TIOL-DDT 2818 · Friday, 1 April 2016 · story 9 of 10

The April Effect

SOME of the Budget Changes Effective from Today

subject

Notification

Central Excise

Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016.

Certain changes in CE Rules

Certain Changes in CENVAT Credit Rules

Interest under Section 11AA of Central Excise Act

Customs

Baggage Rules 2016

Amendments to Customs Baggage Declaration Regulations, 2013

Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016

Interest rate under Section 28AA of the Customs Act

Service Tax

Changes in Mega Exemption Notification 25/2012

No.

  • Exemption on services by senior advocate to other advocate or to a law firm is being withdrawn. Levy under forward charge.

  • Date from which the definition of support services shall stand deleted from the Finance Act, 1994.

New exemptions for services by,-

  • Annuity under the National Pension System

  • Securities and Exchange Board of India (SEBI)

  • Employees Provident Fund Organisation (EPFO)

  • Biotechnology incubators approved by Biotechnology Industry Research Assistance Council (BIRAC).

  • National Centre for Cold Chain Development Rationalisation of abatement rates and conditions thereof in respect of services by,-

  • Tour operator services

  • transport of passengers by rail.

  • transport of goods by rail.

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