We advise that the name of ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DCBR.CO.BPD.04/16.05.000/2015-16 dated April 6, 2016 published in the Gazette of India (Weekly No. 20 – Part III – Section 4) dated May 14, 2016.
The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic Debt Restructuring Mechanism, Framework to Revitalise the Distressed Assets in the Economy and Revisions to the Guidelines on Restructuring of Advances by Banks.
In exercise of the powers conferred by Sections 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
(7E) The person liable for paying the service tax under sub-rule (7), (7A), (7B) or (7C) of rule 6, shall have the option to pay such amount as determined by multiplying total service tax liability calculated under sub-rule (7), (7A), (7B) or (7C) of rule 6 by effective rate of Krishi Kalyan Cess and dividing the product by rate of service tax specified in section 66B of the Finance Act, 1994
the SEZ Unit or the Developer shall be entitled to refund of- (i) the service tax paid on the specified services on which ab-initio exemption is admissible but not claimed, and (ii) the amount distributed to it in terms of clause (a).
The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) by notification No. 39/2012-Service Tax, dated the 20thJune, 2012 vide number G.S.R. 481(E), dated the 20th June, 2012 and last amended vide notification No. 03/201 6- Service Tax, dated the 3rd February, 2016 vide number G.S.R. 141(E)., dated the 3rd February, 2016.
Provided that Krishi Kalyan Cess shall be leviable only on that percentage of taxable value which is specified in column (3) for the specified taxable services in column (2) of the Table in the notification No. 26/2012-Service Tax, dated 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 468 (E), dated the 20th June, 2012.
In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994) read with sub-section (5) of section 161 of the Finance Act, 2016 (28 of 2016), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby provides that notification No. 30/20 12 – Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 472 (E), dated the 20th June, 2012 shall be applicable mutatis mutandis for the purposes of Krishi Kalyan Cess.
Brief of Finance Act 2016, passed in Lok Sabha:- Direct Tax and Service Tax.The Finance Budget 2016 has been passed in Lok Sabha on 05 May 2016 with few amendments. The president assented the finance bill on 14 May 2016. The following are the major highlights of Finance Act, 2016
According to the latest World Bank report, India stands at the 142th position in terms of ease of doing business globally. No wonder, there have always been clamour and concern for bureaucratic hurdles which prevent the business to run efficiently and smoothly. One such hurdle was the bureaucratic procedure as to the incorporation of a new company.
