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Textile exporter various options to claim benefit under IDT
Background
Textile industry has been exempted from excise duty until Budget 2016-17 where exemption has been withdrawn on manufacturing of readymade branded garments falling under chapters 61, 62 and 63 of CETA and having MRP equal to or exceeding Rs. 1,000/-. The duty may be charged either @ 2% (without Cenvat) or 12.5% (with Cenvat).
The imposition of levy shall have impact not only on the domestic manufactures but on exporters also. Till now as it was exempted, exporters could...
Excise Duty on Textile Sector-Increased cost and Compliance Burden
Textile has been subjected to duty of excise at different point of time. In 2004, exemption was granted on textile articles falling under chapter 61, 62 and 63 from duty of excise by issuing Notification No. 30/2004-CE. It was again subjected to duty in 2011-12. After remaining liable for one year, it was rolled back by then finance minister P Chindabaram and since then textile was out of central excise purview. In Union Budget 2016-17, branded readymade garments has again been made...
Importers of Goods-Need to Register and pay Service Tax
Background:
Sounds unusual but true. Thanks to the budget proposal by Finance Minister.
In 2012 when Negative List was introduced it was announced by then Finance Minister Mr. Pranab Mukharjee that
“I propose to tax all services except those in the negative list. The list comprises 17 heads and has been carefully drawn up, keeping in view the federal nature of our polity, the best international practices and our socio-economic requirements”
But it appears...
Read moreProfessional Services for Jewellery Sector in Central Excise Law
The new assessee engaged in manufacture of jewellery may find it difficult to cope with vast compliance requirements under Central Excise law as excise levy has been reintroduced suddenly and unexpectedly in budget 2016. There is hardly any time for the assessee to comply with legal requirements. Therefore, it would be essential for the assessee to engage a professional for assistance who can not only assist in compliance but could be helpful in adding value which could be in form...
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