It has come to the notice of the Reserve Bank that some NBFCs have raised funds under private placement by issuing NCDs of maturity less than 90 days. This is in clear violation of Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010 dated June 23, 2010 issued by Internal Debt Management Department, Reserve Bank of India.
ORDER NO 3/2011 – Service Tax, Dated: December 29, 2011 -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December 2011 to 6th January 2012.
In the usual course, the budget is presented in the Lok Sabha on last working day of February. As 2012 is the leap year, the last working day of the month falls on February 29. There are reports that the government might postpone the date of presentation of the budget in view of assembly elections in five states — Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. As per the schedule worked out by the Election Commission, last polling will take place on March 3 in Goa and counting of votes will begin on March 4.
Short question which has to be considered in this case is whether the respondent is entitled to claim CENVAT credit of service tax paid by themselves on GTA service which was used for transportation of their final product from factory to the port for export. The respondent recovered FOB value from the foreign buyer, implying that the ownership of the goods vested in the respondent upto the place and time of loading of the goods into the ship. If the appellant had duty liability, they would have paid it on an assessable value including the freight. On these facts, it can be held that the place of removal of the goods was the port of export. The definition of ‘input service’ under rule 2(l) of the CENVAT Credit Rules, 2004 will squarely cover the above service which was used by the respondent for transportation of the goods from the factory to the place of removal.
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We have attached with this post a file which explain in detail subject wise applicability of Institute’s Pronouncements, Publications for the students who are appearing in CA final examination in May,2012. The file is released by ICAI on 29.12.2011 and can also be checked on ICAI’s website.
This is to bring to the attention of students that the Revised Schedule VI to the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956 for the financial year commencing on or after 1.4.2011 shall not be applicable for the PCC, IPCC and Final examinations to be held in May 2012.
