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Cabinet approves 309 Km long new line between Mumbai and IndoreKGST - As is trite law, a suit filed prior has to be adjudicated so as to bar a suit filed subsequently & that doctrine of res judicata is inapplicable without a previous adjudication: HCCabinet approves seven major schemes for improving farmers' lives and livelihoodsGST - Adjournment was granted for two weeks but the proper officer passed the orders before the period was over - Orders set aside and matter remanded: HCCabinet approves one more semiconductor unit under ISMTurkey keen to join BRICS in effort to look beyond WestGST - Shipping bill can be considered as an application for refund of IGST in terms of rule 96: HCCabinet approves Digital Agriculture Mission with outlay of Rs. 2817 CroreIndia’s manufacturing PMI marginally down to 57.5 in AugustGST - Petitioner is permitted to pay amounts assessed in 24 equal monthly instalments together with interest - Recovery proceedings to be kept in abeyance: HCCCPA imposes penalty of Rs 5 Lakh on Shankar IAS AcademySC sets up Judge-headed panel to sort out protesting farmers’ grievancesGST - S.80 - Instalment facility granted to pay defaulted tax - If petitioner commits any default in payment of even a single instalment, it is open to respondents to proceed for recovery: HCPM to be on official tour to Singapore & Brunei between Sept 3 to 5GST - Allegation is that petitioner availed ITC in contravention of s.16 - Petitioner submits that they paid output tax without utilising ITC in question - Matter remanded: HCCBDT issues transfer order of 17 Addl / JCITsCBDT promotes 6 IRS officers as CCITThe making of an 'Input Service Distributor'President Murmu unwraps new Insignia and flag of Supreme Court of IndiaCBIC amends Sea Cargo Manifest & Transshipment Regulations‘Kavach’ system to be deployed in mission mode: Rail MantriMoS unveils New Single Unified Pension Form for Senior CitizensGST mop-up in August month rises to Rs 1.75 lakh crore

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Union Budget 2015-2016 - 'Phool Aur Kaante' Budget


Fear Factor

What will happen to the accumulated credit of ED Cess and SHE Cess. It amounts to 3% of the direct and indirect tax revenue. Basic duty or tax can be used for payment of Cess. But Cess cannot be used for payment basic duty or tax. In otherwords the accumulated ED and SHE cess will be forfeited from the eligibility of the assessee. The Government by making the abolition of Cess make an immediate blocking of Rs. 3000 crores.

r vaidyanathan
consultant - indirect taxation

Ramadoss Vaidyanathan 03/03/2015

 
CESS-what will happen

Let us hope that F.M. when he says thatt hike of .5% will subsume the cess will actually allow the accumulated cess to be taken credit of against the duty by some special dispensation while abolishing these cesses

somesharora somesharora 03/03/2015

 

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