't authorised use of Bitcoins

 

Union Budget 2017-18:

Accountants to face penalty for wrong info

In Budget 2017, Arun Jaitley stays true to fiscal consolidation

Affordable housing gets infrastructure status in Budget

Tourism industry welcomes five special tourism zones

FM Arun Jaitley announces Rs 10,000 penalty for late filing of income tax returns

Budget makes tax compliance easy for small tax payers

Likely corporate winners and losers in Arun Jaitley’s budget

Arun Jaitley halves import duty on LNG to 2.5 pc

Budget 2017: Startups hail corporate tax cuts but say MAT still a concern

Budget hints at phasing out tribunals, COMPAT may be the first to go

Govt to reduce time for revising tax return to 12 months

The finance ministry must help us find the money for capex: Suresh Prabhu

Computer Emergency Response Team proposed to check cyber frauds

Budget 2017: The shadow of price concerns or old medicine in a new bottle?

Good news for FPIs! Budget provides breather on indirect transfer taxation

Masala bonds to get more tax benefits

Base year for calculating capital gains changed

Jaitley bans cash dealings above Rs 3 lakh from April 1

Cash donation to political parties capped at Rs 2,000

Finance Minister announces several anti graft and rationalisation measures in the field of Income tax

Budget 2017-18: List of products turning costlier/cheaper

Govt proposes Payments Regulatory Board in RBI

Income tax for small firms slashed to 25%

Budget 2017: No service charge on online rail tickets

Start-ups can avail of 3-year tax holiday in a block of 7 years

Jaitley calls for moving ahead with PSU listings, oil cos consolidation

Govt abolishes FIPB; more FDI policy easing on anvil

Highlights of Union Budget 2017-18

Direct Tax Proposals

Changes in Service Tax

Changes in Central Excise & Customs

Budget Documents

 


Legal Updates

Service Tax:

Amendment to Notification No.25/2012-Service Tax dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services [No.7]

Seeks to amend Service Tax Rules, 1994 so that in case of online information and database access or retrieval services provided or agreed to be provided by any person located in a non-taxable territory and received by non-assesse online recipient [No.6]

Seeks to amend notification No. 25/2012-ST dated 20.06.2012 so as to withdraw the exemption from service tax for online information and database access or retrieval services provided by a person located in non-taxable territory to an entity in India registered under section 12AA of the Income Tax Act, 1961 [No.5]

 

Central Excise:

The Central Excise (Amendment) Rules, 2017 [No.5(N.T.)]

The CENVAT Credit (Amendment) Rules, 2017 [No.4(N.T.)]

Seeks to amend Notification No. 11/2010-Central Excise (N.T) dated 27.2.2010 [No.3(N.T.)]

Seeks to amend Notification No. 30/2008-Central Excise dated 1.7.2008 [No.2(N.T.)]

Seeks to amend Notification No. 16/2010-Central Excise dated 27.2.2010 so as to carry out Budgetary changes [No.7]

Seeks to amend Notification No. 12/2012-Central Excise dated 17.03.2012 so as to carry out Budgetary changes [No.6]

Seeks to prescribe 6% concessional excise/CV duty on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen [No.5]

Seeks to further amend Notification No. 42/2008-Central Excise dated 1.7.2008 so as to carry out Budgetary changes [No.4]

Seeks to further amend Notification No. 6/2005-Central Excise dated 1.3.2005 so as to carry out Budgetary changes [No.3]

 

Customs:

Seeks to further amend Notification No. 12/2012-Customs, dated the 17.3.2012 so as to carry out Budgetary changes [No.6]

Seeks to reduce Basic Customs Duty from 10/7.5 % to 5% on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen [No.5]

Seeks to further amend Notification No. 21/2012-Customs, dated the 17.03.2012 so as to specify the rate of additional duty of customs leviable under sub-section 3(5) of Customs Tariff Act, 1975 for items specified therein [No.4]

Seeks to further amend Notification No. 27/2011-Customs dated 1.3.2011 [No.3]