Archive for March, 2008

The cenvat rate is reduced from 16% to 14% from 1.3.2008. Consequently, the education cess will be computed on 14% and the rate including the education cess will be 14.42%. · In some products like medicaments, the duty rate has been reduced to 8%. The cenvat credit availed by the manufacturer is not dependent on the duty rate of the final product. Therefore, whatever duty is paid by the manufacturer of the inputs, the credit of the same would be available to the manufac.. Full Article

As per the Explanatory Notes to HSN the parts falling under Chapter Heading 8710 would be covered under the said chapter, provided they fulfill both the conditions i.e. they must be identifiable as being suitable for use solely or principally for such vehicles and that they must not be excluded by the provisions of Notes to Section XVII. The identifiable parts under the said heading bodies of armoured vehicles and parts thereof, cover special road wheels for armoured car.. Full Article

What is relevant is whether the unit in question is engaged in the production or manufacture of specified articles or things in its own right. It is not in dispute that the units in question in the assessee-company are engaged in the production of capsules and has also produced the capsules in the year under appeal. The assessee has been denied deduction on the sole ground that all the units are also producing capsules and are therefore part of the same undertaking. Full Article

Allahabad Bank Syndicate Bank United Bank of India Vijaya Bank, Bangalore State Bank of India State Bank Of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore 1. M/s N Chaudhuri & Co, Kolkata 2. M/s Rasool Singal & Co., New Delhi 3. M/s Dass Gupta & Associates, New Delhi 4. M/s K.S. Bothra & Co., Kolkata 5. M/s Venkat & Rangaa, Chennai 6. M/s Anand Rungta & Co., Patna Full Article

Trade Circular No. 6 T of 2008 Section 51 of the Maharashtra Value Added Tax Act, 2002 deals with grant of refunds. The corresponding Rules are Rule 60 and Rule 61 of the Maharashtra Value Added Tax Rules, 2005. The provisions of Bank Guarantee are prescribed in Rule 61. The Trade Circulars No. 33T of 2005 Dt. 21.10.2005 and 56 T Dt.23.08.2007 were issued by this office in respect of Bank Guarantee for the purpose of grant of refunds under the Maharashtra Value Added Tax.. Full Article

Trade Cir. No. 4 T of 2008 Section 31 of the Maharashtra Value Added Tax Act, 2002 provides for deduction of tax at Source. Section 31(1) (b) (ii) of the Act empowers the Commissioner of Sales Tax to grant certificate to a contractor who is not doing Works contract. Where an application is made by the contractor and if the Commissioner is satisfied that the contract is not a works contract, then, he shall grant him the certificate for non-deduction of tax at source. The .. Full Article

Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of statutory forms under the Central Sales Tax Act, 1956. In that circular, a procedure had been set down for the use of applicants of declaration forms under the Central Sales Tax Act. As per that circular, the dealers were required to show proof of filing of returns and payments from 1.4.2005 onwards till the last return/payment due from them o.. Full Article

CIT vs. Bilahari Investments (Supreme Court) - In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of accounting including the completed contract method or the percentage of completion method. Full Article