A reference has been received by the Board inviting its attention to the Delhi High Court judgment in the case of K.P. Pouches (P) Ltd [2008-TIOL-240-HC-DEL-CX]. In para 27 of the order, the High Court has opined that the adjudication authority should explicitly state the option available to the assessee under section 11AC of the Act in its adjudication order
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.
Notification No. 26 /2008-Service Tax In exercise of the powers conferred by sub-section (1A) of section 86 of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No.19/2007-Service Tax, 2007, published in the Gazette of India,
Notification No. 25/2008-Service Tax In exercise of the powers conferred by sub-section (1A) of section 86 of Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, No.18/2007-Service Tax, 2007, published in the Gazette of India , Extraordinary, Part II , Section 3, Sub-section (i) vide No. G.S.R. 353(E), dated the 12th May,2007, namely:-
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to the Notifications No.4 (RE-2008)/2004-09 dated 11th April, 2008.
Government of India Ministry of Finance (Department of Revenue) Notification No. 70/2008-Customs New Delhi, the 19th May, 2008. 29 Vaisakha, 1930 SAKA G.S.R 389 (E) – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary […]
This appeal has been filed by the assessee, against the judgment of the learned Tribunal, partly allowing the cross objections of the assessee, and remanding the matter to the Commissioner. The remand has been made on the aspect of gross profit rate. However, the learned Commissioner, and the learned Tribunal, upheld the rejection of books of accounts,
INDUSTRY and business chambers are liable to pay service tax. The Central Board of Excise and Customs on Thursday clarified that the trade associations falls within the scope for ‘clubs and association services’. The clarification comes close on the heels of Confederation of Indian Industries (CII) getting a show cause notice from the service tax department for Rs 32 71 crore.
The Government recognises the importance of financial reporting in providing essential financial information about the company to its shareholders and other stakeholders, as an integral and important part of good corporate governance. Such information needs to be reliable, free from bias and should enable comparison on the basis of common benchmarks. This, in turn, necessitates an appropriate, financial reporting system in the form of accounting standards that incorporate sound accounting principles and reflect a true picture of the financial health of the company while ensuring legally enforceable accountability.
Exporters will now get tax refund on services provided in relation to sale and purchase of foreign currency under banking and other financial services as well as under foreign exchange broking services from May 16. Service tax refund is also available on the supply of tangible goods, where the right of possession and effective control is not transferred. This will be treated as export if the goods are located outside India during the period of their use by the recipient.
