"09 February 2010" Archive

Hindustan Petroleum Corporation Limited Versus The UOI and Commissioner of Central Excise (Bombay High Court)

M/s. Hindustan Petroleum Corporation Limited Vs 1. The Union of India 2. The Commissioner of Central Excise [Bombay High Court]

The Tribunal, first and foremost, is duty bound by Article 141 of the Constitution of India to ensure that it follows binding precedent of the Supreme Court. The Tribunal as a judicial body must follow principles of consistency when it decides cases. The lack of consistency is clear on the face of record. Judicial orders must be passed by...

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External Commercial Borrowings (ECB) Policy – Liberalisation

RBI/2009-10/311 , A. P. (DIR Series) Circular No.33 (09/02/2010)

A. P. (DIR Series) Circular No.33 As per the extant ECB procedures, any changes in the terms and conditions of the ECB after obtaining the Loan Registration Number (LRN) from the Department of Statistics and Information Management (DSIM), Reserve Bank, require the prior approval of the Reserve Bank. Accordingly, the requests of the borrow...

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Trade circular on Electronic payment under MVAT Act, 2002 and CST Act, 1956

Trade Cir. 8T of 2010 (06/02/2010)

The Sales Tax Department has implemented the scheme of filing electronic return successfully. In a step further to automation, it is now decided to provide facility for electronic payment. The Government has amended the rules relating to the payment vide notification cited at Ref-3. A new rule 45A is inserted. Now, amended rule provides t...

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Central excise notification exempting certain specified goods

Notification No. 01/2010-Central Excise (06/02/2010)

Notification No. 01/2010-Central Excise, Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), other than goods specified in Annexure appended hereto, and cleared from a...

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GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC

The Gems and Jewellery Federation (GJF), the national body of the jewellery trade in the country, has made a representation to the Ministry of Finance to seek modifications in the proposals in the Direct Taxes Code (DTC). The apex body is objecting to the search and seizure provisions, tax on gross assets and TDS on all payments....

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Posted Under: Excise Duty |

SC will examine the plea of Punjab government related to mandatory deposit of 25% of the tax, penalty and interest for filing VAT appeal

The Supreme Court has decided to examine the plea of Punjab government pertaining to the provision of its VAT law which according to the government provides no exemption to the assessees from the mandatory deposit of 25% of the tax, penalty and interest for entertaining their appeal by the appellate authority....

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Posted Under: Excise Duty |

No application yet for grant of 'Maharatna' status

Two weeks after it sought applications for granting the 'Maharatna' status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. "We are awaiting response from the ministries concerned....

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Posted Under: Excise Duty |

GST rate may be fixed at 16%

The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this woul...

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Posted Under: Excise Duty |

Good news for CAs: CAG called for an increase in statutory audit fees of public sector undertakings

The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased c...

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Posted Under: Excise Duty |

Prohibition on export of wheat and wheat products–exemption for export of wheat to Nepal

Notification No. 29/2009-2014 (09/02/2010)

The prohibition imposed by this Notification on export of wheat shall not be applicable to export of 50,000 MT of wheat to Nepal through Food Corporation of India. The above mentioned quantity shall be exported by Food Corporation of India out of the Central Pool stock. Wheat may be exported at economic cost....

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