The Central Board of Excise and Customs had issued detailed guidelines in 2009 to its field formations on conducting detailed manual scrutiny of service tax returns. In view of the legal changes brought about by the Negative List based taxation of services and administrative changes like creation of separate Commissionrates for Audit etc, these guidelines […]
Notification No. 35/2015-Central Excise, Dated: July 17, 2015 Provided that the said excisable goods are manufactured from inputs or by utilising input services on which appropriate duty of excise leviable under the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) or additional duty of customs under section 3 of the Customs Tariff Act, 1975 (51 of 1975) or service tax under section 66 of the Finance Act, 1994 (32 of 1994) has been paid and no credit of such excise duty or additional duty of customs on inputs or service tax on input services has been taken by the manufacturer of such goods (and not the buyer of such goods), under the provisions of the CENVAT Credit Rules, 2004
Notification No. 34/2015-Central Excise, Dated: June 17, 2015 Provided that the said excisable goods are manufactured from inputs on which appropriate duty of excise leviable under the First Schedule to the Central Excise Tariff Act or additional duty of customs under section 3 of the Customs Tariff Act, 1975 (51 of 1975) has been paid and no credit of such excise duty or additional duty of customs on inputs has been taken by the manufacturer of such goods (and not the buyer of such goods), under the provisions of the CENVAT Credit Rules, 2004
In the case of M/s.A.B.Agencies Vs. Customs, Excise and Service Tax Appellate Tribunal, it was held by Kerala High Court that a CHA cannot be absolved of his lapse of supervision and misconduct of his employees attracting Clause 19 of the Regulations warranting action against him under Regulation 20.
Circular 7T of 2015 have already simplified registration process under MVAT and CST Laws by making the entire registration procedure online. According to the Circular, application for Registration is to be filed online along with scanned documents and photographs. After filling the form online Registration Certificate shall be granted.
A man who makes no mistakes does not usually do anything. All great things in life have been discovered and developed out of doing mistakes only. In the middle of difficulty only, lies the opportunity. Mistakes can be reduced if we love what we do. Many people tend to blow up even the small mistakes of others.
It has been brought to the notice of Reserve Bank of India that members of public and institutions write number, name or messages, etc. on the watermark window of banknotes, thus defacing the banknotes. The watermark window has an important security feature which distinguishes it from a counterfeit note.
However, banks shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days. The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement.
On a review, it has been decided that an Indian company may issue employees’ stock option and/or sweat equity shares to its employees/directors or employees/directors of its holding company or joint venture or wholly owned overseas subsidiary/subsidiaries who are resident outside India, provided that : The scheme has been drawn either in terms of regulations issued under the Securities Exchange Board of India Act, 1992 or the Companies (Share Capital and Debentures) Rules, 2014 notified by the Central Government under the Companies Act 2013, as the case may be.
Banks are, therefore, directed to ensure that their overall direct lending to non-corporate farmers does not fall below the system-wide average of the last three years achievement ( to be notified shortly, and henceforth at the beginning of each year), failing which they will attract the usual penalties for shortfall. They should also continue to maintain all efforts to reach the level of 13.5 percent direct lending to the beneficiaries who earlier constituted the direct agriculture sector.
