It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies. These companies may be defunct and are desirous of getting their names struck off from the Register of Companies.
It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of the documents on time, companies are burdened with additional fee and facing the prosecutions also.
* Exemption threshold for both goods and services under Central Goods and Service Tax (“CGST”) and State Goods and Service Tax (“SGST”) to be INR 10 lakh. Threshold for small dealers under both CGST and SGST to be INR 50 lakh or INR 1 crore.
The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will conclude on Friday, the 27th of August, 2010 . The Session will provide 24 sittings spread over a period of 33 days.
Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ units.
The country’s supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year.
B M Sharma new ICWAI prez, M Gopalakrishnan elected VP. The Institute of Cost and Works Accountants of India (ICWAI) today said that B M Sharma has been elected as its president for the year 2010-2011. Sharma, who replaces G N Venkataraman, was earlier the vice president of the cost accounting regulator, it said in a statement.
Reference has been received from the Trade that divergent practices are being followed by field formations regarding classification of ‘Aseptic packaging paper’. It has been reported that even when the aseptic packing paper is coated, impregnated or covered with plastics, such products are being classified under the Tariff Item 4811 90 92, as specific description ‘Aseptic packaging paper’ is provided there.
The specification laid down in Chapter 27 of ITC (HS) Classification of Export and Import items may not apply to the export of products in the SIONs at A-2687, A-2688, A-2689, A-2690 and A 3625 so long as the products exported meet the specifications specified by the foreign buyer in purchase order.”
Whereas in the matter of imports of Poly Vinyl Chloride Paste Resin (hereinafter referred to as the subject goods), falling under sub heading 3904 22 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China,
