Cabinet abolishes cesses; govt. to lose INR 65,000 crores in revenue
Updated on: Jul 13th, 2021
|
1 min read
Updates from March 23, 2017
The Union Cabinet has approved amendments in the Customs and Excise Act, which will clear the road for abolition of cesses and surcharges on various goods and services. In order to facilitate the implementation of the GST law, the government is looking to do away with 16 cesses and surcharges on the union excise and service tax, which include the Krishi Kalyan and Swachh Bharat cess.
Following this, individual states will now have to abolish the surcharges and cesses they levy. It is estimated that this move will cost the exchequer about INR 65,000 crores. The government is hoping that the windfall from GST (as more entities align with the new tax structure) will help make up for some of the loss, while cess levied on luxury and sin category products like tobacco, soft drinks, pan masala, and high-end cars will take care of the rest.
As reported by Economic Times
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
Company PolicyTerms of use
ISO 27001
Data Center
SSL Certified Site
128-bit encryption