"10 December 2015" Archive

Collegium system to consider withdrawal of frivolous appeals filed before High Court

F. No. 279/Misc/52/2014-(ITJ) (10/12/2015)

F. No. 279/Misc/52/2014-(ITJ) It has now been decided to extend this collegium system to also consider withdrawal of appeals from the high Courts where the same are no longer considered prosecutable. The collegium system existing in multi-CCsIT stations would be responsible for reviewing all appeals pending before the High Courts relating...

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31 Points You Must Know About MODEL GST ACT, 2016 (Section Wise Avenue Analysis)

The Model GST Act, 2016 released by Sub-Committee II Report is yet to be authenticated since it is not available and hosted on government’s website. Nonetheless, we try to analyse the significant areas outlined in the Model GST Act, 2016 which needs significant attention / discussion of trade at large and law-makers as well. The Law to ...

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Posted Under: Income Tax | ,

The Integrated Goods and Services Tax Act, 2016 (IGST)

This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies of goods/services in the course of Inter-state trade or commerce. State includes Union Territory. However a supply of goods/services in the course of import in India shall be deemed to be an Inter-state supply...

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Posted Under: Income Tax |

Clarification regarding defective notices issued to FII/FPIs-reg

Notices of defective returns were issued under section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled....

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Posted Under: Income Tax |

New facility of pre-filling TDS data while submitting online rectification -reg.

Central Board of Direct Taxes has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax Department (www.incometaxindiaefiling.gov.in). Er...

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Posted Under: Income Tax |

Provisions related to Valuation under proposed GST Law

In first week of December 2015, the draft GST law was published on the web portals of few State Governments. In this article, the author has tried to decode the provisions of valuation in the draft GST law....

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Posted Under: Income Tax |

CEA Panel Report bats for lower exemptions and higher threshold for GST

The Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian , had given its recommendations to the Finance Minister last week, recommending a four-tier rate structure wherein some essential items will be taxed at 12%, gold and precious metals at 2-6%, some so-called sin or demerit goods like luxury cars and tobacco products ...

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Posted Under: Income Tax |

Notification No. 141/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 141/2015-Customs (N.T.) (10/12/2015)

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 Commissioner of Customs, Hyderabad Custom ...

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Notification No. 140/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 140/2015-Customs (N.T.) (10/12/2015)

[To be published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii)]            Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No. 140/2015-Customs (N.T.) New Delhi, the 10th December, 2015 S.O. (E). -In exercise of the powers conferred ...

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Notification No. 139/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 139/2015-Customs (N.T.) (10/12/2015)

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 or Additional Commissioner of Customs...

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Notification No. 138/2015-Customs (N.T.) Dated: 10/12/2015

Notification No. 138/2015-Customs (N.T.) (10/12/2015)

the Deputy or Assistant Commissioner of Customs(Port-Import), Jawaharlal Nehru Custom House, Nhava Sheva, Taluka-Uran, District-Raigad, Maharashtra-400707;...

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Central Excise Return Filing Due Date Extended in Tamilnadu

Order No. 01/2015-Central Excise (10/12/2015)

Order No. 01/2015-Central Excise -CBEC hereby extends the date of submission of, Form ER-1, ER-2, ER-6 for the clearances in the month of November, 2015 from 10th of December, 2015 to 31st of December, 2015 and Form ER-4(Annual Financial Information Statement) from 30th of November, 2015 to 3 1st of December, 2015, for the assessees in th...

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Anti-dumping duty on Purified Terephthalic Acid

Notification No. 60/2015-Customs (ADD) (10/12/2015)

Notification No. 60/2015-Customs (ADD) Seeks to levy provisional anti-dumping duty on Purified Terephthalic Acid, originating in, or exported from the People's Republic of China, Iran, Indonesia, Malaysia and Taiwan for a period not exceeding six months...

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53 Issues in Central Excise and Decision Taken on them by Department

B1- Hyderabad Zone- Assessment and Valuation-Non-adoption of Section 4A-Valuationof Goods-Clearances made to Depots by Cement Manufacturers:- Issue: Cement in packaged form has been notified under Section 4A of the Central Excise Act, 1944 with effect from 17.3.2012. The assessee affixes a label on the bags removed to its depots clearly s...

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Posted Under: Income Tax | ,

Download Report on Revenue Neutral Rate & GST Rate Structure

It is easy to overlook how ambitious the Indian GST will be, and a cross-country comparison highlights the magnitude of ambition. According to the World Bank (2015), over 160 countries have some form of value added tax (VAT), which is what the GST is. But the ambition of the Indian GST experiment is revealed by a comparison with the other...

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Posted Under: Income Tax |

CBDT enhances monetary appeal filing limit retrospectively

Circular No. 21/2015-Income Tax (10/12/2015)

Circular No. 21/2015 Henceforth, appeals/ SLPs shall not be filed in cases where the tax effect does not exceed the monetary limits given hereunder: Before Appellate Tribunal- Rs. 10,00,000/-, Before High Court- Rs. 20,00,000/-, Before Supreme Court- Rs. 25,00,000/-. ...

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Expression allowed to be sold cannot be interpreted as the compulsory condition that goods must be actually sold

Commissioner of Income Tax Vs Nestle India Limited (Supreme Court of India)

The Hon'ble Supreme Court in the case of Nestle India Ltd. held that partial exemption available under exemption notifications does not require assessee to clear the goods by way of sale only because in the notification expression “allowed to be sold”...

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Place of Supply of Services under GST Regime

In the present scenario service tax is levied on service which is governed by Chapter V of Finance Act, 1994. It states that Service tax is consumption based tax and for the purpose of determining the place where service has been consumed Place of Provision of Service Rules, 2012 are to be referred....

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Posted Under: Income Tax |

India- Korea sign MOU to suspend tax collection during pendency of MAP

A meeting was held on 9th December, 2015 between Indian and Korean delegations headed by Revenue Secretary and Commissioner, National Tax Service, Korea under the Memorandum of Understanding for Mutual Co-operation between the countries. During the meeting, a new Memorandum of Understanding (MoU) on suspension of collection of taxes durin...

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Posted Under: Income Tax |

CAG Report on wrong Availment of Service Tax Exemptions

Availment of Exemptions Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon. During the course of this performance audit we [&...

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Posted Under: Income Tax |

CAG report on irregular Availment/Utilisation of Cenvat Credit

Availment/Utilisation of Cenvat Credit A provider of taxable services can, in terms of rule 4 of the Cenvat Credit Rules, 2004 avail credit of excise duty paid on inputs and capital goods and service tax paid on any input service. The credit can be utilised towards payment of service tax subject to the fulfilment of […]...

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Posted Under: Income Tax |

CAG report on non/short-payment of service Tax

Section 67 of the Finance Act, 1994, envisages that where the provision of service is for a consideration in money, value of taxable service shall be the gross amount charged for such service. During the course of this performance audit we observed 145 cases of non/short-payment of service tax of Rs.  44.74 crore. Out of […]...

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Posted Under: Income Tax |

Detailed analysis of DVAT (Third Amendment) Bill, 2015

CA Vinod Kaushik Introduction: This article has been written to give you clarity on the implication of DVAT (3rd Amendment) Bill, 2015 which was introduced in the Delhi Legislative Assembly on 04th day of December 2015 and after discussion on the floor of the house was passed on the same date. The implication of the […]...

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Posted Under: Income Tax |

Levy of Interest on late payment of duty by providing it in subordinate regulations would be deemed as ultra vires if the same not provided by provisions of Act

M/s Shree Bhagwati Steel Rolling Mills Vs Commissioner of Central Excise (Supreme Court of India)

The Hon'ble Supreme Court in the case of Shree Bhagwati Steel Rolling Mills held that if the charging section of the Act do not provide for levy of interest on late payment of duty then the rules though made thereunder could not be enforced to levy and demand interest as such...

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Old provisions as per Negotiable Instrument Act, 1881 with amended provisions by Negotiable Instrument Amendment Act, 2015

a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure system with digital signature (with or without biometrics signature) and asymmetric crypto system or with electronic signature, as the case may be...

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Posted Under: Income Tax |

Clarification about eligibility of Indian Kabuli Chickpeas under FPS in FTP 2009-14

Trade Notice No. 10/2015-20 (10/12/2015)

Clarification has been sought in respect of eligibility of benefit under Focus Product Scheme of FTP( 2009-1 4) to the Indian Kabuli Chickpeas under the item description, “EDIBLE VEGETABLES (EXCLUDING ONIONS) ALL ITEMS COVERED UNDER CHAPTER 07 (EXCEPT ONION COVERD UNDER CODES 0703 AND 0712)”. This item appeared at Sr. No. 248 of Appen...

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