However, accounts in respect of financial years ending on 1st January, 2004 or thereafter, will have to strictly follow CARO, 2003. Companies and professionals who do not comply with the Order will be liable for action as per law.
Exclusion of Government companies from the purview of Section 274(1)(g) of the Companies Act, 1956.
I am directed to say that a doubt has been raised regarding levy of Service Tax on ship repair during the dry docking by the person duly authorised in this behalf by port authorities. This involves removal of damaged parts and replacement by new parts. This may involve repairing the outside bottom area of a Ship/Vessel by supplying huge quantities of MS plates etc.
Note : The principal notification No. 12/99-Cus (NT) dated the 5th Feb., 1999, was published vide number G.S.R. 161(E), dated the 28th February, 1999 and was last amended vide notification No. 66/2003-Cus. (NT), dated the 25th August, 2003, G.S.R 126 (E), dated the 25th August, 2003.
