In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, (as amended from time to time), the Central Government hereby amends Appendix 3 of Schedule 2 of ITC (HS) Classification of Export and Import Items, 2004-2009.
The issue has been examined. It is viewed that there may not be any difficulty in allowing duty free import/domestic procurement of raw materials common for the manufacture/production of finished goods as well as for the manufacture of capital goods for use within the unit. The usage of inputs, imported or procured domestically, for manufacture of finished goods is allowed as per Standard Input Output norms (SION) [condition (d) (I) (ii) of opening paragraph of notification No. 52/2003-Cus dated 31.03.2003].
The results of the Chartered Accountants Professional Education – II and Professional Competence Examinations held in June, 2009 are likely to be declared on Monday, the 31st August, 2009 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of […]
The government will soon come out with rules for winding up of limited liability partnership (LLP) firms which can be either voluntary or under orders of a tribunal. “We have written to Parliament asking if the winding-up rules can now be notified. A response is expected soon,” a Ministry of Corporate Affairs (MCA) official told. The winding-up […]
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening tax incentives to developers […]
No. VAT/U.O.R.No. 88/JC(Reg.) Mumbai – Trade Circular No. 23 T of 2009, Dated : 17.08.2009 Sub.: Procedure for on line submission of application [Statement of Requirement ] for the statutory forms (C/F/H/EI/EII) under the Central Sales Tax Act, 1956 and delivery at the place of business of the dealer.
The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares.
As per the changes proposed by the new code, a non-profit organisation will have to pay tax at a rate of 30% as per its net worth when it converts itself into an entity that does not qualify as a non-profit organisation. In fact, tax would be levied even if it fails to transfer upon […]
Notification No. 26/2009-Service Tax In exercise of the powers conferred by clauses (A) and (B) of section 113 of the Finance Act, 2009 (33 of 2009), the Central Government hereby appoints the 1st day of September, 2009, as the date on which the provisions of the said Act shall come into force.
Notification No. 25/2009-Service Tax In exercise of the powers conferred by section 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :- I. (1) These rules may be called the, Export of Services (Amendment) Rules, 2009.
