TaxTMI 
TaxTMI 
Budget review - Custom, Excise and Service tax
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....udget review - Custom, Excise and Service tax<br>By: - CSSwati Rawat<br>Central Excise<br>Dated:- 28-2-2015<br><br>1. Increase in basic custom duty: - Metallergical coke from 2.5 % to 5%. - Tariff rate on iron and steel and articles of iron and steel increased from 10% to 15%. - Tariff rate on commercial vehicle increased from 10 % to 40%. 2. Basic custom duty on digital still image video c....
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....amera with certain specification reduced to nil. 3. Excise duty on rails for manufacture of railway or tram way track construction material exempted retrospectively from 17-03-2012 to 02-02-2014, if not CENVAT credit of duty paid on such rails is availed. 4. Service-tax to be levied on service provided by way of access to amusement facility, entertainment events or concerts, pageants, non recoga....
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....nised sporting events etc. 5. Service-tax exemption: - Services of pre-conditioning, pre-cooling, ripening etc. of fruits and vegetables. - Life insurance service provided by way of Varishtha Pension Bima Yojana. - All ambulance services provided to patients. - Admission to museum, zoo, national park, wile life sanctuary and tiger reserve. - Transport of goods for export by road from factor....
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....y to land customs station. 6. Enabling provision made to exclude all services provided by the Government or local authority to a business entity from the negative list. 7. Service-tax exemption to construction, erection, commissioning or installation of original works pertaining to an airport or port withdrawn. 8. Transportation of agricultural produce to remain exempt from Service-tax. 9. Art....
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....ificial heart exempt from basic custom duty of 5% and CVD. 10. Excise duty exemption for captively consumed intermediate compound coming into existance during the manufacture of agarbathi<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....