Archive for September, 2010

The food processing industry can breathe easy as packaged food items may be exempted from the proposed Goods and Services Tax (GST). At present, processed food products are exempted from central excise, but most states levy Value Added Tax (VAT) on t Full Article

The Confederation of Indian Industry (CII) has opposed the corporate affairs ministry move to rotate auditors and audit firms compulsory. The provision for rotation of auditors has been included in the Companies Bill, 2009, recently been vetted by th Full Article

The Income Tax (I-T) department has witnessed a 25.3 per cent improvement in advance tax collections in the state at the end of the second quarter this financial year. This is significant as the collection figures in Mumbai, which accounts for more t Full Article

The Central Board of Excise and Customs (CBEC) has asked the telecom department for copy of special audits that were undertaken on the books of all leading telecom companies to examine the service tax angle. Last year, the government ordered special Full Article

Members who are interested to act as Observer at the examination centres during the examination days may download the attached Empanelment Form and send the same to: Shri G. Somasekhar, Additional Secretary (Exams), The Institute of Chartered Accountants of India, Post Box No. 7112, Indraprastha Marg, NEW DELHI – 110002 or e-mail to: examcoob@icai.in on or by fax on (0120) 3054843/ 841 so as to reach us on or before 25th September, 2010. Full Article

Circular No.  35/2010-Cus., New Delhi dated: 17.09.2010 Subject:        All Industry Rates of Duty Drawback, 2010-11 – Reg. The Ministry has announced the revised All Industry Rates (AIR) of Duty Drawback vide Notification No. 84/2010-Cus. (N.T.), dated 17/09/2010. The rates of drawback have been made effective from 20.9.2010. The Notification may please be downloaded from CBEC [...] Full Article

Notification No. 84/2010 - CUSTOMS (N.T.), Dated: 17th September, 2010- The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975(51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified six or eight or ten digits are in several cases not aligned with the descriptions of goods given in the sa.. Full Article

Following the global financial crisis, protectionist measures taken by countries are on the rise. Business Line spoke to Mr Alejandro Jara, the Deputy Director General, World Trade Organisation, to find out his views on the extent of the impact of th Full Article