While greater importance is given to Agro industry by the Central Government, as the Fertilizer mixtures are used by the Farmers, why not a circular can be sent clarifying that either Fertilizer mixtures are to be given duty exemption as the raw materials have already suffered Excise duty or the duty is to be exempted when the fertilizers (inputs) are to be used in the manufacture of fertilizers whether directly or through stage of an intermediate product.
Andhra Pradesh High court in Prathista Industries Limited vs Commercial tax Officer [2013] 61 VST 58 (AP) has held that Authority for advance ruling under State VAT Act cannot act as Authority for Advance Ruling under Central sales Tax Act, 1956.
In judging whether the controlled component or components are to be considered the principal element, governments should weigh the factors of quantity, value, and technological know-how involved and other special circumstances which might establish the controlled component or components as the principal element of the item being procured.
An exporter (with annual export turnover of Rs 5 crores for each of the last three years) may export cut & polished diamonds (each of 0.10 carat or above) to any of the above agencies/laboratories with re-import facility at zero duty within 3 months from the date of export.
Where a return of income could not be filed by the assessee due to unavoidable circumstances, and assessee proved to have a bona fide belief , coupled with the voluntary payment of tax liability, the Chief Commissioner was not justified in declining the benefit of a waiver of interest to assessee under section 234B.
the dealers whose turnover exceeded Rs.10 Crore during 2012-13 shall have to file audit report in Form-AR-1 upto 15-11-2013. Therefore, all the officers of VAT Audit Branch, KCS Branch, Spl. Zone Branch and other Wards are advised to carry out the audit of the business affairs of the dealers having GTO more than Rs.10 Crore for the year 2012-13 after 15-11-2013. However, audit for period prior to 2012-13 can continue as per the notice issued.
At the outset on behalf of the Institute, its employees, members, students and that of my own, I convey my heartfelt condolences to the people and government of Uttarakhand for the tragic loss of life and destructions of property caused by the devastating Cloudburst that hit the holy state last month. I pray to almighty for the peace of the departed souls.
The Institute of Chartered Accountants of India (ICAI), India’s premier and world’s second largest accounting body, has entered its 65th year of existence. The Institute celebrated its 64th Foundation Day here yesterday as the ‘CA Day’. Today, ICAI has over 2 lakh members and more than 11 lakh students; and is well on its way to set newer benchmarks while taking accountancy beyond professional footprints.
a. Number of assessment units (AtJs) to be increased by 1080 from 3420 to 4500. for strengthening the tax-administration. b. Expected net additional revenue of Rs. 25,756.04 crores per annum against expenditure of Rs. 449.71 crores per annum c. Each Range to have one more Assessing Officer.
Extension of Last Date for Payment of Annual Membership and Certificate of Practice Fee for the Year 2013-14 The annual membership fee and certificate of practice fee for the year 2013-14 became due for payment w.e.f. 1st April, 2013. The last date for payment of fee was 30th June, 2013 which has now been extended […]
