Trade and Industry has again represented that in respect of some export shipments prior to 12.01.2010, the benefit is being denied because the export product has been described on the shipping bill as “cotton powerloom-tufted bathmats/cotton powerloom-tufted bathrugs”. The representation says that a powerloom only weaves and cannot ‘tuft’. At the time of custom clearance they had to declare as to whether their export product is manufactured on a handloom or a powerloom. Since these cotton bathmats/bathrugs were not woven but tufted by using a tufting machine similar to table-top type sewing machine, the expression “cotton powerloom tufted” came to be used on the shipping bills. The Trade and Industry has, therefore, requested to issue necessary clarification that benefit of Chapter 3 of FTP may also be granted to such shipments.
Regional Authorities (RAs) of DGFT disburses deemed export drawback and terminal excise duty as per provisions of FTP and HBP Vol. I. In order to facilitate this process and faster disbursal of such claims, it has been now decided that payment of such claims, henceforth, shall be made online. To give effect to this decision, RAs are required to take following actions:-
The government may miss the target of garnering Rs 40,000 crore through disinvestment as SAIL’s follow-on public offer is now expected to hit the market in the next fiscal due to volatile stock market.”No, no… we will wait. There is very less time left in this fiscal. We are looking at market conditions,” Steel Minister Beni Prasad Verma said when asked whether SAIL FPO would hit the market before March 31.
Major differences between the old and the new Sch VI. Applies to all companies following non-converged Indian Accounting Standards. No possibility of conflict between Accounting Standard and Schedule VI as on modification of accounting standards prescribed under the companies act, Schedule VI would stand modified accordingly
There can be disputes between majority group and minority shareholders in any Company and these disputes come very frequently in closely held companies or Private Limited Companies. The Companies Act, 1956 provides certain rights to the shareholders
Market experts are pitching for clarity in tax on long-term gains under the proposed DTC, a clear timeline for rolling out Goods and Services Tax among other key measures in the upcoming 2011-12 budget.Stock markets in February so far have plummeted by over 11 per cent on concerns over high inflation, rising interest rate and, low morale and confidence of the investors due to uncertainty caused by a series of high-profile scams.
As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs. The market regulator is also considering a common IPO application form for both ASBA and non-ASBA investors.
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money.
The Committee for Digitization of Balance Sheet and Annual Reports filed with MCA through MCA-21, Ministry of Corporate Affairs has proposed to implement e-filing in XBRL Format in phased manner starting from April 2011. In this connection, the Institute is planning to organize one full day Workshop on XBRL for practicing members on March 25, 2011 at ICWAI, 3, Institutional Area, New Delhi-110 003. CEP hours credit would be given as per the rules of the Institute. There is no fee chargeable as course fee for attending the workshop.
Section 65(24b) of the Finance Act, 1994 – Cleaning Activity Service – Fumigation of export cargo in compliance of export obligation – Whether taxable under ‘cleaning services’ – Corrigendum to Circular No. 132/1/2011-ST, dated 12-1-2011 CORRIGENDUM [F.NO.354/69/2010-TRU], DATED 20-1-2011 In the Circular of the Government of India in the Ministry of Finance (Department of Revenue), […]
