The exemption from excise duty on Cashew shell liquid (CNSL) is being withdrawn and consequently it will now attract a concessional rate of 1% without CENVAT credit facility. (S. No. 6 of Notification No. 3/2006 – C.E dated 1st March, 2006, is being omitted by Notification No. 3 /2011-C.E dated the 1st March 2011, S. No. 1 of Notification No. 1/2011-C.E &2 /2011- C.E both dated the 1st March 2011 refers)
The Finance Minister has introduced the Finance Bill, 2011 in Lok Sabha on 28th February, 2011. Changes in Customs law and rates of duty have been proposed through the Finance Bill, 2011 (clauses 35 to 58 for customs). In order to prescribe effective rates of duty and to carry out changes in the Rules made […]
Besides the legislative changes, a number of other changes have been made in rules and will become effective on the dates mentioned in the respective notifications. Point of Taxation Rules, 2011 have also been introduced by notification 18/2011-ST and made effective from 1-4-2011. Fresh exemptions have been granted while a few existing exemptions have been modified. These changes are contained in Notification Nos. 1/2011-ST to 17/2011-ST and will take effect on the dates mentioned in the respective notifications.
The Finance Minister has introduced the Finance Bill, 2011 in Lok Sabha on 28th February, 2011. Changes in Central excise law and rates of duty have been proposed through the Finance Bill, 2011 (clauses clauses 59 to 70 for Central Excise). In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:
These rules may be called the Companies (Accounting Standards) (Amendment) Rules, 2011. (2) It shall come into force on such date as the Central Government may, by notification in the official Gazette, appoint and different dates may be appointed for different classes of companies. 2. In the Companies (Accounting Standards) Rules, 2006, (hereinafter called as principal rules), in the Definition for clause ‘C, the following shall be substituted, namely,
