The Cabinet today approved the Companies Bill 2011 which, once approved by Parliament, will replace half-a-century-old Act.Companies Bill, 2011 is likely to be tabled (for consideration and passage) in the ongoing Winter Session. The Bill, which has already been vetted by the Parliamentary Standing Committee of Finance and also by different ministries, seeks to update the company law in line with the best global practices.
Union Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand. Commerce and industry minister Anand Sharma said that he would give a statement in Parliament on retail FDI. Currently, India allows 51% FDI in single brand retail and 100% FDI in cash and carry format of the business.
As per the provisions of Section 69 of Chapter V of the Finance Act, 1994 and Rule 4 of Service Tax Rules, 1994 every person liable for paying the Service Tax shall make an application to the concerned jurisdictional Superintendent in Form ST-1 for registration and the same will be granted, after due verification, by the authorized officer, a certificate of registration in Form ST-2. 2. As per instructions issued vide CBEC Circular No. 493/59/99-CX dated 12-11-1999, 35/3/2001-CX.4 dated 27-08-2001 and 97/8/2007-ST dated 23-08-2007 Registration No. also known as ‘Service Tax Code’ (STC) will be alphanumeric fifteen digit PAN based number. The first part would be the 10 Character PAN issued by Income Tax authorities. It is mandatory for all the concerned persons registered under the rules to obtain PAN whether or not they pay Income Tax.
