"03 February 2015" Archive

DGFT operationalises online filing of IEC applications, online processing and issue of e-IECs in digital format

DGFT has started operationalising online filing of Importer Exporter Code (IEC) applications, online processing and issue of e-IECs in digital format. Now new entrepreneurs/exporters/importers can apply online for issue of new IEC from the comfort of their home/IT Kiosk with no more visits to the Regional Authority's office required, and ...

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Posted Under: DGFT |

Bait Money check with respect to Concurrent Audit of Banks

The concept of Bait Money! Bait Money is a security feature used by various Banks/Bank branches. As its name suggests, this money kept with the Banks/Bank branches helps in tracking the culprits in case of any theft provided it has been taken by the thieves. Bait Money is basically a small pile of currency notes, […]...

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Posted Under: DGFT |

How to incorporate a One Person Company?

Detailed Procedure Procedure of Incorporation of a One Person Company (OPC) Under Companies Act,2013. Step 1: Acquire DSC. Step 2: Acquire Director Identification Number Step 3: Register DSC on mca website. ...

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Posted Under: DGFT | ,

Cross adjustment between CST and State tax allowable, no interest leviable for short payment

Hindustan Unilever Limited Vs Deputy Commissioner, Commercial Taxes (Calcutta High Court)

Many a times dealers face a situation where due to technical error or clerical mistake while making payment of sales tax, tax is wrongly paid in wrong account i.e. instead of paying under the head of Central sales tax, it is paid under the head State VAT/sales tax....

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Financial Statement, Board Report under Companies Act,2013

Section 134 of the Companies Act,2013 and Rule 8 & 9 of the Companies (Accounts) Rules,2014 deals with the Financial Statement and Board Report. Signing of the Financial Statement: The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors and shall be signed by...

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Posted Under: DGFT |

An Insight Into- Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013

Komal Sahni (BSL, LLB) Introduction – The right to be protected from Sexual Harassment and sexual assault is one of the pillars on which the very construct of gender justice stands. The Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 (hereinafter referred to as “Act”) stipulates that a ...

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Posted Under: DGFT |

SEBI : Change in investment conditions /restrictions for FPI investments in Corporate Debt

CIR/IMD/FIIC/1/2015 (03/02/2015)

.There will, however, be no lock-in period and FPIs shall be free to sell the securities (including those that are presently held with less than three years residual maturity) to domestic investors....

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Distribution fees paid to non-resident for rights to distribute a service not includible in Assessable Value of Imported Goods

Multi Screen Media Pvt. Ltd. Vs. Commissioner of Customs, Mumbai [2015-TIOL-191-CESTAT-MUM]

During the Departmental investigations, it was found that the Appellant had entered into the Service Agreement namely “Programme Acquisition and Service Agreement” and the Distribution Agreement with MSM Satellite Singapore Pvt. Ltd. (Foreign Entity)....

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Posted Under: DGFT |

Amends Notification No. 09/2015-Customs (N.T.), Dated the 15th January, 2015

Notification No. 17/2015-Customs (N.T.) (03/02/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint/Additional Commissioner of Customs, Custom House, ...

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Where duty is mistakenly paid in excess, Assessee is entitled to refund

Cipla Ltd. Vs. Commissioner of Customs (ACC & IMPORT), Mumbai [2015-TIOL-201-CESTAT-MUM]

Cipla Ltd.(the Appellant)imported Fermoterol Fumarate and filed a Bill of Entry dated March 31, 2010 for home consumption. The Appellant paid excess CVD at 10% instead of effective rate of 4% in terms of unconditional exemption Notification No. 4/2006-CE dated March 1, 2006 (the Notification) and therefore filed a refund claim Rs. 1,33,77...

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Posted Under: DGFT |