The rate of service tax on Authorised dealers in foreign exchange or authorized changers have been changed against this year by Budget, 2012. The method of computation of service tax is prescribed in sub-rule(7B) of principal Rule 6 of Service Tax Rules, 1994. The said Rule is reproduced here under for ready reference:
The Institute of Cost Accountants of India intends to draw a panel for acting as Observer at the examination centre’s in various cities during the Cost accountants examinations to be held from June 11 ‐ 18, 2012. Examination will be conducted in two sessions – (i) Morning session (9.30 A.M to 12.30 P.M.) and (ii) Afternoon session (2 P.M to 5 P.M)
With a view to facilitating accounting of all the Government transactions of the current financial year (2011-12) by March 31, 2012, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct Special Clearings with same day return clearing in the evening / night of March 31, 2012. They have also been advised to ensure that the Clearing Houses under their jurisdiction conduct these clearings, keeping in view the operational convenience at the local centres, so that instruments relating to Government revenue received from members of the public are realised and the proceeds are credited to Government account by March 31, 2012.
As the participation of MSME-DI would be useful in discussing issues concerning the MSMEs which would eventually help in increasing credit flow to the MSME sector, you are advised to invite the concerned Director of MSME-DI to attend the District Consultative Committee (DCC) meetings as invitee in those districts where MSME clusters are located. You may advise the respective Lead District Managers accordingly. The list of offices of MSME-DI received from the Ministry of MSME with their jurisdiction of State & districts is enclosed for your guidance.
There is no dispute about the fact that the appellant has taken CENVAT credit of the duty paid by them. Whether the duty is paid rightly or wrongly, is not the concern of the appellant who is only a recipient of the goods/service. So long as duty is paid either on the goods or the service, appellant is rightly entitled for the credit. This Tribunal in their own case for the previous period has allowed such credit. There is nothing on record to show that the department has appealed against that order of the Tribunal. In view of the position, I allow the appeal with consequential relief, if any.
A new category of NBFCs namely ‘Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) was introduced vide DNBS.CC.PD.No.250/03.10.01/2011-12 dated December 02, 2011, which also contained guidelines on asset classification and provisioning norms to be adhered to by the MFIs with effect from April 01, 2012. Taking into account the difficulties faced by MFI sector and the representation received by the Bank from them, it has been decided to defer the implementation of asset classification and provisioning norms for NBFC-MFIs to April 01, 2013.
The APA provisions are proposed to be implemented in the Indian Income-tax Act, 1961 through the Budget recently presented before the Indian Parliament. An APA mechanism can be – Unilateral, Bilateral and Multilateral. A Unilateral APA is the one which is entered into between the tax assessee and government of a country with respect to taxability of particular cross-border transfer pricing transaction(s) in that country.
The Finance Bill, 2012 has massively rattled the provisions related to service tax enshrined in the Finance Act, 1994. A New reverse charge mechanism has been proposed by the Finance Bill, 2012. And by the latest Finance Bill, Section 68 (2) of the Finance Act, 1994 has been put under amendment to put the onus of payment of service tax on reverse charge basis partly on service provider and partly on service receiver. Three specific services i.e. hiring of means of transport, construction and man power supply have been chosen for this purpose.
Finance Minister Pranab Mukherjee said, We are not going to reopen cases from 1962. Please remember this is the legal requirement — when we interpret something and if legislation says this is my intention, it goes back to the date it was originally enacted. But, there is also another provision in the Income Tax Act that says we cannot reopen cases beyond six years. We are not going to reopen cases from 1962.
The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by him.
