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Archive: March, 2011

Posts in March, 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7206 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Regarding compliance for revision in the Customs part of Arrival Card for Passengers in Form ‘D’ – Notification issued by Ministry of Home Affairs

March 31, 2011 781 Views 0 comment Print

Circular No.16/2011-Customs – The issues of increasing imports of satellite phones in passenger baggages without obtaining authorization and import of foreign exchange in excess of amount of US $10,000/- or equivalent without declaration to Customs have been referred to MHA for redressal by making suitable modifications in the Customs part of Arrival Card for Passengers so that all passengers are required to declare these items at the time of arrival at international airport in India.

Notification No. 25/2011 – Customs (N. T.) amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001

March 31, 2011 585 Views 0 comment Print

Notification No. 25/2011 – Customs (N. T.), New Delhi, 31st March, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –

Cenvat Credit (Third Amendment) Rules, 2011 – Amendment in rules 4, 6 and 9

March 31, 2011 4598 Views 0 comment Print

NOTIFICATION NO. 13/2011 – CENTRAL EXCISE (N.T.)- The CENVAT credit in respect of input service shall be allowed, on or after the day on which the invoice, bill or, as the case may be, challan referred to in rule 9 is received: Provided that in case of an input service where the service tax is paid on reverse charge by the recipient of the service, the CENVAT credit in respect of such input service shall be allowed on or after the day on which payment is made of the value of input service and the service tax paid or payable as indicated in invoice, bill or, as the case may be, challan referred to in rule 9:

CBEC circular comes into effect on the date of issue & not from date when it is notified

March 31, 2011 583 Views 0 comment Print

There is no dispute that C.B.E. & C. issued circular dated 27-12-2002. As per the circular, in case of bulk liquid cargo imports, shore tank receipt quantity should be taken as the basis for levy of customs duty. The Adjudicating Authority came to the conclusion that C.B.E.& C.’s circular comes into effect from 24-3-2003 on which date the Commissioner notified the same to the benefit of the parties within his jurisdiction. The Commissioner of Appeals as well as CESTAT found fault with the same and rightly came to the conclusion that the circular issued by the C.B.E. & C. shall come into effect from the date it was issued and not from the date when it is notified by way of public notice.

If assessee show that there was reasonable cause for taking money in cash, and amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally it is sufficient to hold that penalty under section 271D is not justified

March 31, 2011 2134 Views 0 comment Print

Andhra Bombay Carriers v. Additional Commissioner of Income-tax (ITAT Hyderabad)- Whether when assessee is able to lead evidence to show that not only was there reasonable cause for taking money in cash, but amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally that should be sufficient to hold that penalty is not justified – Held, yes

Consolidated FDI Policy (Effective from 1-4-2011)

March 31, 2011 4669 Views 0 comment Print

Circular 1 of 2011 on FDI- (i) Pricing of Convertible instruments. (ii) Inclusion of fresh items for issue of shares against non-cash considerations (iii) Removal of the condition of prior approval in case of existing joint ventures/ technical collaborations in the ‘same field” (iv) Guidelines relating to down-stream investments (v) Development of Seeds

FEMA – Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

March 31, 2011 817 Views 0 comment Print

FEMA : Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation. A.P. (DIR SERIES) CIRCULAR NO. 47, DATED 31-3-2011. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 57, dated June 29, 2010 enhancing the period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export. This relaxation was up to March 31, 2011.

Govt liberalises FDI policy to boost inflows

March 31, 2011 4924 Views 0 comment Print

Relaxing rules for foreign direct investment (FDI) in the country, the Government today decided to permit issuance of equity to overseas firms against imported capital goods and machinery. — D. Gopalakrishnan

Collection of electricity bills and telephone bills on behalf of electricity boards and telecom companies is not taxable under Business Auxiliary Service

March 31, 2011 531 Views 0 comment Print

I, however, find that prior to 10/09/2004 collection of cheques / bills etc. was not part of business auxiliary service and scope of customer care service cannot be stretched to cover such collection prior to this date under sub-clause (iii) of definition. Customer care service relates to post sale services rendered to the users / consumers by the service provider who provide this care on behalf of the client. No element of such customer care is present in the activity of collection of bills etc. Further, if collection of chequ

Service Tax – 20% restriction under Rule 6(3) of the CENVAT Credit Rules 2004 not applicable to credit availed on capital goods

March 31, 2011 819 Views 0 comment Print

We find that as per the appellant, major amount of demand working out to Rs.12.07 crores pertains to capital goods credit utilised. We note that the Commissioner wrongly found that the restriction contained in Rule 6(3) of CCR as regards the use of cenvat credit above 20% of the tax paid applied to credit of capital goods also. In the circumstances, we set aside the impugned order and remand the entire case to the Commissioner for a fresh decision on all issues after hearing the assessee. The appeal is allowed by way of remand. Stay petition is also disposed of.

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