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Archive: 25 October 2011

Posts in 25 October 2011

Implementation of bar coding on tertiary packing of consignments of pharmaceuticals and drugs for export with effect from 01.10.2011

October 25, 2011 772 Views 0 comment Print

As per Public Notice No. 59 (RE-2010)/2009-14 dated 30.06.2011, incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number of the Tertiary pack (shipper/carton) on export consignments of pharmaceuticals and drugs has come into effect from 01.10.2011.

ICAI – Empanelment as a Technical Reviewer with the Quality Review Board

October 25, 2011 651 Views 0 comment Print

Announcement for Empanelment as a Technical Reviewer with the Quality Review Board The Government of India has, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board to perform the following functions:- (a)    to make recommendations to the Council with regard to the quality of […]

Memorandum of Instructions governing money changing activities- Location of Forex Counters in International Airports in India

October 25, 2011 261 Views 0 comment Print

Foreign Exchange Counters in the arrival halls in international airports in India shall ideally be established after the Customs Desk (Green Channel/Red Channel). However, Foreign Exchange Counters may also be established between the Immigration Desk and the Customs Desk in international airports in India, subject to the condition that these counters shall only purchase Foreign currency and sell Indian Rupees (INR) and “Encashment Certificates” shall invariably be issued by the money changers to the customers.

The Maharashtra Value Added Tax (Fifth Amd.) Rules, 2011

October 25, 2011 2869 Views 0 comment Print

in exercise of the powers conferred by sub-sections (1), (2) and (3) read with the proviso to sub-section (4) of section 83 of the said Act and of all other powers enabling it in this behalf, the Government of Maharashtra hereby, amends the Maharashtra Value Added Tax Rules, 2005, namely.

MVAT – Amendment to Notification No. VAT.1511/CR-57/Taxation-1 dt. 30th April 2011

October 25, 2011 3574 Views 0 comment Print

In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT 1511/ C.R.57/ Taxation-1, dated the 30th April 2011, namely

Empanelment of CA/ICWA for Special audit of Service Tax assessees

October 25, 2011 13636 Views 1 comment Print

The Service Tax department proposes to order for conduct of special audit of Service Tax Assessees by the Chartered Accountant and Cost Accountants under Section 14AA of the Central Excise Act, 1944, as made applicable to Service Tax under Section 83 of the Finance Act, 1944. For this purpose, it is proposed to make a panel of CA/ICWAI who may be assigned the task of audit.

‘Input Tax Credit’ Under the Punjab Value Added Tax Act, 2005

October 25, 2011 36450 Views 13 comments Print

Recently the Hon’ble Judges of the Hon’ble Punjab & Haryana High Court has clinched the issue by passing a landmark judgment reported in 40 PHT, page 145 regarding denial of input tax credit by the Assessing Authority on the ground that the dealer from whom the assessee has purchased goods have not deposited full tax in the Government Treasury. No liability can be fastened on the purchasing registered dealer on account of non-payment of tax by the selling registered dealer in the Government Treasury unless fraudulent or collusion or connivance with the registered selling dealer or its predecessors is established.

‘In-person’ verification (IPV) of clients by subsidiaries of stock exchanges, acting as stock brokers

October 25, 2011 936 Views 0 comment Print

It is clarified that the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients. However, the ultimate responsibility for ‘in-person’ verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records.

Relevant date to Pay Interest on delayed payment of Service Tax Refund

October 25, 2011 4378 Views 0 comment Print

Issue – The question is whether the liability of the revenue to pay interest under Section 11BB of the Act commences from the date of expiry of three months from the date of receipt of application for refund or on the expiry of the said period from the date on which the order of refund is made?

Income Tax Department set up special cell to track taxpayers who are ‘untraceable’ or have reported inadequate assets to pay back tax demands

October 25, 2011 937 Views 0 comment Print

Stepping up measures to recover over Rs 1,00,000 crore of unpaid taxes, the Income Tax (I-T) Department has set up a special cell to track taxpayers who are “untraceable” or have reported inadequate assets to pay back tax demands. The department has also decided to search and approach every possible database or agency, ranging from […]

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