Lok Sabha passes Taxation Laws (Amendment) Bill 2017
PrintListen to this Article
The Customs Act is proposed to be amended to include warehouse in the definition of customs area" to ensure that an importer would not be required to pay the proposed integrated goods and services tax at the time of removal of goods from a customs station to a warehouse.
The Customs Tariff Act is proposed to be amended to provide for levy of integrated goods and services tax and goods and services tax compensation cess on imported goods. The Central Excise Act is amended to proposes to levy duty only on a certain kind of petroleum products such as motor spirit, high speed diesel, aviation turbine fuel, and tobacco products.
In the Finance Act, 2001, the bill seeks to propose to limit the levy only to tobacco products and crude oil. Currenlty , the Finance Act, 2005 levies an Additional Excise Duty on several items such as pan masala and tobacco products and the bill proposes to remove petroleum oils, crude and other related products from this list. The Bill also seeks to repeal laws which include the Sugar Cess Act, 1982 and the Jute Manufacturers Cess Act, 1983.
Replying to a debate , Minister of State for Finance Santosh Gangwar said, the amendments were necessitated due to the subsuming of various excise duties in the GST law. He said, the government has set a target of rolling out a new indirect tax regime form the 1st of July. Initiating the discussion, Shashi Tharoor of Congress raised some issues related to the bill and sought clarifications from the Minister.Nisihikant Dubey of BJP said, the new tax regime is intended to control inflation and lead to rise in income of farmers
Later talking to reporters outside Parliament, Mr Jaitley said, Parliament has passed all the four bills related to GST unanimously. He said, it is a matter of happiness that all political parties extended their support in the passage of the bills. He said, after the President's assent to the bills, they will become the Law. Mr Jaitley said, now the States can pass the State GST Bill in their assemblies. #casansaar (NewsonAir)
Category : General | Comments : 0 | Hits : 611
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments