News 1 − Committee set up to consider ST status to six Communities of Assam.
The Government has set up a Committee headed by Shri Mahesh Kumar Singla, Special Secretary (Internal Security), Ministry of Home Affairs to recommend the modalities for granting of Scheduled Tribe status to six Communities namely Koch Rajbongshi, Moran, Matak, Tai Ahom, Chutia and Adivasi (Tea Tribes) in Assam.
The Committee shall submit its report by May 31, 2016.
News 2 − Ashok Lahiri Committee to review excise duty on jewelry articles.
The Union Ministry of Finance constituted a committee headed by former Chief Economic Advisor Dr. Ashok Lahiri. The committee will review excise duty imposed on different jewelry articles in Budget 2016-17. The Committee will submit its report within 60 days of its constitution.
Finance Minister Arun Jaitley, in his budget speech had proposed the Central Excise duty at the rate of 1 percent (without input tax credit) and 12.5 percent (with input tax credit) on jewelry items.
News 3 − Akhilesh Ranjan committee submits recommendations on Taxation of e-commerce.
A committee, headed by Akhilesh Ranjan, Joint Secretary (CBDT) and constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and provide suggestions submitted its report.
According to this report, Equalization Levy at the rate between 6 to 8 percent of the gross sum received may be imposed on payments to non-residents for specified services by a separate chapter in the Finance Act, 2016.