Blogs

With an intention to ensure that lower rate of taxes are maintained on few specified goods which are of essential use of people, few goods have been considered to be of special importance under CST Act. Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of ‘special importance’ and to impose restrictions and conditions in regard to power of States in regard to levy, rates and other incidence of tax on such goods.     

What are declared...

Encouragement to Service Exporters Needed.  

India is moving to makes it place among the developed nations by 2020. The government has also started policies to make what is spoken happen. The exporters of service have saved the country from destruction and place the Indian on the world map as a competent professional. Service exports contribute significantly 40+% of the total exports. In the past the falling rupee helped the local exporters. However this trend is expected to be...

Revenue Augmentation – 6 Month Restriction – Can One Avail post 1st September?  

Excise duty collections are expected to be about ? 2 Lakhs crores and Service Tax collections about 2.2 Lakhs crores for the year 2014-15.The cenvat credit accounts for about 50-60% of the total duty payment to be made by the manufacturing sector. For service providers credit may average about 20% of the duty payable. Therefore this year the credit to be availed would be in excess of ? 1.5 Lakhs...