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Exemption of Excise Duty on Branded Gold Coins

Ministry of Finance vide Notification No. 36/2016- Central Excise dated 1st December 2016 has exempted the Gold Coins of Purity 99.5% and above, silver coins of purity 99.9% and above, bearing a brand name when manufactured from gold and silver on which originally duty of customs or excise has been paid.


Withdrawal of the Incremental CRR

RBI vide Notification No. RBI/2016-17/174 dated 7th December 2016 has withdrawn the incremental Cash Reserve Ratio (CRR) of 100 per cent of the increase in NDTL between September 16, 2016 and November 11, 2016. This withdrawal shall come into effect from the fortnight beginning from December 10, 2016.

Exemption of Excise Duty on Point of Sale Goods

Ministry of Finance vide Notification No. 35/2016- Central Excise dated 28th November 2016 has exempted the Point of Sale (POS) devices and goods required for its manufacture from Central Excise Duty. This exemption shall be valid till 31st March, 2017.

Waiver of Service Tax on card transactions up to Rs 2000

Ministry of Finance vide Notification No. 52/2016 dated 8th December,2016 has exempted the  services by an acquiring Bank , to any person in relation to settlement of an amount  up to two thousand  rupees in a single transaction through Credit Card, debit card, charge card or other payment card service. “Acquiring bank” means any banking company, financial institution including non-banking financial company or any other person, who makes the payment to any person who accepts such card.

Last Updated on: 21-12-2016
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