LS passed The Taxation Laws (Amendment) Bill 2016

Q.  LS approved the Taxation laws (Amendment) Bill 2016. What does it seek to do?
- Published on 11 Aug 16

a. Provide tax incentives to the garment sector
b. Raise customs duty on marble and granite from 10 to 40 percent
c. Both of the above
d. Neither of the above

ANSWER: Both of the above
 
A bill to provide tax incentives to the garment sector and enable the government to raise customs duty on marble and granite from 10 to 40 percent was approved by the LS after FM Arun Jaitley said these measures would help in creating jobs and protecting the domestic industry from import surge
  • The Bill also seeks to expand the definition of demerger with a view to facilitate splitting or modification of PSY companies
  • Changes in income tax act will give effect to conditions attached to transfer of shares by the government

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