Practising Law Institute Continuing Legal Education. The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31 st March 2012 will be eligible to avail a tax deduction of 20% of the sum assured. Calculate Premium and maturity of PLI Santosh Plan. The calculator provides premium with current Goods and Service Tax (GST) rate applicable w.e.f. To improve their customers’ experience, the Postal Life Insurance has set service standards in the PLI/RPLI Citizen’s Charter. The objective of these standards is to protect the interests of the insured and to ensure quality of service, better response time for sales and after sales operations.
© Provided by The Financial Express Apart from that, Rs 10,000 crore is expected from corporate tax, income tax and some miscellaneous receipts.![Pli Service Tax Pli Service Tax](/uploads/1/1/8/6/118661226/511236719.png)
The performance-linked incentive (PLI) scheme for mobile manufacturing is likely to ensure tax revenues (direct and indirect) to the tune of over Rs 80,000 crore to the government over the next five years apart from making India a manufacturing hub for giants like Apple and Samsung.
Pli Rpli Service Tax After Gst
As per officials in ministry of electronics and IT (Meity), the biggest chunk of tax revenue will come from goods and services tax (GST) which is likely to garner around Rs 72,000 crore from Rs 4 lakh crore worth of devices produced for the domestic market. The mobile phones are taxed at 18% slab rate of GST. Apart from that, Rs 10,000 crore is expected from corporate tax, income tax and some miscellaneous receipts.
![Pli service tax forms Pli service tax forms](/uploads/1/1/8/6/118661226/104909193.png)
The government has approved the 16 applications under the PLI scheme, which is expected to lead to a total production of more than Rs 10.5 lakh crore by the companies over the next five years. Out of the total production, around 60% will be contributed by exports of the order of Rs 6.5 lakh crore while Rs 4 lakh crore will be for local market.
Approximately more than two lakh direct jobs are expected to be created over the next five years while indirect employment opportunities are expected to number nearly three times that.
The objective of the scheme is to promote five global champions and five local champions and also promote firms in component manufacturing. The subsidy outlay for five global firms (invoice value of Rs 15,000 and above) is Rs 28,150 crore, approximately Rs 5,630 crore per company over five years. For local firms, the total incentive outlay is Rs 7,300 crore which is around Rs 1,460 crore per company over 5 years. For electronic components, 6 eligible applicants will be given Rs 900 crore as incentive.
Pli Service Tax Forms
The international mobile phone manufacturing companies that have been approved under mobile phone (invoice value Rs 15,000 and above) are Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron. Out of these, 3 companies - Foxconn Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones. Apple (37%) and Samsung (22%) together account for nearly 60% of global sales revenue of mobile phones and this scheme is expected to increase their manufacturing base manifold in the country.
The local companies approved under the scheme are Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics. 6 companies are approved under the specified electronic components segment which include AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.
The PLI scheme for large scale electronics manufacturing was notified on April, 1, 2020, extending an incentive of 4% to 6% on incremental sales (over base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (FY2019-20). Incentives are applicable under the scheme from August 1, 2020.
Why You Should Attend
2020 was a year like no other. The impacts of COVID-19 on the economy and the ways in which businesses operate, and the results of the 2020 Presidential election, will continue to affect the tax landscape as we move into 2021. As a result, the coming year will surely bring new state and local tax challenges. State and local governments and tax authorities will be forced to balance the need to address revenue shortfalls and funding needs with the desire to employ incentive programs to attract much-needed business to their states. In addition, although remote work has become part of almost every company’s DNA, there are still significant tax issues and opportunities relating to a company’s property footprint that must be taken into consideration as businesses seek to manage their expenses.
For tax practitioners seeking a deeper understanding of these new and evolving issues in state and local tax, PLI is delighted to present this half-day program in which leading state and local tax experts will address these dynamic developments and trends.
Topics Include
- State and local responses to the 2020 election and the impacts of COVID-19
- The state and local incentives landscape as a result of the changes in the US economy and workforce
- Issues related to brick and mortar property footprints in the U.S., including property tax and unclaimed property/escheat
Pli Service Tax Return
Who Should Attend
This program is designed for corporate tax managers, tax attorneys, accountants and anyone interested in examining sophisticated, cutting-edge state and local tax issues.
Pli Service Tax Calculator Potools
Program Level – Overview
Intended Audience - Attorneys at law and accounting firms, in-house tax counsel and other tax professionals seeking a deeper understanding of the complex interaction between federal, state and local tax laws.
Pli Service Tax Services
Prerequisites – Interest in exploring the relationship between federal, state and local tax laws.
Pli Premium Calculator With Service Tax
Advanced Preparation – None