"05 December 2015" Archive

SEBI Listing Regulations: Record date/dividend/shareholding right

Analysis of Regulation 42 to 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to Record Date or Date of closure of transfer books, Dividends and Voting by shareholders....

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Posted Under: SEBI |

Supply to high seas vessel is liable to VAT if any territorial nexus exist in State

Raj Shipping Vs State of Maharashtra (Bombay High Court)

In the instant case, Raj Shipping (the Petitioner) was engaged in Bunker Supplies which mainly consisted of supply of High Speed Diesel Oil (HSD) to various incoming and outgoing vessels within or beyond the port limits of Mumbai port....

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Posted Under: SEBI |

No VAT on free supply of medicines – State Govt. not competent to levy tax on the basis of MRP or any other notional value

Mapra Laboratories Pvt. Ltd. Vs Commercial Tax Officer (Patna High Court)

Mapra Laboratories Pvt. Ltd. and others (the Petitioners) were engaged in manufacture and sale of medicines and had been regularly filing returns to the concerned Authorities. The Petitioners were claiming an exemption in respect of free of cost supply of medicines to its dealer under a scheme...

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Transaction value cannot be rejected on the basis of a quotation which gives domestic retail sale price

Sanjay Kumar Agarwal and Balaji International Vs Commissioner of Customs (CESTAT Mumbai)

If this were to be accepted, it would cause unimaginable distortion in interpreting the Valuation Law. Hence, confirming demand merely on the basis of quotation, without considering other facts is not sustainable....

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Posted Under: SEBI |

Post-importation services could not be added to value of goods imported

Commnr. Of Customs (Appeal) Chennai Vs M/s. Same Engines India Pvt. Ltd. (Supreme Court of India)

Same Engines India Pvt. Ltd. (the Respondent) had imported components of Tractors from Foreign party and filed Bill of Entry stating the price at which the goods were imported and seeking to pay the Customs duty thereon....

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Interest, depreciation and profit margin not to be considered for arriving at production cost

C.C.E., Vadodara-I Vs Nirma Ltd. & Ors. (Supreme Court of India)

Nirma Ltd. & Ors. (the Respondent) was engaged in the manufacture of Linear Alkyl Benzene (LAB) which was cleared by the Respondent to its sister units located in different places and was also used captively in the same factory where the said LAB is manufactured....

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Posted Under: SEBI |

Question of foreign exchange realization not arises on export of free replacement of defective goods

When export of goods and payment of duty on exported goods is not in question, minor deviations from the fulfillment of the procedural requirements should not be taken into considerations for deciding the fate of a claim....

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Posted Under: SEBI |

No penalty on reversal of cenvat credit towards exempted goods after audit objection but before issuance of SCN

Man Structural Pvt. Ltd. Vs C.C.E. & S.T. Jaipur-I (CESTAT Delhi)

In the instant case, Man Structural Pvt. Ltd. (the Appellant) was engaged in manufacturing of dutiable as well as exempted final products. The Appellant has availed Cenvat credit on input/input services but was not maintaining separate accounts for inputs for manufacturing dutiable...

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No service Tax on Vocational courses

Courses in : (i) Mass Communication, (ii) International Business Management, (iii) Telecom Management, (iv) Information Technology, (v) Management Studies, (vi) Geo-informatics and (vii) Operational Management are 'vocational courses' and therefore, exempt from Service tax...

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Posted Under: SEBI |

Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax

Chowgule Industries (P.) Ltd. Vs Commissioner of Central Excise, Pune-III (CESTAT Mumbai) 2015 (63) taxmann.com 6

In the instant case, Chowgule Industries (P.) Ltd. (the Appellant) was a holder of Service Tax Registration under the category of ‘authorized service station’ for Maruti Udyog Ltd. (Maruti). The Appellant had purchased the vehicles from the Maruti and sold to their customers....

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Posted Under: SEBI |

If upon a misconception of legal position, assessee had paid tax which he was not liable to pay, then availing Cenvat credit of same cannot be termed as illegal

The Commissioner of Central Excise, And Service Tax Large Taxpayer Unit Vs Tamilnadu Petroproducts Ltd, The Customs Excise And Service Tax Appellate Tribunal (Madras High Court)

High Court of Madras has held that if, upon a misconception of the legal position, the assessee had paid the tax that he was not liable to pay and such assessee also happens to be an assessee entitled to certain Cenvat credit, the availing of the said benefit cannot be termed as illegal....

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Posted Under: SEBI |

Implementation of GST –Impact on Job Market

This analysis is all about impact of GST (Goods and Services Tax) on Indian economy in terms of job market. Before analyzing impact of GST on economy, we will have look on background and need of GST for India. Despite the success of VAT, there are still certain shortcomings in the structure of VAT, Both at the Centre and at the State leve...

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Posted Under: SEBI |

Quick Review of Model Goods and Services Tax Act, 2016

This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SGST, to the respective state. CGST/SGST will be levied on all intra-state supplies of goods/ services. Goods mean every kind of moveable property other than actionable claim and money but includes securities, gr...

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Posted Under: SEBI |

CEA led Panel recommends RNR at 15 – 15.5% and eliminating Additional Tax of 1% on inter-state supply of goods

Bracing to roll out the new Indirect tax regime — Goods and Services Tax (GST) from April 1, 2016, the Central Government on June 17, 2015 announced the setting up of two Committees to suggest tax GST rates and to look into IT preparedness for GST. The Government has entrusted Chief Economic Advisor, Dr. Arvind Subramanian—head of one...

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Posted Under: SEBI |

Allotment of residential accommodation to ITAT Members shall be dealt fairly and on priority

The Income Tax Bar Association Vs UOI (Allahabad High Court)

The learned Additional Solicitor General has stated that the matter of allotment of residential accommodation to members of the ITAT shall be dealt with fairly and on a priority basis. We are of the view that the same principle should be followed for the future so as to obviate writ petitions being...

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Primary market debt offering through private placement on electronic book

SEBI notified the regulatory framework for issue and listing of corporate bonds through SEBI (Issue and Listing of Debt Securities) Regulations, 2008. This regulatory framework prescribed a disclosure based regime, whereas the earlier regime required mandatory investment grade rating for public issues. The total primary market issuance ha...

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Posted Under: SEBI |

All about Green Bonds In India

A green bond is like any other bond where a debt instrument is issued by an entity for raising funds from investors. However what differentiates a Green bond from other bonds is that the proceeds of a Green Bond offering are 'ear-marked' for use towards financing ‘green’ projects....

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Posted Under: SEBI |

Highlights of Report on Possible Tax rates under GST

Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister; On the Revenue Neutral Rate (RNR), the Committee recommends the same in the range between 15 percent and 15.5 percent (Centre and states combined) with a preference for the lower end of [&hellip...

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Posted Under: SEBI |

Govt not to intervene to monetize gold held by charitable/religious institutions

Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It is clarified that this is complete misinformation. The Gold Monetization Scheme is entirely voluntary and it is for individuals, institutions and others to take their own decision t...

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Posted Under: SEBI |

CEA Led Panel Recommends 15-15.5% GST Revenue Neutral Rate (RNR)

Advocate Anandaday Misshra Finally, its official that today  the chief economic advisor, Mr Arvind Subramanian, has submitted his report on the goods and services tax (GST) to Finance Minister Arun Jaitley of India . The most amazing thing in this report is recommendation of 15-15.5% GST Revenue Neutral Rate (RNR) which is much below th...

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Posted Under: SEBI |

MGT-7 – A never ending confusion…

Yet again elongation of dates... Ever since the new MGT-7 has been introduced; there has been prevailing number of confusions in filing MGT-7.The said form is governed by Section 92(1) of the Companies Act, 2013 read with rule 11(1) of the Companies (Management and Administration) Rules, 2014, and is the Annual Return filed by every compa...

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Posted Under: SEBI | ,

Hey Article! Let your Ship Sail Through Articleship!!

Hey! Do not get stressed, Articleship is the next step. Enter into this amazing ship, Now, you’re eligible for this golden ship. Start your ship, Without any fail. Learn, how to hold the grip, Without any ambiguity, through numerous trails. ...

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Posted Under: SEBI |

E-Sahyog Project; Aims at Reducing Compliance Cost, Especially for Small Taxpayers

The Government has launched ‘e-Sahyog’ project on a pilot basis. It is aimed at reducing compliance cost, especially for small taxpayers. The objective of ‘e-Sahyog’ is to provide an online mechanism to resolve any mismatch or discrepancy in information as per Income-tax return of the tax payer viz-a-vis information received throu...

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Posted Under: SEBI |

Instructions/Guidelines on Credit Card/Debit Card/Pre-Paid Card

Reserve Bank of India (RBI) through its Master Circular dated 1.12.2015 (available on its website www.rbi.org.in) has issued consolidated instructions/guidelines on credit card, debit cards/pre-paid card operations of banks. The said instructions contain detailed terms under which a debit card may be issued, inter-alia, advising banks as ...

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Posted Under: SEBI |

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