"04 March 2016" Archive

India-ASEAN Trade in Goods Agreement (Safeguard Measures) Rules, 2016

Notification No. 37/2016 - Customs (N. T.) (04/03/2016)

1. Short title and commencement.– (1) These rules may be called the India-ASEAN Trade in Goods Agreement (Safeguard Measures) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette....

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CCI doubles limit of value of assets & turnover for determining entities combination

S.O. 675(E) (04/03/2016)

Central Government in consultation with the Competition Commission of India, hereby enhances, on the basis of the wholesale price index, the value of assets and the value of turnover, by hundred per cent for the purposes of section 5 of the said Act, ...

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CCI exempts Group exercising less than 50% of voting rights

S.O. 673(E) (04/03/2016)

Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of voting rights in other enterprise from the provisions of section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette....

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CCI exempts 'enterprises' having asset value of upto Rs. 350 crores from ambit of combination provisions

S.O. 674(E) (04/03/2016)

In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores in Indi...

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All About Sovereign Gold Bonds- 2016 Series-II

RBI/2015-16/333 IDMD.CDD.No. 2020/14.04.050/2015-16 (04/03/2016)

Commission for distribution shall be paid at the rate of rupee one per hundred of the total subscription received by the receiving offices on the applications received and receiving offices shall share at least 50% of the commission so received with the agents or sub-agents for the business procured through them. ...

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Govt notifies Sovereign Gold Bond Scheme 2016– Series II

Notification No.[F.No. 4(19)-W&M/2014] (04/03/2016)

The Gold Bonds under this Scheme may be held by a Trust, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

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Rate of Service Tax– Section 67A linked with POT Rules, 2011 to prevent disputes

The Point of Taxation Rules, 2011 (in short POT Rules) was introduced w.e.f. 01-04-2011 to define and determine the point of taxation (in short POT) i.e. point in time when a service shall be deemed to have been provided. The twin objectives was to bring certainty regarding due date for payment of service tax (on accrual basis) and to det...

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Posted Under: Custom Duty |

Dilemma of Central Excise levy on Readymade garments

The Union Budget/ Finance Bill 2016 has introduced the levy of Central Excise duty on the readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 by withdrawing the exemption available to such goods. ...

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Posted Under: Custom Duty |

Analysis of New Law of Casual Vacancy In Board

Simply stated, a casual vacancy is said to have occurred in the Board of Directors{ Board} when the office of a director appointed by the shareholders is vacated before the expiry of his term. Although the Companies Act 2013 { new Companies Act } doesnot define what constitutes this vacancy,...

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Posted Under: Custom Duty |

Rule 7B of Cenvat Credit Rules, 2004– New concept for Multi-Unit Companies

Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in the Central Excise Law....

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Posted Under: Custom Duty |