93037Budget 2015-2016 Changes in VAT

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    Changes at Importsrelated to VAT

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    Customs Duty Structure –

    Restructured Existing(2014-15) 0% 2%

     5% 10% 25%

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    Proposed(2015-16) 0% 1%

     2% 5% 10% 25%

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    Suppement!ry Duty

    Structure – Restructured 

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    Proposed (2015-16) – 11 s!"s

    10% 20% 30% 45%

    60% 100% 150% 200%

    250% 350% 500%

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    Duty#$!x C%!nges

    CD &ncre!sed

     59 lines

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    CD Decre!sed

     43 lines

    SD &ncre!sed

     85 lines

    SD Decre!sed

     98 lines

    '$ Exemption(ne)

     14 lines

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    *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

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    Changes in VAT

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    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

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    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

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    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

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    C%!nges in '$ *ues

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

     "he

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    C%!nges in Exemption

    rphanage is added in the e(emptservice list

    ,ome changes made in e(emption list

    made by ,#

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    C%!nges in De,nition o+

    Serice >

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    C%!nges in SD r!tes

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

    Cigarette 7aper

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    C%!nges in Price S!" o+

    $o"!cco products

    7ricing slabs *or cigarettes are rearranged;

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

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    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

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

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

    /ncrease pac.age !A"@

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

    almost 10%

    o ne& entry in this year;

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    C%!nges in Excise Duty

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    New VAT

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    /!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

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    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

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    /ntegration &ith e(ternal systems

    Legend

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

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

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    cO&JRvNbi &eQLgvb :&IAv:Gb bSTi&I:

    eLemvE mbvUPiV bSTi :$siness /denti+cation$mber :/ &nNmNe eLeWJ nNeX Yay .vBv&7&ZJ Pivi =N[L :&IAv:Gb Gi ci 3 ev 4&)NIi GP&I msBLv s$( eLenvi PiNJ nNeX

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