On a careful consideration of the case records and the submission made by both sides, we find that the appellants have not made out a prima facie case for complete waiver of the dues adjudged against them. The impugned order sustained demand of service tax of Rs 7,67,673/, applicable interest, penalty @ 200/- per day or @ 2% of the tax confirmed per month for the period the tax was in arrears, penalty of Rs 5000/- under Section 77 of the Act and penalty of Rs 12,00,000/- under Section 78 of the Act. We find that a pre-deposit of Rs 1,00,000/- (rupees one lakh only) will be appropriate to hear and dispose the appeal. Hence we direct the appellants to pre-deposit Rs 1,00,000/- within four weeks from to day and report compliance on 20 th September 2010. Subject to such compliance, we order waiver of balance dues pending decision in the appeal.
The Supreme Court on Monday admitted the excise department’s plea alleging that Hindustan Coca-Cola Beverages (HCCBL) was liable to pay duty on water treated and purified by the company for supply to vendors for producing aerated beverages.
Government of India has taken several punitive and deterrent steps to unearth black money. These include scrutiny of returns, surveys, search and seizure action, imposition of penalty and launching of prosecution in appropriate cases.
The Maharashtra Chamber of Housing Industry (MCHI) has said it is hopeful of an early decision on the service tax issue. The second hearing of the High Court writ petition filed by MCHI challenging Service Tax levy on buildings under construction has been deferred to September 8, 2010. It’s a revenue related matter so we are hoping that early decision should come out, said Sunil Mantri, president, MCHI, who is also chairman of the Sunil Mantri Group.
National Foundation for Corporate Governance (NFCG) has been established by the Ministry of Corporate Affairs in partnership with CII, ICSI, ICAI, ICWAI and NSE to function as the National Apex platform for promotion of good Corporate Governance (CG) practices in India
Regulation 37(1) of SEBI (Mutual Fund) Regulations, 1996 states that “a unit unless otherwise restricted or prohibited under the scheme, shall be freely transferable by act of parties or by operation of law.” The spirit and intention of this regulation is not to prohibit transferability of units as a general rule or practice.
Government of India has constituted a seven member Technology Advisory Group for Unique Projects (TAGUP) on June 1, 2010, headed by the Chairman, Unique Identification Authority of India (UIDAI), Shri Nandan Nilekani to address various technological and systemic issues relating to the reliable, secure and efficient functioning of IT intensive systems in Government such as Tax Information Network (TIN),
The roadmap to implement a countrywide goods and services tax (GST) has entered its final lap, with the Centre easing its federal stronghold to make it happen. Finance Minister Pranab Mukherjee will seek Cabinet approval for the Constitution Amendment Bill this week that would pave the way for its introduction in Parliament next week before its monsoon session comes to an end.
As per the Foreign Trade Policy, 2009-14, India’s exports of goods and services are expected to double by 2014. Government reviews the export performance of the various sectors through consultation with the Export Promotion Councils (EPC) and the Trade & Industry on continuous basis and based on the suggestions so received, extends need based support measures from time to time as per the requirement and the revenue implications thereof.
The Government of India has approved the Operational Guidelines for the Swavalamban Scheme which was announced by the Union Finance Minister in his speech of 2010-11. The Scheme is applicable to all citizens in the unorganised sector who join the New Pension Scheme (NPS) subject to their meeting the eligibility criteria.
