"25 March 2011" Archive - Page 2

Section 103 of Delhi Value Added Tax, 2004 -Regarding Republic of Gambia

Notification No. F. 5(54)/Policy-II/VAT/ Amendment/2010/2088-97 (25/03/2011)

No.F. 5(54)/Policy-II/VAT/Amendment/2010 - WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.D-II/451/12(7)/2009 dated 20th May, 2009 requested the Govt. of NCT of Delhi to grant facilities for VAT refund in favour of official purchases of the High Commission of the Republic of GAMBIA in New Delhi and...

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Restore VAT refund privilege for the Mauritian High Commission in Delhi

Notification No.F. 5(45)/Policy-II/VAT/Amend/2010 (25/03/2011)

No.F. 5(45)/Policy-II/VAT/Amend/2010 -WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.10105/Secy(W)/2010 dated the 7th December, 2010, requested the Govt. of NCT of Delhi to restore VAT refund privilege for the Mauritian High Commission in Delhi; and of reciprocity; and whereas I am of the opinion that i...

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Black money case- Hasan Ali sent to judicial custody till April 8

A Mumbai Sessions court has sent Pune-based stud farm owner Hasan Ali, who is alleged to have stashed away over eight billion dollars in Swiss banks, to judicial custody till April 8. The Enforcement Directorate (ED) had produced Ali before a magistrate last night after his three-days custody with the probe agency ended....

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Maharashtra govt exempts transfer of copyrights of a film relating to the exhibition in theatres from VAT

Maharashtra government on Wednesday exempted transfer of copyrights of a film -- relating to the exhibition in theatres -- from VAT. This was announced in the Legislative assembly during the State budget presentation, Deputy Chief Minister and Finance Minister Ajit Pawar. He said VAT was currently levied on transfer of copyright of films ...

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Excise duty on Branded Ready Made Garments & Made-up Articles of Textiles – Clarification

LETTER D.O.F.NO. B-1/3/2011-TRU (25/03/2011)

It has been provided that if the RSP is not affixed or marked on goods when they are cleared in the course of sale from the factory of a manufacturer to the brand owner, the wholesale price declared by the manufacturer would be deemed to be the tariff value for the payment of duty. This has been provided through the insertion of a proviso...

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Competition Commission of India issued draft regulations in relation to the transaction of business relating to Combinations

On 4 March, 2011, the Ministry of Corporate Affairs issued four draft notifications relating to Combinations whereby: 1. 1 June, 2011 has been appointed as the date on which the provisions relating to Combinations would come into force; 2. The threshold limit prescribed in section 5 for an acquisition or merger to constitute a Com...

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Summary of draft regulations in relation to the transaction of business relating to Combinations issued by Competition Commission of India

On 1 March, 2011, the Competition Commission of India ("CCI") published new draft regulations, The Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 2011. Some key features of the draft regulations are: Consultation prior to filing notice of proposed combination: Part...

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Amendments to Karnataka Stamp Act – Budget 2011

The Karnataka State Budget for the year 2011-12 was presented on 24 February, 2011. In line with the earlier budgets, Karnataka State Budget has proposed many changes in stamp duty rates. One of the key proposed changes is the reduction in the stamp duty rate on court order sanctioning the merger / demerger of companies. We have highligh...

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Prosecution of Directors – General Circular No. 08/2011, Dated the 25th March, 2011

General Circular No. 08/2011 (25/03/2011)

Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an “officer in default” or a “director(s)” or “persons” as provided in the relevant penal provisions of the Act. Section 5 of the Companies Act, 1956, defines officer in default and the Directors are also liable for compliance of ...

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Termination notices for 85 new licences issued -DoT

The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be "ineligible" for getting them. Based on the report of the CAG, the Department of Telecom (DoT) has "issued show cause notices to 13 companies for termination of...

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