| Centre to minimise list of exemptions from GST | 14-NOV-09 |
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| The Union ministry of finance is looking at minimising the list of exemptions from the goods and services Tax (GST), the new tax structure which will be introduced from April 1, 2010, according to Sumit Dutt Majumder, special secretary, and member of the Central Board of Excise and Customs. |
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| CBEC for less GST exemptions | 13-NOV-09 |
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| The Centre would prefer to compensate states for any losses on account of the proposed goods and services tax (GST), rather than giving exemptions, a finance ministry official said today. |
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| Tata Sons seeks EPFO exemption | 06-NOV-09 |
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| Tata Sons, the holding company of all the key companies within the Tata Group, has applied to the Employee Provident Fund Organisation (EPFO) to be exempted from the regulation of the Employee Provident Fund and Miscellaneous Provisions Act (EPF & MP Act), 1952.
Another group company, Tata Services, and a host of philanthropic trusts of the Group, like the Dorabji Tata Trust, Sir Ratan Tata Trust, Lady Tata Memorial Trust, and JN Tata Endowment for Higher Education of Indians, have also |
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| NBFCs seek exemption from MAT | 20-OCT-09 |
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| Non-banking financial companies (NBFCs) have sought exemption from minimum alternate tax (MAT) under the proposed direct tax code. The companies have told the finance ministry about their reservations on the code. |
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| Exemptions under dual GST are key challenges | 19-OCT-09 |
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| One of the key challenges in the implementation of a Goods and Services Tax (GST) is with regard to exemptions from the tax for specified goods and services. In the Indian context, given the plethora of exemptions that currently exist in regard to numerous goods and services, under the respective Central and state laws, the challenge is a larger one. The matter gets complicated if one were to consider that in addition to the exemptions, there exist exemptions from the tax, both Central and State, that are based on the geographic locations of the manufacturing units. These are commonly known as area based exemptions. |
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| Importers must study exemption notifications carefully | 05-OCT-09 |
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| A Division Bench of the Bombay High Court has held [Dimexon Vs. UOI 2009 (241) ELT 519 (Bom.)] that “once a notification is issued under Section 25 of the Customs Act, 1962, that notification alone would govern the issue of exemption of Customs duty”. The judgment is significant because there are many situations when the Foreign Trade Policy (FTP) provisions are different from the Customs exemption notifications. |
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| Exemptions, deductions uncoded | 14-AUG-09 |
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| Profit-based tax incentives are sought to be systematically eliminated in the draft Direct Taxes Code. This is proposed to be achieved by migrating from a profit-based to an expenditure-based incentive scheme. For example, large infrastructure projects including development of Special Economic Zones (SEZs) have moved away from profit-based deduction to a deduction of revenue and capital expenditure from gross receipts. For individuals, the focus is to move firmly towards the “Exempt-Exempt-Taxable” (EET) model where tax exemptions are available at the time of contributions and accruals but are taxable at the time of withdrawal. Continued emphasis on deductions based on social tax expenditure such as medical premia and interest on education loans are likely to be retained. |
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| More money, less exemptions | 13-AUG-09 |
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| The draft Direct Taxes Code released by the government today proposes sweeping changes in terms of increase in tax slabs and wealth tax, but it has also done away with some exemptions. |
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| Duty exemption needs to be made more user-friendly | 10-AUG-09 |
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| In the new Foreign Trade Policy, Commerce Minister Anand Sharma should try to revamp the duty exemption scheme and make it more user-friendly. The advance authorisation scheme, put in place about four decades ago, has stood the test of time and become the basic scheme around which many alternative schemes (some of them very poorly conceived) have been introduced from time to time and discarded. This basic quantity-based duty exemption scheme deserves to be simplified further and made more user-friendly. |
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| CBEC writes to Railways, Shipping on service tax exemption | 20-JUL-09 |
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| Even as the Budget 2009-10 proposed service tax on goods carried by rail and ship, the Finance Ministry has written to the Ministries of Railways and Shipping asking for a list of essential commodities that are to be exempted from the levy. |
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| BSNL seeks exemption from Rs 3,000-crore licence fees | 18-JUL-09 |
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| The state-owned telecom service provider Bharat Sanchar Nigam Ltd (BSNL) is planning to seek exemption from paying licence fees, stating a clause under the National Telecom Policy of 1999 (NTP ‘99). At present, the company pays around Rs 3,000 crore per annum as licence fee to the exchequer. |
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