- Notification: Service tax:
Service tax exemption on single card transaction upto Rs. 2000/-
The Central Government vide Notification No. 52/2016-Service Tax dated December 8, 2016 has inserted a new entry no. 64 after entry no. 63 in Notification No. 25/2012-Service Tax dated June 20, 2012 (“the Mega Exemption Notification”) thereby exempting services provided by an acquiring bank, to any person in relation to settlement of an amount upto Rs. 2000/- in a single transaction transacted through credit card, debit card, charge card or other payment card service.
Further the an explanation has also been providing the definition of acquiring bank by prescribing that an acquiring bank means any banking company, financial institution including non-banking financial company or any other person, who makes the payment to any person who accepts such card.
Read more at: http://www.cbec.gov.in/resources//htdocs-servicetax/st-notifications/st-notifications-2016/st52-2016.pdf
- Notification: Customs:
Import of wheat exempted from Customs duty without an end date
The Central Government vide Notification No. 60/2016-Customs dated December 8, 2016 has amended the Notification No. 12/2012- Customs dated March 17, 2012 dealing with effective rate of duty on import of goods thereby making following alterations –
- Substitution of entry “25%” with entry “Nil” in column (4), against serial number 34. Thus, the amended entry is –
| S.No | Chapter or Heading or sub-heading or tariff item | Description of goods | Standard rate | Additional duty rate | Condition No. |
| (1) | (2) | (3) | (4) | (5) | (6) |
| 34. | 1001 1900 or 1001 99 10
|
Wheat | Nil | – | – |
- Omission of serial no. 34A, entries relating thereto and proviso, clause (af) dealing with the following-
| S.No | Chapter or Heading or sub-heading or tariff item | Description of goods | Standard rate | Additional duty rate | Condition No. |
| (1) | (2) | (3) | (4) | (5) | (6) |
| 34A. | 1001 1900 or 1001 99 10
|
Wheat | 10% | – | – |
Provided that nothing contained in this notification shall apply to …….
(af) the goods specified against serial no. 34 A of the said Table on or after the first day of March, 2017.”
Thus, the wheat which attracts an effective rate of 10% duty till February 28, 2017 has been deleted. Now, it has been exempted totally without an end date.
Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2016/cs-tarr2016/cs60-2016.pdf
- Memo : Andhra Pradesh VAT:
Issuance of clarification regarding notification for reduction of tax on cell phone batteries, cell phone battery charger etc. to 5%
The Andhra Pradesh Government vide Memo. No.REV-35021/28/2016-CT II dated November 30, 2016 has clarified that rate of tax on cell phone batteries and cell phone battery chargers which were reduced to 5% by including them under entry 39(15) of Schedule-IV of the Andhra Pradesh Value Added Tax Act, 2005 vide Notification No. G.O.Ms.No.307 dated July 12, 2016 will have only prospective effect.
Further, it is also clarified that implementing the notification retrospectively is not feasible as it would result in refund of taxes already collected.
Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2016/12/APVAT3502130-11-2016-1.doc
- Notification : Goa VAT:
Extension in last date of filing application in Form-I (application for settlement) till January 31, 2017
The Goa Government vide Notification No. 4/5/2005-Fin(R&C)(142) dated December 8, 2016 has extended the last date for making application in Form I (application for settlement) under the Goa (Recovery of Arrears of Tax through Settlement) Act, 2009 from December 9, 2016 to January 31, 2017.
Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2016/12/Notification-Goa.docx
- Circular : Telangana VAT:
Issuance of guidelines for using cashless mode of transaction
The Telangana Government vide Circular No. CCT’s Ref No. CS(1)/483/2006 dated December 8, 2016 has issued guidelines to all the traders in relation to using cashless mode of transaction due to the problem of shortage of currency caused due to de-monetisation.
Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2016/12/Circular-telangana.docx