"06 September 2012" Archive

Liability of Service Receiver & Provider under Reverse Charge Mechanism

Please find below chart depicting the liability of Service Receiver & Service Provider under Reverse Charge Mechanism in very precise and simplified manner. It shall be very handy in day to day working of professionals under industry. ...

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Procedure for VAT / CST / PT Registration in Maharashtra

This Articles explains Procedure for VAT / CST / PT Registration in Maharashtra and also documents required for Registration. Articles also contain format of Related Forms and NOC to be submitted with Sales Tax Authorities. ...

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Public Notice No. 16 (RE-2012)/2009-14, Dated: 06.09.2012

Public Notice No. 16 (RE-2012)/2009-14 (06/09/2012)

While consolidating different items under Appendices certain errors have been noticed in terms of Sr. No., Product Description etc. These errors are being rectified. Secondly, due to harmonization of ITC (HS) Codes, new Codes with description have been mentioned which would be eligible for incentives under Appendix 37A & 37D....

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Public Notice No. 15 (RE-2012)/2009-2014, Dated: 06.09.2012

Public Notice No. 15 (RE-2012)/2009-2014 (06/09/2012)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Directorate General of Foreign Trade hereby modifies the existing SION No.A 2337 by correcting the typing error in the description of import item “Hydrocal Cement”. Earlier, it was t...

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Retrospective Amendment to section 80HHC Ultra Vires

Vijaya Silk House (Bangalore) Limited & Others Vs Union of India & Anr. (Bombay High Court)

On consideration of the entire materials on record, we, therefore, find substance in the contention of the learned counsel for the petitioners that the impugned amendment is violative for its retrospective operation in order to overcome the decision of the Tribunal, and at the same time, for depriving the benefit earlier granted to a clas...

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Income Tax Refund in 3 Months – CBDT

The Central Board of Direct Taxes (CBDT) on Thursday said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible. ...

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Posted Under: Service Tax |

Rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA)

Notification No. 48/2012-Customs (06/09/2012)

Notification No. 48/2012-Customs Seeks to amend Notification no. 125/2011-Customs, dated 30-12-2011 prescribing preferential rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA) so as to reduce the number of tariff lines in the sensitive list for Non-Least Developed Countries (NLDCs)...

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Multilateral Convention in Tax Matter & Assessment of Black Money Parked Abroad

In order to find out the quantum of black money parked by Indians in the country and abroad and to recommend ways to deal with the problem of black money Government had entrusted this work to three institutions in March, 2011. ...

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Posted Under: Service Tax |

IT Platform to Integrate Central and State Indirect Taxes Regime

The Government has approved a proposal to set up an IT platform to integrate Central and State indirect tax regime in the context of implementation of Goods and Services Tax (GST) in the context of implementation requires a strong IT Infrastructure and Service backbone to enable capture, processing and exchange of information amongst the ...

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Posted Under: Service Tax |

Violation of Accounting Principles by 316 companies & 73 audit firms

The Government is aware that violation of accounting principles and financial irregularities are being carried out by various companies and their audit firms. During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting principles and other financial irregularities for non-compliance of disclo...

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Posted Under: Service Tax |
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