"22 February 2012" Archive

Review of the Economy 2011-12 – Summary and Highlights

Gross fixed capital formation (GFCF) as a proportion of GDP had reached a peak of 32.9 per cent in 2007/08, the year preceding the global crisis. It dropped to 32.3 per cent in 2008/09 and then to 31.6 per cent in 2009/10. Initial estimates are that in 2010/11 this ratio slipped further to 30.4 per cent. The AE for 2011/12 suggest that th...

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Posted Under: Finance |

GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM

The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the ta...

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Posted Under: Finance |

DEPB – Whether aluminium grills can be termed as Extruded aluminium products, and if so, Whether assessee can take benefit of Item 7 of Code 61 – No, rules SC

Commissioner of Customs Vs. M/s. Caryaire Equipment India Pvt. Ltd. (Supreme Court of India)

The core issue that falls for our consideration and decision in this appeal is: whether aluminium grills can be termed as Extruded aluminium products? If the answer is in positive, the assessee would be covered by Item Serial No.7 of the Product Code 61 of the Duty Entitlement Passbook Scheme (for short "the DEPB Scheme"). The assessee ha...

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Children educational allowance – Center decides to remove the minimum age bar

Extending benefits to its employees, the Centre has decided to remove the minimum age bar of five years for claiming educational allowance and hostel subsidy for their children. The move, which will benefit lakhs of workers, comes after the government received a number of representations and decided to get the matter duly examined by the ...

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Posted Under: Finance |

Leviability of service tax on toll fee

Circular No. 152/3 /2012-ST (22/02/2012)

Circular No. 152/3/2012-ST Service tax is not leviable on toll paid by the users of roads, including those roads constructed by a Special Purpose Vehicle (SPV) created under an agreement between National Highway Authority of India (NHAI) or a State Authority and the concessionaire (Public Private Partnership Model, Build-Own/Operate-Trans...

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Regarding applicability of provisions of the Notifications No. 417 (E) dated 27.05.2011 on Molasses used in Hookah containing tobacco

F.No. 528/133/2011-STO (TU) (22/02/2012)

Reference has been received on import of molasses for use in hookah without compliance of the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 Rules, which prescribes the manner in which the specified health warning shall be displayed on the tobacco product packs covering all types of tobacco products produced...

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Foreign Lawyers cannot practice law in India – Madras High Court

A.K. Balaji Vs. Government of India (Madras High Court)

A.K. Balaji Vs. GOI (Madras High Court)- This writ petition has been filed under Article 226 of the Constitution of India for the issuance of a Writ of Mandamus directing the respondents to take appropriate action against respondents or any other Foreign Law Firm or Foreign Lawyers, who are illegally practising the Profession of Law in ...

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Three women IRS members in CBDT for the first time in 48 years

With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Member (Audit and Judicial) this month, the Central Board of Direct Taxes for the first time in its 48-year-long history has three women in the seven-member body. The two other women officers are Member (Personnel and Vigilance) Manjari Kacker and Membe...

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Posted Under: Finance |

Vending of coffee is in the nature of a catering service and is very essential especially for the employees working round the clock in IT companies – repair of the coffee vending machine is an input service

Imagination Technologies India Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

The coffee machine has been maintained by the appellant for vending of coffee to its employees. It is the nature of a catering service provided to the employees which is very essential, especially for the employees working round the clock as in the case of IT companies. Therefore, repair of the coffee vending machine is an input service i...

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Service Tax paid in respect of services received in relation to ‘Repair and Maintenance’ of the staff colony not eligible for CENVAT credit

Commissioner of Central Excise Vs. M/s Grasim Industries Ltd. (CESTAT Chennai)

3. The dispute relates to eligibility of CENVAT Credit of Service Tax paid in respect of services received in relation to ‘Repair and Maintenance' of the staff colony relating to the period Apr.'08 to Dec.'08. Learned SDR submits that the identical issue relating to the same respondent stands decided in favour of the department in the c...

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