"07 January 2015" Archive

MVAT- Revised instructions regarding stay in appeals

Trade Circular No. 1 T of 2015 (07/01/2015)

In the Trade Circular No. 15T of 2014 dated 6th August 2014 amendments to various Acts administered by the Sales Tax Department were explained. On page no. 11 and 12 of the said Trade Circular, in pare 5, amendments relating to section 26 of the Maharashtra Value Added Tax Act, 2002 were explained....

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Pehchano Paaise Ki Boli Kyonki Paisa Bolta Hai [How to Detect Fake Currency Note?]

Is that 1000 Rupee Note the real thing? Make sure to ask yourself that question next time you get hold of one. It looks like more fake notes are circulating in India than ever before....

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17 Companies Law Provisions based on Turnover, Share Capital, Loan & Company Type

b) Every other company having a paid-up share capital of Rs. 5 Crore (Five crore rupees) or more: ...

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Imposition of Anti-Dumping duty continued on import of Melamine

Notification No. 02/2015-Customs (ADD) (07/01/2015)

The Central Government vide Notification No. 02/2015-Customs (ADD) dated January 7, 2015 has continued the imposition of Anti-Dumping Duty on import of 'Melamine', falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975, originating in, or exported from People’s Republic of China till February 18, 2016 until revok...

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Exemption on import of Bunker fuels for use in ships or vessels

Notification No. 03/2015-Customs (07/01/2015)

The Central Government has now deleted the proviso of clause (bd) therein, which specified that the exemption from Customs duty leviable thereon under the Customs Tariff Act, 1975 on import of Bunker fuels for use in ships or vessels till May 11, 2015....

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SGST & CGST – Can both be levied on same Transaction?

Goods and Service tax which is going to be introduced in India is a Tax to be collected by states and centre both on a single transaction so if X of Mumbai sells Goods to Y of Mumbai then both SGST and CGST will be applicable on this transaction...

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Salient features of New Companies (Cost Records and Audit) Rules, 2014

Amendment in Companies (Cost Records and Audit) Rules, 2014 The Ministry of Corporate Affairs vide Notification F. No. 1/40/2013-CL-V dated December 31, 2014 has made amendment in the Companies (Cost Records And Audit) Rules, 2014 through Companies (Cost Records and Audit) Amendment Rules, 2014 (the New Cost Audit Rules)....

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Limitation period if application filed after a long time for persuasion of sanctioned refund claim

Commissioner of Customs Vs. SPIC Ltd. (Madras High Court)

When there is no provision for filing a Second Application, the question of limitation does not arise. Further, the time limit under Section 27(1) of the Customs Act is for the First Application and the appeal is a continuation of the original proceedings and therefore there can be no limitation in respect of the proceedings pursuing the ...

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No Custom duty leviable on quantity of Burning loss

Maharashtra Seamless Ltd. Vs. Commissioner of Central Excise

Maharashtra Seamless Ltd. (the Appellant) imported round Billets without payment of Customs duty for the manufacture of seamless tubes and pipes in the private bonded warehouse under the Customs license issued under Section 65 of the Customs Act, 1962 (the Customs Act)...

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No appeal would lie before Supreme Court on factual findings of Tribunal

Commissioner of Central Excise Vs. Koya & Company Construction (Pvt.) Ltd.

Koya & Company Construction Pvt. Ltd. (the Assessee) was engaged in the manufacture and selling of PSC pipes. The Assessee cleared the PSC pipes on payment of Excise duty to KCCL, an interconnected undertaking....

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