"26 March 2010" Archive

In absence of completion certificate, outside agency certificate will be sufficient to claim exemption from service tax on property

Home buyers and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority. The government could allow some independent authority to certify that the property is complete....

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Posted Under: Service Tax |

Vat Exemption on food grain in Maharashtra will continue for one more year

The Maharashtra budget on Thursday proposed to extend VAT exemptions on food articles like rice, wheat and pulses among others for one more year to help control price rise.Finance Minister Sunil Tatkare while presenting the budget for 2010-11 in the Assembly said that despite recommendation from the empowered committee to levy value added...

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Posted Under: Service Tax |

Budget speech – Delhi budget for 2010-11

VAT rates of various commodities in Delhi, which are less than the rates suggested by the Empowered Committee of State Finance Ministers, are termed as deviations. A number of deviations have been done in the past. On account of these deviations we have incurred losses in our revenue collection as well as reduced compensation from the Cen...

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Posted Under: Service Tax |

Appeal No.: Writ Petition Nos. 23110 & 23558 of 2009, dated: 26.03.2010

P. Giribabu Vs. Dy. Director of Enforcement (Madras High Court)APPEAL NO: Writ Petition Nos. 23110 & 23558 of 2009, 01/01/1970

The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act, 1999 and recording of statement in the presence of an advocate...

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US Treasury Department may label China as currency manipulator

"There is a high possibility definitely (that China will be labelled as a manipulator), but it is very important to remember that the decision is largely symbolic and does not force any action, other than consultations," the China Daily quoted Schwab as saying today....

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Posted Under: Service Tax |

1% Vat on property sale in Maharashtra from April 1, 2010

The Maharashtra Government has decided to levy one per cent Value-Added Tax on property sale from April 1, 2010 in its Budget for 2010-11. All sale agreements registered on or after April 1 will attract one per cent on the contract price of flats mentioned in the agreement of sale....

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Posted Under: Service Tax |

Government approves Corporate Governance guidelines for Central PSUs

The Union Cabinet today approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis. The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Discl...

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Posted Under: Service Tax |

Central asked other states to replicate Maharashtra in computerizing sales tax department

THE Centre asked other states to replicate Maharashtra’s model of fully computerising its sales tax department before GST is introduced in April 2011. Full computerisation has not only helped the state win accolades, but also has resulted in higher tax collections....

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Posted Under: Service Tax |

CAG recommended closure of non-functional PSUs

Comptroller and Auditor General of India has recommended to close down 10 non-functional state-owned public sector undertakings (PSUs) as they do not serve any purpose. In its report tabled today in the state Assembly, the CAG said, "The process of voluntary winding up of the Companies Act is much faster and needs to be adopted/pursued vi...

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Posted Under: Service Tax |

ICAI held former auditor of Bhubaneswar Stock Exchange guilty of professional misconduct

The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) has held the former auditor of Bhubaneswar Stock Exchange (BhSE), Gokul Chandra Das of M/s. G.C. Das & Co, guilty of professional misconduct....

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Posted Under: Service Tax | ,

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