Attention is invited to SFIS Scheme under the FTP 2004-09 & current FTP 2009-14. Trade and Industry has represented that some Customs Authorities are seeking ‘Installation Certificate’ from the ship owners, and since the import item is a Ship (a moveable capital asset/good), there appears to be some confusion in the minds of Customs Authority (Particularly at Mumbai Sea Ports & Kakinada Sea Port) in this regard, on account of which Customs has stopped allowing use of SFIS for payment of duties on import of ships by the service providers.
This master circular consolidates and updates the requirements/obligations with regard to oversight of members (Inspection by Stock Exchanges/Clearing Corporations, Internal Audit and Default) prescribed by the following circulars:
In the notification No. VAT.1510/ CR.47taxation-1, dated 10th March 2010 published in Maharashtra Government Gazette, Extraordinary, Part IV-B, Number 47, dated 10th March 2010.
In exercise of the powers conferred by section 42 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005) the Government of Maharashtra, hereby amends with effect from the 1st April 2010 the Government Notification, Finance Department No. VAT-1505/CR- 105/Taxation- l, dated the 1st June 2005, as follows, namely
In exercise of the powers conferred by sub-entry (6) of entry 101 of Schedule C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby, amends with effect from the 1st April 2010, the Government Notification, Finance Department, No. VAT.1505/CR- 120/Taxation- 1, dated the 1st June 2005, as follows, namely
I am directed to invite your attention to the above-mentioned subject and to say that, several references have been received, requesting the Board to put in place a verification mechanism in respect of the duty credit scrips issued under Chapter 3 schemes of the Foreign Trade Policy (FTP) and in respect of the Export Promotion Schemes viz.
Notification No 12 /2010 Central Excise (N.T.) – 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. 24/2005-Central Excise (N.T.) published in the Gazette of India,
The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not only showcases the effort of the Department to collect taxes but can also have a great deterrent effect on the tax evaders. During 2009-10, the Department has collected around Rs 31,242 crone from RAT which is around 8,74% more than the corresponding figure last year. The share of collection from RAT (as a percentage of total collection) has gone up from 921% in 2007-08 to 924% in 2008-09. However there is a great potential in augmenting collection from RAT.
In a landmark ruling, the Central Information Commissioner has passed an order which says information on refunds is covered under the Right To Information (RTI) Act. L Lakshmi Narayanan, an assessee, had filed an RTI petition with the (I-T ) department in Chennai, asking for information as to why was there a delay in the payment of his IT refunds for 2003-04, 2005-06, 2006-07 and 2008-09, amounting to Rs 3,32,457.
The initial public offer guidelines for the insurance sector is likely to announced next month, the Insurance Regulatory & Development Authority (Irda) said on Monday. “The guidelines could take a month time and Sebi will take the final call,” Irda chairman J Harinarayan said.
