Fourteenth Finance Commission Constituted As mandated by the Article 280 of the Constitution, the Government has constituted the Fourteenth Finance Commission consisting of Dr. Y.V.Reddy, former Governor Reserve Bank of India, as the Chairman and the following four other members, namely: –
FM Statement on Current Account Deficit (CAD); Confident to Finance the Cad Without Drawing Upon Reserves; Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold The text of the Union Finance Minister Shri P.Chidambaram’s Statement about Current Account Deficit (CAD) is as follows: I have spoken […]
Representation has been received from the Indian Railways seeking clarification as to whether service by way of transportation of milk by rail is covered by Notification No.25/2012-ST dated 20.06.2012, serial number 20(i). Circular No.167/2/2013 – ST, New Delhi, 1st January, 2013
It has been represented by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policy holders to pay renewal premiums. Such reminder notices only solicit furtherance of service which if accepted by policy holder by payment of premium results in a service. Clarification has been desired whether service tax needs to be paid on the basis of such reminders. Circular No.166/1/2013 -ST, Dated 1st January, 2013
It is clear that the completion of assessment/re-assessment without furnishing the reasons recorded by the Assessing Officer for initiation of proceedings under section 147/148 of the Act is not sustainable in law as it is incumbent on the Assessing Officer to supply them within reasonable time as held by the Hon’ble Apex Court in the case of GKN Driveshafts (India) Ltd. v ITO (supra).
