Under attack for rising prices, Prime Minister Manmohan Singh on Sunday said the government was making every possible effort to control “high inflation” and insulate poor from its adverse impact.
The contracts for export of cotton shall be registered with the Textile Commissioner prior to shipment. Clearance of cotton consignments by Customs should be after verifying that the contracts have been registered.
With immediate effect existing entries at point no. 1 in the ‘Nature of Restriction’ against Sl. No. 45 AA (relating to export of Basmati rice including PUSA Basmati 1121) in Notification No. 55(RE-2008)/2004-09 dated 5th November, 2008 shall be substituted to read as under:-
The Maharashtra Sales Tax Department (MSTD) has issued a trade circular no. 19T of 2010 dated 23 June 2010 clarifying certain aspects regarding filing of returns for the financial year 2010-2011 as per the periodicity of returns displayed on MSTD’s web site.
The Reserve Bank of India (RBI) having considered it necessary in public interest and to regulate the financial system of the country to its advantage had laid draft guidelines on the regulation of issue of non-convertible debentures (NCDs) with maturity of less than one year .
In continuation of its efforts for trade facilitation, CBEC has rolled out a new centralized, web-based and workflow-based software application called Automation of Central Excise and Service Tax (ACES) in all 104 commissionerates of Central Excise, Service Tax and Large Tax Payer Units (LTUs) as on 23 December, 2009. ACES is a Mission Mode Project (MMP) of the Government of India under the national e-governance plan and it aims at improving tax-payer services, transparency, accountability and efficiency in the indirect tax administration in India. This application has replaced the current applications of SERMON, SACER, and SAPS used in Central Excise and Service Tax for capturing returns and registration details of the assessees and hence, in suppression of the CBEC Circular No.791/24/2004-CX. dated 1 June 2004 and CBEC Circular No. ST 52/1/2003 dated 11 March 2003, revised circular no. 919/09/2010-CX is being issued.
Further, the Hon’ble High Court distinguished the judgments of the Supreme Court in the case of A & G Projects and Technologies Limited Vs. State of Karnataka (2009 (2) SCC 326] and the High Court of Andhra Pradesh in the case of Jadhavjee Laljee Vs. State of Andhra Pradesh (1989 (74) STC 201 (DB)].
The Department of Industrial Policy and Promotion (DIPP) has unveiled a Consolidated FDI Policy on 1 April 2010 which consolidates all the prior policies / regulations on Foreign direct investments (FDI) as per Foreign Exchange Control Regulations and Press Notes /Press Releases / Clarifications issued by DIPP, into a single document and thereby reflects the current ‘policy framework’ on FDI.
The option of choosing the initial year for claiming tax holiday under the Section for a consecutive period of 10 out of 15 years (20 years in some cases) from the commencement of operations of an eligible undertaking, is intended to provide meaningful benefit to such taxpayers, since these business are capital-intensive and typically have long gestation period during which they incur losses and are not in a position to avail the profit-linked tax holiday benefit.
A recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of Hindalco Industries Ltd. (Taxpayer) [AIT2010-211-1TAT] under the provisions of the Indian Tax Act, 1961 (ITA),held that any person from whom a non resident is in receipt of any income can be treated as an agent of such non-resident.
