New Delhi sources have stated that to ensure smooth roll out of Goods and Service Tax, the Central Government has abolished cesses on goods and services included in the last three General Budgets viz 2015-16, 2016-17 and 2017-18, and starting from July 1, 2017 with GST in place the government will also abolish cess on automobiles. Through Taxation Laws Amendment Act 2017, The Industries (Development and Regulation) Act 1951 Cess on Automobile will no longer be applicable.
It was stated that the Central Government has taken this step in stages by abolishing various cesses so that it is easier to fit in various goods and services in different tax slabs for GST. Earlier, the Central Government in its General Budget 2015-16 had abolished Education Cess.
Meanwhile in its General Budget 2016-17, the Central Government abolished
cess on cement, strawboard, three cesses including cess on Iron Ore Mines,
Manganese Ore Mines and Chrome Ore Mines by amending Labour Welfare Cess Act,
1976, Tobacco cess by amending the Tobacco Cess Act 1975, and Cine Workers
Welfare Cess by amending the Cine Workers’ Welfare Cess Act 1981 among others.
Cess on Rubber has also been abolished. The last amendment of the Rubber Act, 1947 empowered the Central Government to levy cess at a rate not exceeding Rs2.00 per kilogram. But with GST, this also will no longer be applicable.
Auto scrapping plants save India forex? Panaji sources have reported that Union Steel Minister Chaudhary Birender Singh said that setting up auto-shredding plants will not only help India save foreign exchange but also preserve its natural resources like iron ore for posterity. He said "It will reduce the dependence on present annual import of scrap of 5-6 million tonnes of shredded scrap in the country. Consequently, foreign exchange outgo will also be reduced.
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