"14 February 2011" Archive

Budget 2011- Some Issues In Indirect Taxation

Budget 2011 is on the anvil and in about a fortnight’s time, Finance Minister shall unveil his budget announcements for the year 2011-12. It is an unwritten reality that GST may not happen now but the forthcoming Budget should clearly state this an...

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Posted Under: Excise Duty |

Policy Circular No. 20 (RE-2010)/2009-14, dated: 14.02.2011

Policy Circular No. 20 (RE-2010)/2009-14, (14/02/2011)

Export of cotton yarn by 100% EOUs in the cotton yarn sector is exempted from the restriction imposed on export of cotton yarn vide above notifications in terms of para 6.2(a) of Foreign Trade Policy, 2009-14 which stipulates that an EOU unit may export all kinds of goods and services except items that are prohibited in ITC (HS)....

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Guidelines for availment of input combination for pharmaceutical products manufactured through Non Infringing (NI) process

Policy Circular No. 19 (RE 2010)/2009-2014 (14/02/2011)

Trade & Industry is requested to see the details of the provision carefully in the aforesaid Notification and Public Notice on the subject. Any difficulty in implementation of the aforesaid guidelines shall be brought to the notice of this Directorate immediately....

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CLB's power and responsibility under section 402 of Companies Act, 1956?

In any litigation, the Court or the authority adjudicating the matter can pass interim orders and the matter will get finally disposed of. Once the matter is dispose of finally, there ends the litigation and the final order can be executed. If there is a provision for review having limited scope, the court can review its order. This is th...

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Posted Under: Excise Duty |

Clarification regarding excisability of Bagasse prior to budget of 2008

Circular No. 941/02/2011-CX (14/02/2011)

Attention is invited to Board’s circular No. 904/24/09-CX dated 28.10.2009 wherein the field formations were directed to keep the cases of the excisability of bagasse for the period prior to the budgetary changes of 2008 in call book till department’s appeal is decided in the case of Balrampur Chinni Mills Ltd....

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Seeks to exempt Jute products when imported from Bangladesh – Notification No. 8/2011-Customs

Notification No. 08/2011-Customs (14/02/2011)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts...

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Govt proposes to keep new company bill flexible

The government is proposing to keep the new company legislation flexible so that rules and regulations governing companies can be updated quickly without following the cumbersome procedure of amendment through Parliament....

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Posted Under: Excise Duty |

Sebi probing possible foul play in crashing of stock markets

Suspecting foul play in the crashing of stock markets over the past few months, Sebi is probing at least 25 entities, including brokerage firms, FIIs and mutual funds....

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Posted Under: Excise Duty |

Listing day- BSE mulls pre-opening trade in IPO stocks

The Bombay Stock Exchange (BSE) plans to introduce pre-opening trade in IPO stocks on the day of listing, a practice that is currently only permitted for Sensex stocks and 20 other large cap counters. ...

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Posted Under: Excise Duty |

I-T dept asked to collect Rs 1150 cr in unpaid taxes in a week

Racing to maximise its revenue before the end of this fiscal, the government has asked all Chief Commissioners of Income Tax in the country to ensure collection of over Rs 1150 crore of unpaid taxes in a week's time....

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Posted Under: Excise Duty |

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