Finance Minister Pranab Mukherjee today said stress has to be put on direct tax collection as part of the country’s revenue generation exercise. While the amount of direct tax collected last year was Rs 5,96,000 crore, the indirect tax collection was Rs 3,76,000 crore, the minister said. Inaugurating a new income tax building here in this industrial town, Mukherjee said that a recruitment drive in the income tax sector would be undertaken shortly.
It has now been decided that FDI up to 100 per cent would be permitted in Single Brand product trading under the Government route subject to the terms and conditions as stipulated in Press Note No. 1 (2012 Series) dated January 10, 2012 issued by Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India.
Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No.8 dated August 9, 2011 and A.P. (DIR Series) Circular No. 42 dated November 3, 2011 in terms of which Qualified Foreign Investors (QFIs as defined therein to mean non-resident investors, other than SEBI registered FIIs and SEBI registered FVCIs, who meet the KYC requirements of SEBI) are allowed to invest in rupee denominated units of domestic Mutual Funds subject to the terms and conditions mentioned therein.
Users can now avail facility of e-Payment through ICEGATE for all Custom Locations from any of the following authorized Banks w.e.f. 16th Jan, 2012.
CIRCULAR No, CIR/ IMD/FII&C/3/2012, The Central Government, vide press release dated January 1, 2012 has announced its decision to allow QFIs to directly invest in Indian equity market in order to widen the class of investors, attract more foreign funds, reduce market volatility and to deepen the Indian capital market. 2. In order to facilitate the above and in consultation with the Government and RBI, it has been decided that foreign investors (termed as Qualified Foreign Investors/ QFI) who meet prescribed Know Your Customer (KYC) requirements may invest in equity shares listed on the recognized stock exchanges and in equity shares offered to public in India. In order to enable this they will hold equity shares in a demat account opened with a SEBI registered qualified Depository Participant.
The compensation practices, especially of large financial institutions, were one of the important factors which contributed to the recent global financial crisis. Employees were too often rewarded for increasing the short-term profit without adequate recognition of the risks and long-term consequences that their activities posed to the organizations. These perverse incentives amplified the excessive risk taking that severely threatened the global financial system. The compensation issue has, therefore, been at the centre stage of the regulatory reforms.
The existing role and functions of CIT(CO) had been defined with reference to erstwhile Regional Computer Centres (RCCs) and they were also acting as Nodal points for distribution of hardware etc. in the initial phases of Computerisation in the Department. Post consolidation of Regional Data Bases stabilized Taxnet and PDC, BCP & DR Sites becoming fully operational, redefining and recasting the role and functions of CIT (CO) had become imperative. Deliberations in the Directorate were ongoing to recast the same so as to align it in the new environment.
Circular No. 958/01/2012-CX Pursuant to Revised Treaty of Trade between Government of India and Government of Nepal, exports to Nepal have been put at par with exports to other countries ( except Bhutan). In this regard, six Notification Nos. 24/2011-Central Excise(N.T), 26/2011-Central Excise(N.T), 27/2011-Central Excise(N.T), 28/2011-Central Excise(N.T), and 29/2011-Central Excise(N.T), all dated 5.12.2011 have been issued to amend earlier Notification Nos 19/2004-Central Excise(N.T) dated 6.09.2004, 42/2001-Central Excise(N.T) dated 26.06.2001, 43/2001CE(N.T) dated 26.06.2001, 44/2001-Central Excise(N.T) dated 26.06.2001 and 45/2001-Central Excise(N.T) dated 26.06.2001, respectively. Notification no. 25/2011-Central Excise(N.T) dated 5.12.2011 has rescinded the earlier Notification No. 20/2004-Central Excise(N.T) dated 6.09.2004.
Notification No. 7/2012-Customs (ADD) Govt. imposes anti- dumping duty on the goods, the description of which is specified in column (3) of the Table below, the specification of which is specified in column (4) of the Table below, falling under sub- heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2),originating in the country specified in the corresponding entry in column (5), and exported from the country specified in the corresponding entry in column (6) and produced by the producer specified in the corresponding entry in column (7) and exported by the exporter specified in the corresponding entry in column (8), and imported into India, an anti-dumping duty at the rate equal to the amount indicated in the corresponding entry in column (9), in the currency as specified in the corresponding entry in column (11) and per unit of measurement as specified in the corresponding entry in column (10) of the said Table.
Notification No. 6/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 136/2009-Customs, dated the 9th December, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.873 (E), dated the 9th December, 2009, except as respects things done or omitted to be done before such rescission.
