Notifications issued by CBEC on Budgetary changes vide dated 01.03.2016

Circular No. ES/77/2015-16                                                                           March 2, 2016

To:  Members of the Council

Sub: Notifications issued by CBEC on Budgetary changes vide dated 01.03.2016

Dear Member,

As you are aware, the Government has announced the Union Budget for 2016-17 on 29^th February, 2016. The Highlights of the Budget 2016-17 is posted on our website. (www.srtepc.org).

In this connection, we would like to inform you that CBEC has issued Customs, Central Excise and Service Tax Notifications on Budgetary changes vide dated 01.03.2016.

The Government proposes to levy a 0.5 per cent Krishi Kalyan cess on all taxable services. With this cess, the service tax rate will now raise to 15 per cent from the current 14.5 per cent. The cess would be used exclusively for financing initiatives relating to improvement of agriculture and welfare of farmers. The cess would come into force from 1 June 2016.

With regard to the above, we are giving here below the list of Notifications pertaining to MMF Textiles where the changes made have been incorporated :-

CUSTOMS NOTIFICATIONS

CENTRAL EXCISE NOTIFICATIONS

SERVICE TAX NOTIFICATIONS

Members are requested to make a note of the changes appearing in the above Notifications and send us your suggestions / views on the Budget provisions at the earliest so that the same can be included in the Post Budget Memorandum which the Council will be shortly forwarding to the Government.

Thanking You,

V.ANIL KUMAR
EXECUTIVE DIRECTOR