MSME enterprises to continue to avail of all non-tax benefits of the category it was in before the re-classification, for a period of three years from the date of such upward change

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The Ministry of MSME vide S.O. 4926 (E) dated October 18, 2022 has notified that in case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of category it was in before the … Read more

DeMon, GST had limited impact on growth: Jaitley

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Finance minister Arun Jaitley on Thursday said that despite the noise about demonetisation hurting the economy, the growth rate expected to moderate from 7.1% in FY17 to 6.7% in FY18 and the slowdown was partly due to de-stocking ahead of the GST launch in July. “Demonetisation had its own disruptive impact. India’s growth rate was 7.1% last … Read more

Union Budget – 2018: Video recording by Mr. Bimal Jain on important changes in Indirect Taxes along with key pointers in other areas

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Finance minister, Mr. Arun Jaitley unveiled the Union Budget 2018 in Parliament on February 1, 2018, amid expectations of increased spending to boost growth in the Indian economy. Finance Minister Arun Jaitley delivered his government’s last full year Budget speech for financial year 2018-19. He began his speech by highlighting the government’s economic reforms undertaken … Read more

Two new sectoral FAQs has been released

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Two new Sectoral FAQs relating to Gems & Jewellery and IT & ITES has been released and put into public domain. To access the same, please click the link below. Gems & Jewellery: http://www.cbec.gov.in/resources//htdocs-cbec/gst/sectoral-faq-gems-jewellery.pdf IT & ITES: http://www.cbec.gov.in/resources//htdocs-cbec/gst/sectoral-faq-it-ites.pdf

Cenvat Credit admissible even when excess duty paid on inputs

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Dear Professional Colleague, We are sharing with you an important  judgment  of  Hon’ble  Punjab and Haryana High Court in the case of  V.G. STEEL INDUSTRY Vs. COMMISSIONER OF CENTRAL EXCISE [2012 (27) S.T.R. 94 (P & H)] on the following issue:- Issue: Whether Cenvat credit is available when excess duty is paid on inputs? Facts: … Read more

Whether the price declared below the cost of manufacture can be regarded as “Normal price” for chargeability of Excise duty.

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Recent judgment of the Hon’ble Supreme Court, New Delhi:- Citation                                :                        AIT-2012-354-SC Appellant (s)                       :                       Commissioner of Central Excise, Mumbai Respondent (s)                   :                       M/s. Fiat India (P) Ltd. & Anr. Issue:- Whether the price declared by assessee for their cars which … Read more