"02 March 2011" Archive

Sudden hike in interest rate

The Interest liability is amplified in all the sections of custom, excise and service tax to 18% as from earlier of 13% per annum from this budget. This is one of highest increase in the rates of interest ever. In Central Excise the notification no. No. 6/2011-Central Excise (N.T.) dt. 01.03.2011 has brought an amendment for the purpose o...

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Posted Under: Excise Duty |

Determination of Time & Rate in Service Tax (Point of Taxation Rules, 2011)

In respect to the service tax Law, the Central Government of India, as always, has come with lots of amendments and clarifications in the Budget, 2011. When a particular service will be taxed is the major aspect in the service tax law. As on date the service tax is payable on the receipt of payment towards the service provided, but now go...

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Posted Under: Excise Duty |

Branded Goods – Stitched To Excise Duty

Major amendments have been brought in Ready made garments and made-up articles through the budget 2011-12. These goods fall under chapter 61 of the Central Excise Tariff Act, 1985. Earlier these goods were exempted vide serial no. 16 of Notification no. 30/2004-CE dt. 09.07.2004. The entry at this serial no. exempted all the goods falling...

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Posted Under: Excise Duty |

Change in timings of CS June 2011 Exams

Candidates Appearing In Cs Examinations Scheduled From 2nd To 9thjune, 2011 May Note The Change In Timings For Morning Session Of Examinations, Which Will Be Held From 9.00 A.M. To 12.00 Noon (Instead Of 9.30 A.M. To 12.30 P.M.) And After-Noon Session Of Examinations, As Before, Will Be Held From 1.30 P.M. To 4.30 P.M., As Per Examination...

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Posted Under: Excise Duty |

2G scam- CEOs of 10 telcos under scanner

Sixty-three people, including promoters and chief executive officers of 10 telecom firms have come under its scanner in the 2G spectrum case, the CBI on Friday told the Supreme Court which expressed satisfaction over the ongoing probe....

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Posted Under: Excise Duty |

Budget 2011- Service Tax Amendments at a glance

Banking and other Financial Services: Money changing services [Section 65(105)(zm and zzk)]: There is no change in the scope of the levy of these services. However, the following changes have been made in the actual collection of tax:(a) A new rule 2B has been introduced in the Service tax (Determination of Value) Rules, 2006 prescribing...

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Posted Under: Excise Duty |

Garment makers' shut down to oppose excise duty

Ludhiana's readymade garment makers today announced shutting down of operations for a day on March 4, perturbed by the latest budget proposal, making 10 per cent excise duty on branded apparels mandatory. The garment makers have also threatened closing down of units indefinitely, if the government does not review its decision....

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Posted Under: Excise Duty |

Govt collects Rs 300 crore in penalties from new telecom operators

The government has collected over Rs 300 crore in penalties from new telecom service providers that failed to roll-out their networks within the stipulated timeframe after getting licences and spectrum."As of last Friday, we have received Rs 300.04 crore penalties, as against total claim of Rs 370.55 crore," Department of Telecom Secretar...

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Posted Under: Excise Duty |

Increased excise duty, MAT on SEZs to hurt pharma industry

Leading drug makers today said that higher excise duty proposed in the Budget 2011-12 would make medicines costlier and hurt the common man. Further, pharmaceutical industry players also feared that imposition of Minimum Alternate Tax (MAT) on Special Economic Zones would adversely impact their profits, since most export units of drug fir...

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Posted Under: Excise Duty |

Service tax penal provisions to be used sparingly

Allaying fears of the industry over introduction of harsh provisions in the service tax rules, a senior Finance Ministry official has said they will be used sparingly against willful defaulters....

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Posted Under: Excise Duty |

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