As already informed, All the cases identified for withdrawal were to be withdrawn by 15th July, 2016 as per the timeline given by the Revenue Secretary. However, after reviewing the reports of the zones, it is noticed that such cases in respect of most of the zones have still not been withdrawn by the various High Courts and Tribunals.
In order to further strengthen the risk management framework of commodity derivatives markets and avoid any systemic risk, it has been decided to prescribe additional norms/modify (to the extent specified hereunder) certain existing norms on risk management at National Commodity Derivatives Exchanges. The additional/modified norms are placed at Annexure-I.
The dealers which are registered under the MVAT Act, 2002 waited for over 6 months for filing new return form in the Maharashtra VAT Portal and now finally the long awaited new return form was made available for filing of return by the Commissioner of sales tax department of Maharashtra by issuing Trade Circular No 22T dated 26 August 2016 which provides the introduction of new return filing process from 29 August 2016 in the MVAT portal.
The Finance Act 2016 amended the provisions of section 206AA of the Income Tax Act, 1961 (‘Act’) with effect from 01.06.2016, thereby providing that the provisions of section 206AA would not apply to specified payments made to non-residents.
The financial planners today claim ‘term insurance’ to be the best and the most suitable type of policy available, as it provides a high cover at lower costs. The premium paid is just a portion of the amount you give to purchase a money-back policy or unit-linked insurance policy with same coverage.
Seeks to impose definitive anti-dumping duty on all imports of Glass Fibre and Articles thereof falling under heading 7019 of the First schedule to the Customs Tariff Act, 1975 , originating in or exported from China PR.
The aim is to create a GST with the widest possible base. The GST will replace the plethora of indirect taxes levied on goods with a single levy, which will help create a seamless national market for delivery of goods and services. The proposed GST Law should support the Government’s overall initiative of ease of doing business and offer a simplified tax regime.
As Goods and Services Tax (GST) is going to be levied on supply of goods and/or services, meaning of ‘goods’ and ‘services’ would also play vital role in levy and chargeability of GST after the key term ‘supply’. It has to be clearly identified as to whether the supply constitutes supply of goods or services for leviability of GST.
To ascertain as to whether a service can be classified as Deluxe service only on the ground that the seats in the vehicle have push back or reclining facility. It appears, there is no such provision that only on such facility being available in a vehicle it can be classified as a Deluxe service
To imitate something which are being produced with the intent to take advantage of the superior value of the imitated product. This is nothing but the cheating consumer and running parallel operation. Intellectual Property Rights (IPRs) come in hand of passing off action. The statute governing IPRs recognizes such activity as an offence and provide for stringent punishment such as counterfeiting activity.
