Archive for April, 2010

Full exemption from excise duty has been provided to betel nut product commonly known as 'supari'. This exemption is now being extended to scented supari. Central excise duty on corrugated boxes and cartons was reduced from 8% to 4% when they are manufactured starting from kraft paper. I propose to extend the exemption to cover units that manufacture such cartons from corrugated paper or paperboard also. Full Article

The Coffee growers in the country have been facing long standing financial problems ever since the coffee prices fell to very low levels during the period 2000-2004. Relief Packages in the form of Special Coffee Term Loan 2002 and Special Coffee Relief Package 2005 were sanctioned to revive coffee sector, besides other initiatives like PM's Relief Package for Debt Stressed farmers and Debt Waiver and Debt Relief Scheme 2008. However, a large number of affected growers di.. Full Article

Considering the pressing need for more hospitals all over the country, it is proposed to include the business of a new hospital anywhere in India, with at least one hundred beds for patients, as a ‘specific business' for availing the benefit of investment linked deduction. Full Article

The income-tax department has served service tax notices on IPL sponsors DLF, Adidas and Religare. Sources said the tax demand on DLF, the title sponsor which is supposed to pay Rs 40 crore a year as sponsorship fee for five years, was Rs 4.8 crore for the league's first edition in 2008. Adidas and Religare sponsored teams. Full Article

on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed; and";' Full Article

The Lok Sabha on Thursday passed the Finance Bill for 2010-11, with a special relief package for coffee growers, and tax concessions for healthcare, auto and realty sectors, but without any change in the levies on petroleum products. Finance Minister Pranab Mukherjee moved the bill after the fresh amendments after a 50-minute final reply to the debate on the subject in the lower house of parliament, which was then passed by voice vote. Full Article

1. CBI Conducts Searches At 36 Places In Daman, Mumbai, New Delhi And Offices Of Distilleries At Daman In Connection With Evasion Of Rs. 340 Crore Excise Duties And Vat In The Union Territory Of Daman 2. CBI Registers a case against Joint Secretary of MHA and others in this connection Full Article

The CBI today arrested two senior officers of the Ministry of Home Affairs in two separate cases — an alleged excise evasion racket in the Union Territory of Daman, and an alleged scam in the purchase of bulletproof jackets for use by central police forces. Full Article