"05 June 2012" Archive

Highlights of Annual Supplement 2012-13 to Foreign Trade Policy 2009-14

7 new markets are being added to Focus Market Scheme (FMS). These countries are Algeria, Aruba, Austria, Cambodia, Myanmar, Netherland Antilles, and Ukraine. 7 new markets are being added to the Special Focus Market Scheme (Special FMS). These countries are Belize, Chile, El Salvador, Guatemala, Honduras, Morocco, and Uruguay. 46 new i...

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Posted Under: DGFT |

Address by Shri Anand Sharma At the Release of Annual Supplement 2012-13 To the FTP 2009-14

Recognizing the efficacy of the market diversification scheme, this year we are adding 7 new markets to Focus Market Scheme (FMS). These countries are Aruba, Algeria, Austria, Cambodia, Myanmar, Netherland Antilles, and Ukraine. 7 new markets are being added to the Special Focus Market Scheme (Spl FMS)- Belize, Chile, El Salvador, Guatema...

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Posted Under: DGFT |

Foreign Trade Policy, 2009-2014 incorporating the Annual Supplement as updated on 5th June, 2012

Notification No. 1(RE-2012)/ 2009-2014 (05/06/2012)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade Policy, 2009-2014 as updated upto 5th June 2012 and incorporating the Annual Supplemen...

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CARO, 2003 & Fixed Assets

Reporting is an integral part of any audit through which an Auditor expresses his opinion. In case of Companies, the auditor of the company is required to report on the 21 clauses as given in the Companies (Auditor's Report) Order (CARO), 2003 issued by Central Government u/s227 (4A) of the Companies Act, 1956. ...

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Posted Under: DGFT |

ITAT to follow co-ordinate bench decision in absence of contrary view from superior Authority or contrary evidence

A.C.I.T Vs M/s. Guru Nanak Educational Trust (ITAT Calcutta)

We have considered the rival submissions. We have also perused the said order dated 27-05-2011 of the co-ordinate bench of this tribunal in assessee’s own case for the assessment years 2004-05 & 2007-08 (refer to supra). As it is noticed that the co-ordinate bench of this tribunal in assessee’s own case (refer to supra) in para 4 & 5 ...

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No Penalty Payable if Assesee Pays Service tax & Interest before issue of Show Cause notice

Commissioner of Service Tax, Bangalore Vs Master Kleen (Karnataka High Court)

The material on record discloses that the assessee on being pointed out by the authorities for not paying the service tax, has paid the service tax with interest even before the issue of show cause notice. Sub-section (3) of Section 73 of the Finance Act, 1994, categorically states that if tax and interest is paid and the same is informed...

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Roll-back of some of tough provisions proposed in Finance Bill, 2012, and changes providing additional reliefs

As a result of the aforesaid protests and representations, there has been roll-back or reduction in the rigour, in respect of some of the aforesaid proposed amendments. The same were announced by the Finance Minister in his speech, while introducing the Finance Bill, 2012, for consideration. Besides, in certain respects, some additional r...

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Posted Under: DGFT |

Notification No. 23/2012-Service Tax, Dated: 05.06.2012

Notification No. 23/2012-Service Tax (05/06/2012)

Notification No. 23/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66A of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66A so ceases to apply....

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Service Tax – Notified date for purposes of newly inserted proviso to section 66

Notification No. 22/2012-Service Tax (05/06/2012)

Notification No. 22/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66 of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66 so ceases to apply....

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Service Tax – Notified date for purposes of newly inserted sub-section (3) of section 65A

Notification No. 21/2012-Service Tax (05/06/2012)

Notification No. 21/2012-Service Tax In exercise of the powers conferred by the sub-section (3) of section 65A of the Finance Act, 1994(32 of 1994), the Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 65A of the said Act shall not apply, except as respects ...

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