Seeks to levy provisional anti-dumping duty on Cold -rolled flat products of alloy or non-alloy steel originating in or exported from China, Japan, Korea RP and Ukraine.
With the passage of the 122nd Constitutional Amendment Bill in the Rajya Sabha on August 3, 2016 with certain key amendments, which includes dropping of 1% additional tax on inter-state supply of goods, full (100%) compensation to States for any revenue loss for a period of 5 years, etc., followed by their adoption in Lok Sabha on August 8, 2016, the Government of India is racing hard to get GST implemented by April, 2017.
Insider Trading can be defined as buying or selling of any security by any person who has access to and is known to any kind of price sensitive information regarding the day to day affairs of the company, which they possess but which is not available to others.
In terms of sub-clause (d) of clause (29 A) of Article 366 of the Constitution of India, the transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration is deemed to be a sale of those goods by the person making the transfer, delivery or supply and a purchase of those goods by the person to whom such transfer, delivery or supply is made.
Goods and Service Tax (GST) as the name suggest is a one single tax on the supply of goods and services, right from the Manufacturing to the ultimate delivery to customer. Credits of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage and thus avoiding cascading effect.
The much awaited 122nd Constitutional Amendment Bill for implementation of Goods and Service-tax (the Constitutional Amendment Bill) has been passed by the Rajya Sabha on 3rd August 2016. Rightly so, 3rd August 2016 is the historic day in Indian taxation system, as on this day all multiple Indirect tax levies are set to be replaced by one tax – Goods and Service Tax (GST).
Income Declaration Scheme Rules, 2016 have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of the property.
In a welcome move, a much awaited guidance, the CBSE issued Circular No 197/7/2016-Service tax dated August 12, 2016, to clarify doubts about Service Tax Liability of Freight Forwarders collecting “Freight, for shipments moving from Indian Port to any place outside India
(a) consent fee (b) no objection certificate fee (c) bio medical waste fee (d) hazardous fee (e) stack/analysis fee (f) bank guarantee forfeited (g) income against RTI application charges. (h) reimbursement of the expense received from Central Pollution Control Board towards National Air Monitoring Programmes (i) interest from savings accounts & FDRs (j) public hearing fee (k) interest from house loan advance to staff and (l) income by sale of old scrap items and tender fee etc.
(a) amount received in the form of government grants; (b) fees levied under clause (g) of sub-section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; (c) penalties levied u/s 146 of the Electricity Act, 2003; (d) interest income earned on government grants; and (e) interest income earned on fee/revenue received under the Electricity Act, 2003.
