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of <h1>Finance Bill 2016: Amendments to Tax Acts, Inter-State Gas, Crude Oil Cess, & Unified Appellate Tribunal Proposed</h1> The Finance Bill, 2016 proposes several amendments across various Acts. It seeks to amend the Central Sales Tax Act, 1956, to classify inter-state gas transactions as movement of goods. The Oil Industry (Development) Act, 1974, will see a shift from a fixed cess to a 20% ad valorem rate on crude oil. Amendments to the Smugglers and Foreign Exchange Manipulators Act, 1976, and the Narcotic Drugs and Psychotropic Substances Act, 1985, propose a unified Appellate Tribunal. Changes to the Foreign Exchange Management Act, 1999, introduce penalty recovery powers. The Finance Act, 2004, sees an increase in securities transaction tax, while the Finance Act, 2010, renames and raises the Clean Energy Cess. Amendments to the Finance Act, 2013, and the Finance Act, 2015, affect commodities transactions and the Senior Citizens' Welfare Fund, respectively. The Bill also proposes repealing and amending certain enactments with minimal cess. These changes are set to take effect on specified dates in 2016 and 2017.
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