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The Economic Survey tabled in Parliament on 27 February 2015, by the Union Finance Minister says that from the “macroeconomic perspective, “the worst is clearly behind us.” Government expects growth to be around 8-8.5p.c. in 2015–16, assuming normal monsoon and better prospects in the world economy that could provide impetus to higher exports for Indian products and services. The good news is that the economy is mending. This is visible from the aggregate national income data and the corporate financial numbers.

Make in India is a major new national programme of the Government designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure in the country. The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector.

Budget-2015, draws up a long list of ambitious legislative proposals — on the bankruptcy code, regulatory structures, black money, and many more. But can a government that had to resort to the ordinance route to implement a few major policies, deliver, is a big question. If we ignore the irritants of minor increases in indirect taxes and the new 2 p.c. surcharge on income higher than Rs 1 crore, what we have is the promise to reduce the corporate tax rate from 30p.c. to 25 p.c. over four years and a simultaneous reduction in exemptions.

The State Budget for 2015-16 has also introduced a slew of measures to simplify and reform the taxation system which would stimulate the business and revenue generation for the government. The threshold for payment of VAT as well as VAT Audit has been raised, an Amnesty Scheme for registration and disputes settlement has been introduced. But it is important to fix fairly and accurately the quantum of liability. Assessment Procedure has been simplified and Tax Refund has been made speedier and time-bound.

The economy is on its way to ‘Achhe Din’, with an acceleration of growth in the manufacturing and services sectors, buoyancy in consumption demand, and investment activity. We can now hope to propel India onto a double-digit growth-path in the medium-term, unless derailed by any inimical factor.

Vol. III | No. 3 November-December 2014

FROM THE PRESIDENT’S

DESK

Dear Members,

A Divine Session with His Holiness the 14th Dalai Lama- Tenzin Gyatso,

on ‘True Meaning and Purpose of Education’ on January 13, 2015 at

Hyatt Regency, Kolkata MCCI organized a Divine session with His Holiness the 14th Dalai Lama- Tenzin Gyatso, on ‘True Meaning and Purpose of Education’ at Hyatt Regency Kolkata. Dr. Partha Chatterjee, Hon’ble Minister of School and Higher Education, Government of West Bengal was also present at the event.

Yours Sincerely

Arun Kumar Saraf

His Holiness Dalai Lama addressing the members

Arun Kumar Saraf presenting a flower bouquet to His Holiness the 14th Dalai Lama - Tenzin Gyatso, Dr. Partha Chatterjee looks on

2 | MCCI NEWS

The Dalai Lama in his opening remarks said ‘Moral principles and moral responsibility of human being are of utmost importance and any individual without these traits is dangerous’. He narrated three steps of Education starting from ‘acquiring knowledge’, 2nd as ’investigating the veracity’ and finally ’gaining confidence and making knowledge as one’s own with conviction’. He said that education opens the ability of the mind to think. We need to use our brain and combine it with the compassion in our heart to learn was

MCCI organized an Interactive Session with Dr. Subramanian Swamy, Economist, Harvard Professor, Senior Leader, BJP, on ‘Vision of India 2020’ at The Park. Dr.Swamy said that the Soviet Model of growth did not work for India during 1950-90 and even the much appreciated Chinese model has not worked for China before their economic reforms. He emphasized on the need for minimal but appropriate reforms which can turn everything around.

Dr Subramanian Swamy addressing the members. Sitting (L-R) S. S. Beriwala, A. K. Saraf & R. K. Sen

‘Agriculture does not need subsidies if you give empowerment to the farmers’, said Dr. Swamy. India is a nation where one can grow three crops a year with sunshine all the year round, unlike in case of China or Canada with some months without sunlight.

He mentioned the “Vibrant Gujarat model” worked because no subsidies were given to the farmers but adequate infrastructure such as 18 hours of uninterrupted electricity was provided at market price.

“Population need not be controlled and rather one needs to make good use of the ‘demographic dividend’ which the Chinese used”. Population also creates resources. Growth is not about more capital and less labour but “both capital and labour with newer technologies”. The decision of Shri P.V. Narasimha Rao to abolish the quotas/licenses in one blow helped India realize her potential and grow at 8 percent from the earlier termed Hindu growth rate which was as low as 3.5 percent during 1950-90 - remarked Dr. Swamy.

‘Vision of India 2020’ with Dr. Subramanian Swamy on January

10, 2015 at The Park, Kolkata

Anil Swarup, IAS, Secretary, Ministry of Coal addressing the members. Sitting (R-L) G. Jayaraman, Dr. Krishna Gupta, Hemant Bangur, S. S. Beriwal & R. K. Sen

Anil Swarup highlighted on three major aspects in his address – auction of coal, need for increasing the supply of coal and rationalisation of coal linkages. He mentioned that coal auction is a major issue and supply of coal is the key bottomline. He stressed on bringing transparency in policymaking and said that Coal Ministry has set up a Coal Project Monitoring Panel which would evaluate the current status of each mine and help private as well as public players to get necessary clearances for mining. The Ministry is willing to set up joint ventures or special purpose vehicles involving the private sector to execute the projects quickly

Dr.Krishna Gupta expressed concern over the pricing of coal and on how to get the technology for development of sub-surface mines. G. Jayaraman expressed concern over the problems faced by the industry in getting timely and quality coal.

The Chamber organised an Interactive Session on ‘Indian Coal Story– Prospects & Challenges’ with Anil Swarup, IAS, Secretary, Department of Coal, GOI at The Park, Kolkata. Dr. Krishna Gupta, IAS, Mg. Director of WBIDC Ltd. and G. Jayaraman, President, Coal Consumers’ Association of India also addressed the session.

Indian Coal Story – Prospects & Challenges’ with Anil Swarup,

IAS, Secretary, Department of Coal, GOI on January 16, 2015 at The

Park, Kolkata.

Anil Swarup, IAS, Secretary, Ministry of Coal addressing the members.

his directive to all.

According to Dr Chatterjee, children are like tree and for them ambience plays a significant role in their training and upbringing. Quoting Jean Jacques Rousseau he said ‘ Everything is good when it leaves the hands of the Creator, everything degenerates in the hands of man. God makes all things good, man meddles with them and they become evil’.

MCCI NEWS | 3

Workshop on ‘Companies Act 2013 – Practical Approach’ on January 16, 2015 at the Park, Kolkata

Sandeep Lakhotia making his presentation.(Sitting L-R) S. Roongtaa, S. M. Gupta, S. S. Beriwala, T. B. Chatterjee & R. K. Sen

A Workshop on ‘The Companies Act 2013 – A Practical Approach’ was

MCCI organized a Session with Simon Hunt, World Renowned Economist, and CEO, SHSS (Simon Hunt Strategic Services) on ‘Transition to a New World Order’ A delegation led by the President and accompanied by Hemant

Bangur, Sr. V. P., S. Keyal, Hony. Secretary, A. R. Sonthalia, Trustee & Past President, K. B. Agarwala, Past President, R. K. Sen, D.G. S. Roy , A.D.G. made a courtesy call on Keshari Nath Tripathi, Hon’ble Governor of West Bengal at Raj Bhavan.

(L-R) R. K. Sen, S Keyal, Simon Hunt, A. K. Saraf & O. P. Dhanuka

According to Hunt two Major pathbreaking world trends – are: ‘Grouping of countries trying to take over the supremacy from the U.S. and trend of washing out of Generation of Debt which is USD 186 Trillion Dollars since Global debt cannot outpace Global GDP growth’. ‘Rise of strategic world power of China, development of Infrastructure, development bank of China, growth of BRICS as a group, strengthening of Sino-Russia Alliance which Hunt claimed to be the ‘biggest geopolitical alliance’ which would encompass ‘finance’, ‘banking’ among many other sectors

(R-L: front row) S. S. Sanganeria, A. R. Sonthalia, K. B. Agarwala, Hemant Bangur, H. E. Keshari Nath Tripathi, Hon’ble Governor, A. K. Saraf, R. K. Sen (Second row: R-L) S. Roy, S. Keyal & V. Agarwal

A short note on land and other issues was submitted to the Governor who felt that such issues could be sorted out through mutual consultation.

‘Transition to a New World Order’ with Simon Hunt on

January 21, 2015

Courtesy call on Shri Keshari Nath Tripathi, Hon’ble Governor of West Bengal at Raj Bhavan

on January 21, 2015

organized at the Park. T. B. Chatterjee, Author and Senior Executive Vice President (Corporate Affairs & Legal) & Company Secretary, DIC India Limited, Sandeep Lakhotia, Company Secretary & Group Head, SREI Infrastructure Finance Limited and S.M. Gupta, practising Company Secretary and former Chairman of ICSI, (Eastern Region) addressed the Workshop.

T.B. Chatterjee spoke on the ‘Disclosures in the Directors’ Report’ of the Company. He felt that the Directors’ Report should tell about the philosophy of the company. While evaluating performance of the Directors, their knowledge, functions, attendance and performance need be considered.

Sandeep Lakhotia mainly focused on the Corporate Codes and Policies and spoke on the Responsibilty Matrix, Nomination and Reservation Policies, Corporate Social responsibility etc. S.M.Gupts spoke on ‘ Registration of Charges’ and opined that there is not much difference in context and coverage under the new Companies Act 2013 from that of Companies Act 1956.

4 | MCCI NEWS

Chamber organized the Workshop on ‘Company Law – Practical Aspects’ and it was addressed by Shri Sumit Binani a post graduate from IIM Calcutta,FCA, FCS and ACMA & a well known Corporate Law Consultant and Shri Siddhartha Murarka a Law graduate, FCS, is the Director of Intelligent Money. He is also currently the Regional Council Member of EIRC of ICSI.

While Shri Binani made Powerpoint presentations on Interested Entities & Fund raising options by Unlisted Entities, Shri Murarka made presentation on Related Party Transactions. Binani pointed out that as per provisions of Section 185 of the Companies Act 2013 no company can, directly or indirectly, give any loan, including loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person. He also indicated the exceptions allowed under the act.

Murarka in his presentation on Related Party Transactions with reference to a company - section 2(76) said that – The 2013 Act, for

MCCI in association with PRSI (Public Relations Society of India, Kolkata Chapter) organized a Session with John O’Shea, Celebrity Humanitarian from Ireland on ‘Social Entrepreneurship’. Subhash Mohanti, Secretary, PRSI was also present at the session for introducing Mr O’Shea.

(R-L) Arun K.Saraf, Jayanta Mitra & Ramesh Agarwal

An interactive session was organized with Shri Jayanta Mitra, Advocate-General, Government of West Bengal, on ‘Role of Advocate General in Good Governance. Shri Jayanta Mitra mentioned that the post of Advocate General is not a political office and politics should not play a role in his work. He has the position of a cabinet minister but not the power. He can advise a ministry on whether a principle is correct or not. He added that his relationship with the Government is that of a counsellor and client. His first client is the state, so if the state is involved in litigation, he cannot go against the state in litigation.

As per Article 165 of the Constitution, it is the duty of the Advocate General to give his opinion to Government as a lawyer. One factor of good governance is to maintain tradition and purity of bar by ensuring administration of justice in the proper sense of the term.

(L-R) Smt. Mamta Binani, Sumit Binani, Santosh K. Roongtaa & Siddhartha Murarka

‘Role of Advocate General in Good Governance’ with Jayanta Mitra, Advocate General, Jan 30, 2015

Workshop on ‘Company Law - Prac-tical Aspects’ on February 17, 2015

‘Social Entrepreneurship’ with John O’Shea, the celebrated Humanitarian

from Ireland on February 18, 2015

(R-L) Arun K.Saraf, Jayanta Mitra & Ramesh Agarwal

(L-R) Smt. Mamta Binani, Sumit Binani, Santosh K. Roongtaa &

the first time, has introduced a definition for related party, and has re-defined the term “relative”. Unlike the amended Clause 49 of the listing agreement, which defines a related party using both rule and principal-based approach, the 2013 Act has used only a rule-based approach. He also explained the nature and scope of dealing with Related Party Transactions : The scope of dealing with Related Party Transactions has been widened in Companies Act, 2013. However, the transactions done in ordinary course of business at arm length’s basis shall be outside the scope of this provision. He also explained inter alia penalty provisions for non-compliance with the provisions of Section 188.

(L-R) Rajendra Khandelwal, John O’Shea, Ravindra Chamaria & Subhash Mohanty

John O’Shea in his opening remarks commented - ‘We don’t need Einstein. We need young people with social conscience and moral fibre to see the truth’. Elaborating and sharing his experiences of witnessing Genocides in Cambodia , famines in Ethiopia and World’s worst Civil War in Democratic Republic of Congo he invited young generation to come forward and work to prevent such incidents.

MCCI NEWS | 5

‘Green Governance in West Bengal – Vision 2020’ with Dr. Kalyan

Bhadra, Feburary 20, 2015

Interaction with H.E. Mr. Shaida Mohammad Abdali, Ambassador of

Afghanistan, February 23, 2015

A programme with Dr. Rekha Shetty on February 16, 2015

(L-R) Seema Agarwal, Dr.Rekha Shetty, Saroj Saraf and Divya Agarwal

(L-R) R.K.Sen, B.K.Swaika, Dr.Kalyan Rudra, Ramesh Agarwal, D.Sarkar and S.Ganguly

MCCI organised an interactive session with Dr. Kalyan Rudra, Chairman, West Bengal Pollution Control Board on ’Green Governance in West Bengal – Vision 2020’. Debasish Sarkar, Senior Environmental Engineer and Souvik Ganguly, Environmental Engineer, WBPCB also interacted with the members.

Dr. Kalyan Rudra mentioned that WBPCB is guided by 14 Rules / Acts from the Government or CPCB and it has no leeway to deviate from these norms. There is no provision under which WBPCB can offer provisional consent to industries for easier bank loans. He informed that there are three sources of pollution of the Ganges, namely, municipal wastes, industrial waste and wastes from non-point sources. A relatively small number of canals / ‘nullahs’ from Kolkata and Howrah is responsible for over 80 p.c. of the river pollution. He said that the overall pollution load is alarming. Many blocks in West Bengal are polluted by arsenic and fluoride. The depletion of ground water is also alarming. More usage of surface water needs to be encouraged to minimise ground water depletion. Zero liquid discharge policy should be followed by all the industries where every drop of waste should be recycled.

(L-R) R. K. Agarwal, H. E. Mr. Shaida Mohammad, A. K .Saraf and Sayed Mujtaba Ahmadi

An Interactive Session on ‘Trade & Investment Opportunities in Afghanistan’ was organized with H.E. Mr. Shaida Mohammad Ambassador of the Islamic Republic of Afghanistan to India. Mr.Sayed Mujtaba Ahmadi, Economic Counselor of the Embassy of Afghanistan was also present. Ramesh Kumar Agarwal, Regional Chairman (ER), FIEO and Chairman of Foreign Trade Standing Committee also addressed the session.

H. E. Mr. Abdali said that Afghanistan signed its 1st Strategic Partnership Agreement with India in 2011 which is based on win-win objective. While inviting investments into his country, he remarked that Afghanistan is a “virgin market”, where there are ample opportunities for business houses to invest in sectors such as agriculture, food processing & packaging, renewable energy, infrastructure, tranportation, aviation, textile, banking, construction, telecom, mining and healthcare. He informed that Special Investment Incentives Policy is also available for promoting the growth of agriculture, mining, manufacturing and export promotion. The country also offers ‘full ownership of land’, ‘5 years tax waiver’, ‘no tax on imports of machineries’ to its investors.

MCCI Ladies Forum in association with Rupa Publications organized a Session with Dr Rekha Shetty, Founder, Mindspower Brand and Managing Director, Farstar Distribution Network Ltd on her newly released book ‘Everyday Happiness Mantras’.

Dr Shetty while elaborating on the theme said-‘Happiness is what we have inside and we should never become too angry, too tired, too hungry or too lonely’. She also stressed on ‘Economic Growth and Development’, ‘Preserving and Promoting cultural heritage’, ’Establishing good governance’ and ‘Encouraging sustainable use of environment’ specially on initiating ‘cleanliness drive’ for the community ‘Innovative ideas’, ‘Finding God in everything, ‘Physical wellness’, ‘Nurturing the baby in us’, ‘smartly dealing with Negative emotions’ and ’Beating the depression by welcoming both laughter and tears’ were added as few of the valuable tips to happiness.

6 | MCCI NEWS

FORTHCOMING EVENTSSYMPOSIUM ON‘The Union Budget, 2015-16’ on March 01, 2015 at the Chamber

SEMINAR ON ‘Make It Happen- Encouraging Effective Action for Advancing and Recognizing Women’ - Chief Guest- Dr Shashi Panja, Minister of State (I/C), Department of Women and Child Development and Social Welfare on March 07 at AMRI Hospitals, Mukundapur.

INTERACTIVE SESSION ONSignificance of Vastu And Feng Shui by Ms Pinky Kapoor on March 16, 2015 at the Chamber

COOKERY-Workshop by Ms Asha Khatau on March 19, 2015 at Bengal Rowing Club - M-MLF & BRC Initiative.

PURNENDU BASUMinister of Agriculture, GoWB on ‘Resurgent Agriculture - Key to Accelerated Economic Growth of West Bengal’ on March 19, 2015

ENHANCING‘Indo-Pak Trade & Economy Cooperation’ With H. E. Mr. Abdul Basit, High Commissioner for Pakistan on March 18, 2015 at the Park, Kolkata.

Led by better manufacturing performance, factory output grew 1.7 per cent in December 2014.

Highlights of Union Budget 2015-16

The IIP, which measures the industrial output, was up by 1.7 per cent on a year-on-year basis, down from 3.9 per cent in November, while CPI inflation increased to 5.11 per cent in January. Inflation based on the WPI contracted by 0.4 per cent, pushing it into negative territory. In the corresponding period last year, it had increased by 5.1 per cent. The IIP and CPI data were released on February 12 and the WPI data a few days later. For the April-December 2014 period, the index of industrial production (IIP) grew 2.1 p.c. (0.1 p.c.).

SEMINAR ON‘The Union Budget 2015-16’ with Yashwant Sinha, Former Finance Minister of India and Dr. Sugata Marjit, RBI Professor of Industrial Economics on March 03, 2015 at the Park

UNION BUDGET 2015-16

Month iipNov '13 -1.3Dec'13 0.1Jan'14 1.1Feb'14 -2.0Mar'14 -0.5Apr'14 3.7May'14 5.6Jun'14 4.3July'14 0.9Aug'14 0.5Sept'14 2.6Oct'14 -4.2Nov'14 3.8Dec'14 1.7

Apr-Dec 2.1

-1.3

0.11.1

-2.0

-0.5

3.7

5.6

4.3

0.9

0.5

2.6

-4.2

3.8

1.7 2.1

Nov '

13

Dec'1

3

Jan'1

4

Feb'1

4

Mar'1

4

Apr'1

4

May'1

4

Jun'1

4

July'

14

Aug'1

4

Sept

'14

Oct'1

4

Nov'1

4

Dec'1

4

Apr-D

ec

2013-14 2014-15 2015-16

3583140062

46497

2193124992

29116

Tax RevenueSales Tax

TAXATION1. Abolition of Wealth Tax2. Additional 2% surcharge on people earning over Rs 1 crore3. Rate of corporate tax to be reduced to 25% over next four years4. No change in tax slabs5. Total exemption of up to Rs. 4,44,200 can be achieved6. 100% exemption for contribution to Swachch Bharat, apart from CSR7. Health Insurance Premium deduction hiked from Rs 15,000 to Rs

25,000; for senior citizens to Rs 30,0008. Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month9. Rs 50,000 deduction for contribution to New Pension Scheme

10. GAAR implementation deferred by 2 years to April 201711. Tax free bonds for roads, railways, irrigation projects12. Benami property transaction bill to tackle black money transaction in real

estate soon13. GST to be put in place by April 1, 201614. Internationally competitive direct tax regime to be put in place to

incentivise saving15. Incentivise use of credit, debit cards; disincentivise cash transaction16. Excise duty rate has been increased from 12.36% to 12.5% (with no EC/

SHEC) from March 1, 201517. Service tax increased from 12.36% to 14% (with no EC/SHEC)

MCCI NEWS | 7

Growth in State Taxes- West Bengal

Trends in Tax Revenue : India Trends in Tax Revenue Receipts in 2014-15 BE 2014-15 RE Variation in 2014-15 2015-16 BE Growth in 2015-16 BE 2014-15 RE and 2015-16 BE, Rs. billion (1) (2) (2)-(1) (3) (3)/(2)

Gross Tax Revenues 13,645 12,514 -1,131 14,495 16%

– Corporation Tax 4,510 4,261 -249 4,706 10%

– Income Tax 2,843 2,786 -57 3,274 18%

– Customs Duty 2,018 1,887 -131 2,083 10%

– Union Excise Duty 2,071 1,855 -216 2,298 24%

– Service Tax 2,160 1,681 -478 2,098 25%

Month iipNov '13 -1.3Dec'13 0.1Jan'14 1.1Feb'14 -2.0Mar'14 -0.5Apr'14 3.7May'14 5.6Jun'14 4.3July'14 0.9Aug'14 0.5Sept'14 2.6Oct'14 -4.2Nov'14 3.8Dec'14 1.7

Apr-Dec 2.1

-1.3

0.11.1

-2.0

-0.5

3.7

5.6

4.3

0.9

0.5

2.6

-4.2

3.8

1.7 2.1N

ov '1

3

Dec

'13

Jan'

14

Feb'

14

Mar

'14

Apr'1

4

May

'14

Jun'

14

July

'14

Aug'

14

Sept

'14

Oct

'14

Nov

'14

Dec

'14

Apr-

Dec

2013-14 2014-15 2015-16

3583140062

46497

2193124992

29116

Tax RevenueSales Tax

Notes : For 2013-14-actual, 2014-15- revised & 2015-16 - Budget

Levy of service tax on Film Artistes while exempting artistes in theatre and drama - it is not amount to Discrimination and not in violation of Article 14 and 19(1)(g) of the Constitution of India - HC - Service Tax

Levy of service tax on Film Artistes - Discrimination between artistes in theatre and drama and artistes in Film - violation of Article 14 and 19(1)(g) of the Constitution of India - Notification No.25/2012 dated 20.06.2012 - Service tax exemption only to performing artistes in theatre and drama, and not artistes in Film - Film actors performs similar skills as artists performs in theatre or drama - Intent to support native art and cultural.

Transportation by Rail - No Cenvat Credit from 01.04.2015

In Union Budget 2014-15, now a uniform abatement is prescribed for transport by rail, road and vessel and Service Tax shall be payable on 30% of the value of such service subject to a uniform condition of Non Availment of Cenvat Credit on inputs, capital goods and input services.

Cenvat Credit allowed on outdoor catering services

Cenvat Credit allowed by Madras High Court though Department was of the view that catering/ canteen services were neither used in or in relation to the manufacture or clearance of final product nor it could be said to be an activity relating to business hence cenvat credit not allowable.

Clarification to Section 185 & 186 of the Companies Act, 2013 on loans and advances to employees

Section 185 provides for loans to Directors etc. and Section 186 provides for loans and investment by company . Ministry of Corporate Affairs received a number of references seeking clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees. The issue has been examined and it is hereby clarified that loans and/or advances made by the companies to their employees, other than the managing or whole time directors (which is governed by section 185) are not governed by the requirements of section 186 of the Companies Act, 2013. This clarification will, however, be applicable if such loans/advances to employees are in accordance with the conditions of service applicable to employees and are also in accordance with the remuneration policy, in cases where such policy is required to be formulated.

8 | MCCI NEWS

Published by R. K. Sen, Director General, MCC Chamber of Commerce & Industry, 15B, Hemanta Basu Sarani, Kolkata - 700 001 Tel.: 91 33 2248 1502/6329/3123/2262 5070-74, Fax: 91 33 2248 8657, Email: mcciorg@gmail.com, mcciorg@mcciorg.com, Website: mcciorg.com

Board of Editors : R.K. Sen, Director General, M.C. Das, Dy. Director General. Contact Person : S Roy, Asst. Director GeneralPrinted & Designed at : CDC Printers Pvt. Ltd., Tangra Industrial Estate-II, (Bengal Pottery) 45, Radhanath Chowdhury Road, Kolkata - 700 015

For Private Circulation only.

1. VAT rate and Entry Tax – No change in rate of VAT and Entry Tax2. Increase in annual turnover exempt from VAT – Threshold limit of Annual

turnover for VAT registration increased from Rs. 5 lakhs to 10 lakhs3. New Amnesty scheme for unregistered dealers introduced–The

scheme will be open from 01.04.2015 till 31.07.20154. New Settlement of Dispute Scheme to provide relief to the dealers of

their unpaid past liabilities 5. Dealers with turnover below 5 crores were not required to get their

VAT returns audited which is increased to Rs. 10 crores. No self-audit statement, is required now

6. Measures for simplification of registration and assessment – a. No demand for less than Rs. 20,000/- unless the dealer is given an

opportunity to present his case on receipt of the gist of the proposed demand b. Proposal to issue a revised demand notice along with the Appellate

Order itself instead of sending the file back to the Assessing Officer to issue a revised demand notice

c. Grant of post-assessment refund within one month of issue of the assessment order and disposal of all pending cases within September 2015

d. Dealers whose export and inter-state turnover exceeds 50% of total turnover to get benefit of pre-assessment refund

e. Process of registration for Profession Tax and VAT merged, VAT registration to be issued within 24 hours for online applications using digital signature

f. All pending cases with demand upto Rs. 1 crore to be sent to Fast Track Administrative Authority

7. Input of VAT on duty credit scrips shall now also be available to manufacturers also.

8. Additional stamp duty of 1% has been increased to 40 lakhs

9. Industrial Promotion Assistance Scheme extended from 31.3.15 to 31.3.16

10. Relief to Tea on cess and interest payment

11. Exempt from amusement tax from Rs. 60/- to Rs. 100/- on select items

12. Benefit of Industrial Promotion Scheme, 2010 extended to manufacturers of Green Energy Equipments including refund of 100% VAT paid on all the capital investments by the enterprises generating electricity from renewable sources of energy for a period of 10 years

Highlights of West Bengal’s Budget for the year 2015-16