"05 January 2016" Archive

DGFT- Enlistment under Appendix 2E – Agencies Authorized to issue Certificate of Origin

Public Notice No. 54/2015-2020-DGFT (05/01/2016)

Public Notice No. 54/2015-2020 The branch office of M/s Indian Industries Association at New Delhi is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential)....

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FTP- Procedure for modification/change in Branch Office/Head Office/Registered Office Address in IEC

Public Notice No. 53/2015-2020-DGFT (05/01/2016)

Public Notice No. 53/2015-2020 When an IEC holder seeks modification/change of Branch Office/Head Office/Registered Office address in its IEC and which involves a shift in its jurisdictional RA, a request to that effect will have to be made to the new RA to whose jurisdiction the applicant is shifting its Office. A copy of this request wi...

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Refund Process under Model GST Law

Refund refers to the amount that is due to the tax payer from the Tax Administration. According to the Report of the Joint Committee on Business Processes for GST constituted by Empowered Committee on 10th March 2014, below mentioned are the situations where refund may arise:...

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Posted Under: DGFT |

Registration Process under Model GST Law

Registration of a business with the tax authorities implies obtaining a unique identification code from the concerned tax authorities so that all the information relating to the business can be agglomerated and correlated....

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Posted Under: DGFT |

How to Set Off Input Tax Credit Under GST?

Who will be entitled to set off Input Tax credit? Will any set off be allowed for credit on Input tax against Output Tax under upcoming GST? What will be the manner of utilisation of unadjusted input tax credit? Any refund???? This article will help in clarifying your doubts about the basic set off procedures […]...

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Posted Under: DGFT |

Why We Should Have Goods and Service Tax (GST)

Base on First Discussion Paper on GST, despite the success with VAT, there are still certain shortcomings in the structure of VAT both at the Central and at the State level. The shortcoming in CENVAT of the Government of India lies in non-inclusion of several Central taxes in the overall framework of CENVAT, such as additional customs dut...

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Posted Under: DGFT |

PDI & free ASS charges should not be included in assessable value – SC

Commissioner Of Central Excise Vs M/s TVS Motors Company Ltd. (Supreme Court of India)

In the case of Commissioner of Central Excise, Mysore Versus M/s. TVS Motors Company Ltd, It Was Held by Supreme Court That PDI charges and free ASS charges after the sale of vehicles should not be included in the assessable value for the purpose of calculation of excise duty....

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Transfer of right to carry on business by transferee carrying on business would be taxable as capital gain

Monsanto India Limited Vs DCIT (ITAT Mumbai)

The ITAT Mumbai in the case of Monsanto India Limited held that when the assessee at the time of transfer of business agrees for a consideration not to carry on same line of business for a certain period of time , then such an arrangement is definitely a transfer(surrender) of right to carry on business . ...

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Advertisement expenditure after Censor Board Certification allowable as business expenditure u/s 37

Dharma Productions Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The ITAT Mumbai in the case of Dharma Productions Pvt. Ltd. held that the advertisement expenditure incurred after the censor board film certification would be a post-production expenditure not allowable under Rule 9A or 9B of the IT Rules, 1962....

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Amendment in conditions for a licence to act as a Customs Broker in a Customs Station

Notification No. 01/2016-Customs (N.T.) (05/01/2016)

Notification No. 01/2016-Customs (N.T.) These regulations may be called the Customs Brokers Licensing (Amendment) Regulations, 2016. In the said Regulations, in regulation 5, in clause (f), in sub-clause (ii), for the letters, CA/MBA/LLB, the letters CA/MBA/LLB/ACMA/FCMA shall be substituted....

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