KRISHI KALYAN CESS:
It is levied at 0.5% on taxable value of services with effect from 1.06.2016.
- Unlike Swatch Bharat cess, the input (CENVAT) credit received on purchase of services will be available for payment of such cess on output services.
- The credit can only be utilised for payment of Krishi Kalyan cess. So separate account need to be made for this levy in books.
Manufacturer is not entitled to avail the credit on KKC except for the purpose of discharging the KKC payable on the output service where he is also registered as a service provider.
SWATCH BHARATH CESS :
- This Cess (SBC) is applicable only on taxable services with effect from 15.11.2015 at rate of 0.5%
- SBC shall not be available as cenvat credit and liability of same cannot be discharged by utilising cenvat credit.
Atal Pension Yojna
The Government of India has announced a new scheme called Atal Pension Yojana (APY). It is a guaranteed pension scheme which is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
The Pension Fund Regulatory and Development Authority (PFRDA) is a pension regulatory authority which was established byGovernment of India on August 23, 2003. PFRDA is authorized by Ministry of Finance, Department of Financial Services. PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters.
Features of APY :
- APY is a voluntary, periodic contribution based pension system, under which the subscriber would receive the following benefits:
- (i) Central Government guaranteed minimum pension amount : Each subscriber under APY shall receive a Central Government guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death.
- (ii) Central Government guaranteed minimum pension amount to the spouse : After the subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.
- (iii) Return of the pension wealth to the nominee of the subscriber : After the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.
- Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer.
- The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
APY Scheme Details / Circulars
MINISTRY OF FINANCEF Notifiation dt: No. 16/1/2015-PR – Atal Pension Yojana
Spinning Mills Cut Production
Due to the increase in Cotton Price during the last 2 weeks the cotton mills are cutting production ti minimise the losses. The Price Candy (356kilo) was Rs 32500 in January has now increase to Rs 50000. It is anticipated that Rs 15/ kg loss will be incured by an average mill manufacturing 10000 kg of yarn a day. To Combat recorrence of price raise a Government fund is required to purchase stock from the farmers.
A sub-committee on pricing of Cotton Advisory Board has decided to begin tracking rates across different markets in the country closely, with minimum, maximum and average monthly rates instead of the current format of just the average. Reporting of prices will also be gradually moved to the metric system from the current, the advantage being easier comparision with global measurement systems.
Private Bodies to Act as incubators under Start-Up India
Under the Start-Up India action plan the Governemt has certified Nasscom and iSprit along with other 18 Private organisations. To Act as Incubators currently government is running 278 Incubators which are allowed are certifies and recomend startup. Nasscom will provide sector – specific services in their where-houses.
The department of industrial policy and promoted ( IPP) has formed a monitoring committee headed by DIPP Secretary to review action plan’s implimentation once in a month.
The Government plan’s to create Sector-Specific Incubator under Atal Innovation Machine
Innovation and Start-ups
National Institution for Transforming India