Changes in the Union Budget 2012
No Change in SSI Exemption (Same upto 1.50 crore if sale below 4 crore)
Excise duty rates are increased from 10.30% to 12.36% effecting from 17/3/2012 (mid night of 16 and 17/3)
Service tax rates (Including Transport of goods)are increased from 10.3% to 12.36% w/e/f 1/4/2012 (uopt 31/3/12= 10.30%)
Prosecution will be executed (arrest etc) if duty evasion is 30 lakh or more (Present 1 lakh on the recommendation of commissioner)
Rule 3(5) and 3(5A) are being amended to prescribe that in case the capital goods on which Cenvat credit has been taken are cleared after being used then the amount payable shall be either the amount calculated on the basis of Cenvat credit taken at the time of receipt reduced by a prescribed percentage or the duty on transaction value whichever is higher.
If the cenvat credit is taken wrongly but not utilized interest will not be payable now. It will be another litigation assessee will day that there is a minimum balance in the cenvat credit equal to cenvat credit taken so it is not utilized Department will day that 1st come is 1st used so it has been utilized and interest will be paid.
Now u can bring goods from foreign country upto Rs. 35000 (previous 25000)
Go to Bangkok for Rs. 16500/- which include air fair, hotel accommodation for 5 days 4 night
Purchase two LCD Rs Rs. 17500/- (total 35000) the price in India of which is 34000 each total 68000.
You saved Rs. 33000 (68000-35000)
You paid 16500
Net Profit 16500 plus free journey+hotel. Mauja he Maujan
No Change in SSI Exemption (Same upto 1.50 crore if sale below 4 crore)
Excise duty rates are increased from 10.30% to 12.36% effecting from 17/3/2012 (mid night of 16 and 17/3)
Service tax rates (Including Transport of goods)are increased from 10.3% to 12.36% w/e/f 1/4/2012 (uopt 31/3/12= 10.30%)
Prosecution will be executed (arrest etc) if duty evasion is 30 lakh or more (Present 1 lakh on the recommendation of commissioner)
Rule 3(5) and 3(5A) are being amended to prescribe that in case the capital goods on which Cenvat credit has been taken are cleared after being used then the amount payable shall be either the amount calculated on the basis of Cenvat credit taken at the time of receipt reduced by a prescribed percentage or the duty on transaction value whichever is higher.
If the cenvat credit is taken wrongly but not utilized interest will not be payable now. It will be another litigation assessee will day that there is a minimum balance in the cenvat credit equal to cenvat credit taken so it is not utilized Department will day that 1st come is 1st used so it has been utilized and interest will be paid.
Now u can bring goods from foreign country upto Rs. 35000 (previous 25000)
Go to Bangkok for Rs. 16500/- which include air fair, hotel accommodation for 5 days 4 night
Purchase two LCD Rs Rs. 17500/- (total 35000) the price in India of which is 34000 each total 68000.
You saved Rs. 33000 (68000-35000)
You paid 16500
Net Profit 16500 plus free journey+hotel. Mauja he Maujan
