GST threshold set at Rs 10 lakh

GST threshold set at Rs 10 lakh

Traders with a turnover below R10 lakh a year won’t have to register for or pay the goods and services tax (GST), and those with annual sales of R10 lakh to R50 lakh will need to pay the tax at a rate lower rate than the standard GST rate, official sources told FE.The concessional tax rate would, however, not be available for traders making interstate transactions irrespective of their turnover, they said. The quantum of concession will be decided by the proposed GST Council which will also determine the standard GST rate. The threshold levels were finalised by the empowered committee of state finance ministers that met here for the second consecutive day on Friday.

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htp://www.financialexpress.com/article/economy/gst-threshold-set-at-rs-10-lakh/70868/

Kerala Industrial & Commercial Policy Amended – 2015

Kerala Industrial & Commercial Policy Amended – 2015

Government shall provide 20% capital subsidy for new manufacturing units in Electronics Systems Design & Manufacturingsector in the State and.shall provide deferment of VAT for a period of 5 years for ESDM investments of Rs. 10 Crore or more.

To encourage Women to take up entrepreneurship as a career the industries set up by them will be treated under the thrust industry category enabling them to avail 30% investment subsidy.

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http://www.keralacm.gov.in/images/stories/topnews/2015/May/Kerala%20Industrial%20and%20Commerce%20Policy%20%202015_%20English.pdf

Service tax exemption-Notification No. 12/2015-Service Tax,

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION New Delhi,
the 30th April, 2015 No. 12/2015-Service Tax,
G.S.R.….(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.25/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 467 (E), dated the 20th June, 2012, namely:-
1. In the said notification,- (i) in entry 26, after item (o), the following items shall be inserted, namely:- “(p) Pradhan Mantri Suraksha Bima Yojna;” (ii) in entry 26A, after item (d), the following items shall be inserted, namely:- “(e) Pradhan Mantri Jeevan Jyoti Bima Yojana; (f) Pradhan Mantri Jan Dhan Yogana;”; (iii) after entry 26A, the following entry shall be inserted, namely:- “26B Services by way of collection of contribution under Atal Pension Yojana (APY).”
[F. No.334/5/2015 -TRU]
(Akshay Joshi) Under Secretary to the Government of India Note:-
The principal notification was published in the Gazette of India, Extraordinary, by notification No. 25/2012 – Service Tax, dated the 20 th June, 2012, vide number G.S.R. 467 (E), dated the 20th June, 2012 and last amended vide notification No. 06/2015 – Service Tax, dated the 1st March, 2015 vide number G.S.R. 160(E), dated the 1 st March, 2015.
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CENVAT Credit (Second Amendment) Rules, 2015.

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue)

Notification No. 12/2015-Central Excise (N.T.) New Delhi, the 30th April, 2015

G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:– 1. (1) These rules may be called the CENVAT Credit (Second Amendment) Rules, 2015.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 3, in sub-rule (7), in clause (b), after the second proviso, the following shall be substituted, namely:

– “Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the factory of manufacture of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise leviable under the First Schedule to the Excise Tariff Act:

Provided also that the credit of balance fifty per cent. Education Cess and Secondary and Higher Education Cess paid on capital goods received in the factory of manufacture of final product in the financial year 2014-15 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act:

Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on input services received by the manufacturer of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act.”.

[F. No. 334/5/2015-TRU] (Akshay Joshi) Under Secretary to the Government of India.

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http://www.cbec.gov.in/excise/cx-act/notfns-2015/cx-nt2015/cent12-2015.pdf