Made export of non-basmati rice free by the private parties from privately held stocks only through Custom EDI ports. Two changes are being notified now in this notification: (i) State Trading Enterprises (STEs) including M/s. NCCF & NAFED have also been permitted to export privately held stocks of non-basmati rice. (ii) Export of non-basmati rice is also being permitted from non-EDI Land Custom Stations on Bangladesh and Nepal border. The only requirement for export through LCS will be registration of quantity with DGFT.
CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloaded by the Deductors from TIN Central System only.
If it is to be held that the assessee has incurred certain expenditure and the source of expenditure remains unexplained, the amount can be added under section 69C of the Act. However, if on one hand the amount is added as unexplained expenditure, still it retains the character of the expenditure incurred on the object of trust.
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 there may have been further slippage to 29.3 per cent. That is a decline of almost 4 percentage points over the last four years.
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 tax revenues of the Centre and the States.
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 has succeeded before the Customs, Excise and Gold (Control) Appellate Tribunal (for short ‘the Tribunal’). The Revenue in this appeal calls in question the correctness or otherwise of the judgment and order of the Tribunal. By the impugned judgment and order, the Tribunal has set aside the order of confiscation of goods and the penalty imposed by the Commissioner of Customs.
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 Ministry of Finance.
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-Transfer arrangement). ‘Tolls’ is a matter enumerated (serial number 59) in List-II (State List), in the Seventh Schedule of the Constitution of India and the same is not covered by any of the taxable services at present. Tolls collected under the PPP model by the SPV is collection on own account and not on behalf of the person who has made the land available for construction of the road.
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, supplied and distributed in India. The Rules came into effect from 31st May, 2009 and a set of new pictorial health warning has been issued by the Ministry of Health & Family Welfare vide Notification G.S.R. No. 417 (E) dated 27th May, 2011 which came into force from 1st December, 2011.
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 India, and for a further direction to forbear them from having any legal practice either on the litigation side or in the field of non-litigation and commercial transactions, in any manner whatsoever within the territory of India.
