https://www.taxtmi.com/article/detailed?id=5775 The Act levies a cess on payments for the import of technology, at a rate not exceeding five percent as notified by the Central Government, payable by an industrial concern on or before making any payment for such import. Proceeds are credited to the Consolidated Fund and, subject to parliamentary appropriation, may be paid to the Development Bank for credit to a Venture Capital Fund to provide equity or other financial assistance for commercial application or domestic adaptation of technology. The Development Bank may require information, exemptions may be notified, and nonpayment is recoverable and punishable by penalty after inquiry. en-us Mon, 11 Aug 2014 12:02:31 +0530 Mon, 11 Aug 2014 12:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5775 The Act levies a cess on payments for the import of technology, at a rate not exceeding five percent as notified by the Central Government, payable by an industrial concern on or before making any payment for such import. Proceeds are credited to the Consolidated Fund and, subject to parliamentary appropriation, may be paid to the Development Bank for credit to a Venture Capital Fund to provide equity or other financial assistance for commercial application or domestic adaptation of technology. The Development Bank may require information, exemptions may be notified, and nonpayment is recoverable and punishable by penalty after inquiry. Articles Other Topics Mon, 11 Aug 2014 12:02:31 +0530 https://www.taxtmi.com/article/detailed?id=5775