Finance Bill 2017 Proposes Repeal of Research and Development Cess Act, 1986, Effective April 1, 2017
Clauses 139 to 142 of the Finance Bill, 2017, propose the repeal of the Research and Development Cess Act, 1986. This Act imposed a cess on payments for imported technology to promote the use of domestic technology and adapt foreign technology for broader domestic application. The repeal aims to eliminate this cess and instead provide budgetary allocations for research and development. These changes are set to take effect from April 1, 2017.
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