"18 September 2010" Archive

Eligibility of a local manufacturer/dealer to claim exemption from CST on the penultimate sale made to an exporter in connection with export of goods

State of Karnataka Vs. Azad Coach Builders Pvt. Ltd. & Anr. (Supreme Court of India)

This Article summarizes the decision of the Constitution Bench of the Supreme Court of India (SC) in the case of State of Karnataka Vs. Azad Coach Builders Pvt. Ltd. & Anr.(Assessee) [2010-VIL­12-SC-CB] on the issue of eligibility of a local manufacturer/dealer to claim exemption under section 5(3) of the Central Sales Tax Act, 1956 (CST...

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Draft framework of separate treatment for Department of Posts to grant license to act as Corporate Agents

NA (18/09/2010)

Introduction: Of the Government Departments, Department of Posts (hereafter referred as India Posts) is playing a vital role in extending the financial services with an established network of over 155,000 branches spread over the length and breadth of the country. The Post Office Savings Bank operations, one of the services of India Posts...

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Companies Bill 2009 to become law by 31st March 2011

The Companies Act amendment bill, which was placed in Parliament last year, is expected to become law by the end of the current fiscal year. “The Parliamentary Standing Committee has given its recommendations and the ministry is looking into it,” sai...

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Ministry of corporate affairs planning to set up new body to look into investor concerns

To give teeth to investor redressal mechanisms, the ministry of corporate affairs is planning to set up an entirely new affiliate office with statutory powers to look into such investor concerns. To be developed on the lines of other MCA subsidiary b...

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Department of Posts to launch prepaid debit card

The Reserve Bank of India has given permission to the Department of Posts to launch its prepaid debit card, in partnership with Master Card, which will allow customers to purchase products from all major retail outlets across the country....

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PF accounts idle for 36 months or more months to fetch no interest

The decision by the Employee Provident Fund Organisation (EPFO) to stop paying interest on accounts that have not been operated for 36 months or more is expected to cover 60 per cent of the accounts. According to EPFO estimates, there were 30.5 million inoperative accounts across 120 offices. In all, the agency had 47.1 million subscriber...

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Packaged food items may be exempted from the proposed Goods and Services Tax (GST)

The food processing industry can breathe easy as packaged food items may be exempted from the proposed Goods and Services Tax (GST). At present, processed food products are exempted from central excise, but most states levy Value Added Tax (VAT) on t...

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CII opposes proposed move to make rotation of Auditors compulsory

The Confederation of Indian Industry (CII) has opposed the corporate affairs ministry move to rotate auditors and audit firms compulsory. The provision for rotation of auditors has been included in the Companies Bill, 2009, recently been vetted by th...

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Andhra Pradesh witnesses 25.3 per cent improvement in advance income tax collection

The Income Tax (I-T) department has witnessed a 25.3 per cent improvement in advance tax collections in the state at the end of the second quarter this financial year. This is significant as the collection figures in Mumbai, which accounts for more t...

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CBEC demands Special Audit report of telecom companies to examine service tax angle

The Central Board of Excise and Customs (CBEC) has asked the telecom department for copy of special audits that were undertaken on the books of all leading telecom companies to examine the service tax angle. Last year, the government ordered special ...

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