93037Budget 2015-2016 Changes in VAT

8/17/2019 93037Budget 2015-2016 Changes in VAT

1/24

Changes at Importsrelated to VAT

1


2/24

Customs Duty Structure –

Restructured Existing(2014-15) 0% 2%

5% 10% 25%

2

Proposed(2015-16) 0% 1%

2% 5% 10% 25%


3/24

Suppement!ry Duty

Structure – Restructured

3

Proposed (2015-16) – 11 s!"s

10% 20% 30% 45%

60% 100% 150% 200%

250% 350% 500%


4/24

Duty#$!x C%!nges

CD &ncre!sed

59 lines

4

CD Decre!sed

43 lines

SD &ncre!sed

85 lines

SD Decre!sed

98 lines

'$ Exemption(ne)

14 lines


5/24

*egu!tory Duty -

*educedExisting(2014-15)

5%

5

Proposed(2015-16)

4%

Applicable on goods having25% CD

Also applicable on certainintermediary goods having 10% CD


6/24

Changes in VAT


7/24

re!s o+ C%!nges

Changes in !A" Act Changes in !A" #$les

e& '(emption

)ithdra&n o* e(emption #ede+ning certain services

Changes in ,D rates

Changes in price slabs o* "obaccoprod$cts

-


8/24

re!s o+ C%!nges -Continued

Changes in "r$ncated #ates "rade !A"

Changes in seasonal bric. +eld

/ncrease in "ari val$es !A",D on mobile sector

/ncreasing '(cise D$ty

8


9/24

C%!nges in '$ ct

"$rnover 'nlisted persons can attendtender s19.a

cers AC 6 above get po&er as

Assistant Commissioner 7$rchase *or #egistered 7erson &itho$t

!A" Challan is a p$nishable oence

"ime *or the 'ntry o* #a& materials in$sha.1 increased *rom 24 ho$rs to48 ho$rs

9


10/24

C%!nges in '$ *ues

Amend the val$e *or :ond in the line o*stamp act t.; 300

"he


11/24

C%!nges in Exemption

rphanage is added in the e(emptservice list

,ome changes made in e(emption list

made by ,#

11


12/24

C%!nges in De,nition o+

Serice >


13/24

C%!nges in SD r!tes

assive Changes in eective ,Dstr$ct$re o* Cigarettes and :idi

Cigarette 7aper

13


14/24

C%!nges in Price S!" o+

$o"!cco products

7ricing slabs *or cigarettes are rearranged;

Bo&er and $pper limits *or all slabs areincreased;

14


15/24

C%!nges in $runc!ted

r!te 3 rates *or :$ilding Constr$ction *orms

as per at sies 11100 sE;*t F 1;5%1101100 sE;*t F 2;5% 6 101 6 aboveF 4;5%@ 7revio$s ave; 3%

Goldsmith 6 silversmith F 5% increased*rom 3%

7roc$rement 7rovider 5% increased

*rom 4% 7rivate $niversity medical college 6

engineering college -;5% ne&introd$ction

15


16/24

C%!nges in $r!de '$ /ncrease !A" on ,$pershops *rom 2% to

4% *or eE$aliation o* trade A!"

/ncrease pac.age !A"@


17/24

C%!nges in $!ri. '!ue "ari val$e *or all items are increased

almost 10%

o ne& entry in this year;

1-


18/24

C%!nges in Excise Duty


19/24


20/24

New VAT

20


21/24

/!sic e!tures o+ 2012 '$/!sic e!tures o+ 2012 '$

,ingle #ate H15%

Central #egistration ne Companyne #egistration

!A" is imposed on s$pply no need to

de+ne dierent services 7ayment to be done be*ore ret$rn

s$bmission "ransaction val$e is the basis o* !A"

calc$lation All price are !A" incl$sive ,imple calc$lation method

!A" acco$nting *ollo&s b$siness 21


22/24

Calculation of VATCalculation of VAT

!A" on ,$pply o*

goods andservices$tp$t "a(

!A" paid on

b$sinessp$rchases/np$t "a( F Credit

et '$

All DecreasingAd=$stments

All /ncreasingAd=$stments

Special Transaction

Routine Transaction

Increase Tax

Liability

Decrease Tax

Liability

22


23/24

/ntegration &ith e(ternal systems

Legend

iVAS – Interate! "#T #!$inistration Syste$ iTAS – Interate! Tax #!$inistration Syste$

iBAS – Interate! &u!et ' #ccountin Syste$


24/24

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/usiness &denti,c!tion um"er (/&)

93037Budget 2015-2016 Changes in VAT

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