n exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3, for the period from 1st October 2012 to 31st March 2013, from 25th April, 2013 to 31st August, 2013. The circumstanc
April 1, 2013 has brought a new levy of tax in the form of service tax on all restaurants who serve food and beverages to customers in their restaurants.
In the result, the writ petition succeeds and is allowed. The respondents are directed to refund in all Rs.25 Lakhs seized from the petitioners on 17th of October, 2006 along with interest at the prevalent rate as provided for under section 132 B(4) for the period 16.12.2007 to 31.12.2008 and simple interest under section 244A on the said amount of Rs.25 Lakhs from 1st of January, 2009 to the date of actual payment at the rate of 18 per cent per annum within a period of two months, failing which they shall also be liable to pay the interest on interest amount @ 6 % per annum, as indicated above.
The President of India has given his assent to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Bill, 2013. It has now been published in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 23rd April 2013 as Act No. 14 of 2013. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, […]
The petitioner prays that the notification should be quashed in so far as it seeks to subject the activities of a business chit fund companies to service tax to the extent of 70% of the consideration received for the services. The contention of the petitioner is that there is no question of exempting a part of the consideration received for the services in chit fund business when the law provides that such services are not taxable at all in the first place.
Since the issue of LIBOR has been considered and decided by the Tribunal in various cases as relied upon by the assessee (supra); therefore, to maintain the rule of consistency, we follow the decision of the coordinate Benches of this Tribunal, and accept LIBOR for benchmarking interest on interest free loans to AEs. Since the LIBOR is a rate applicable in the transactions between the banks and further the loans advanced by the bank to clients are secure by security and guarantee; therefore, a loan which has been advanced without any security or guarantee as in the case of the assessee has to be benchmark by taking the Arm’s Length interest rate as LIBOR plus.
Navratna Public Sector Undertakings (PSUs) and ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) are allowed to invest in overseas unincorporated entities in oil sector (for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits under the automatic route.
Private Placement to less than 50 investors has been permitted as an alternative to New Fund Offer to the public, in case of Infrastructure Debt Funds (IDF). In case of private placement, the mutual funds would have to file a Placement Memorandum with SEBI instead of a Scheme Information Document and a Key Information Memorandum.
