- Kerala Govt. introduces Finance Bill 2016 to give effect to various financial proposals for the F.Y 2016-2017 from April 1, 2016;
- Inter alia enhances the total turnover threshold to Rs. 75 lakhs for registered dealers (other than importers, contractors, CST dealers) to pay presumptive tax @ 0.5% of sale turnover of taxable goods, u/s 6(5) of Act;
- Inserts Explanation u/s 6(7)(b) clarifying that exempted sale of building materials to SEZ will include basic building materials and other goods essentially required to make building effectively functional and capable of being used by unit, depending on the activity carried out by such unit;
- while tax in relation to works contract of robotic or automated car parking systems shall be 5% : Kerala Finance Bill 2016