"22 May 2015" Archive

Definitive anti-dumping duty on imports of USB Flash Drives

Notification No. 22/2015-Customs (ADD) (22/05/2015)

Notification No. 22/2015-Customs (ADD) Dated- 22nd May, 2015-Seeks to levy definitive anti-dumping duty on imports of USB Flash Drives', originating in, or exported from, People's Republic of China and Chinese Taipei for a period of five years....

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Anti Dumping Duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles

Notification No. 21/2015-Customs (ADD) (22/05/2015)

NOTIFICATION NO. 21/2015-Customs,(ADD), Dated: May 22, 2015 Whereas in the matter of Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles, whether or not attached with their accessories, of a size in diameters ranging from 12 inches to 24 inches (hereinafter referred to as the subject goods), falling under Chapter head...

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Definitive anti-dumping duty on imports of Pentaerythritol

Notification No. 20/2015-Customs (ADD) (22/05/2015)

Whereas, in the matter of “Pentaerythritol” (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act)...

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Change in Service Tax Rate — Section 67A vs Rule 4 of Point of Taxation Rules

CA Manindar Kakarla Introduction: Finance Bill, 2015 has proposed to increase the service tax rate to 14% by amending Section 66B. The said bill has received President’s assent on 14/05/2015. The increased rate is going to be effective from 01.06.2015. As there is a change in rate of tax, the applicability of new service tax […]...

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Posted Under: Custom Duty |

Taxability of newly taxable services from June 1, 2015

 CA Bimal Jain The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under Section 66D of the Finance Act, 1994 (“the Finance Act”) shall be effective from June 1, 2015: ♠ Section 66D(f): Servi...

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The way towards Goods and Service Tax (GST)

Basically GST stands for Goods and Service Tax. The Goods and Service Tax (GST) is likely to be implemented Very soon and many are worried about the same as the many of the people are still confused and illiterate over GST. While writing this I think learning something new is easier than teaching someone something new, so we all should st...

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Posted Under: Custom Duty |

Service Exports from India Scheme (SEIS)

In the Foreign trade Policy 2015-2020, there are two scheme introduced for exports of Merchandise and Services respectively: Merchandise Exports from India Scheme (MEIS) Service Exports from India Scheme (SEIS) The objective of the scheme is to provide rewards to exporters to offset infrastructural inefficiencies and associated costs invo...

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Posted Under: Custom Duty |

Valuation of perquisite in respect of free education

Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from ...

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Posted Under: Custom Duty |

Books of accounts and other records: robust data maintenance system

Companies Act requires every company to prepare and keep at its registered office, books of account and other relevant books and papers (accounts, deeds, vouchers, writings, documents, minutes and registers maintained on paper or electronic form) and financial statements for every financial year. A board resolution is required and ...

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Posted Under: Custom Duty |

India – Demark amends DTAA to share information held by banks or financial institutions

Notification No. 45/2015 - Income Tax (22/05/2015)

Notification No. 45/2015 - Income Tax Dated- 22nd May, 2015 Central Government hereby directs that all the provisions of the said Protocol between the Government of the Republic of India and the Government of the Kingdom of Denmark as set out in the Annexure hereto, shall be given effect to in the Union of India with effect from the fir...

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