The Council of the Institute with a view to harmonise the differences between the Accounting Standards issued by the ICAI and the Accounting Standards notified by the Central Government under the Companies (Accounting Standards) Rules, 2006, in February, 2008
It may be stated that the matter of classification was not jurisdiction of a single Member Bench of Tribunal as has been done by order dated 4.5.2006 in ST/03/2006 contrary to mandate of section 129C(4) of Customs Act, 1962 as adopted by section 83 of Finance Act, 1994. So also when service tax demand was Rs. 22,48,432/- (Ref: page 56 of appeal folder) in the earlier adjudication.
As far as conversion of limestone into limestone powder is concerned, The Apex Court has clearly held that the conversion into lime and lime dust or concrete by stone crushers can legitimately be considered to be a manufacturing process while the mere mining of limestone and marble and cutting the same would not be so considered. The observation of the Supreme Court cannot be termed to be ‘obiter dicta’ since the Supreme Court has held that the process of conversion of limestone into lime and lime dust is a manufacturing process.
CBEC extends the date of e-filing of the new Service Tax Return (ST-3) for the period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April, 2013.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
Taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior Finance Ministry official said on Tuesday. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.
It is to inform that during the current Financial Year 2012-13 (up to 7th March 2013), The Directorate General Of Central Excise Intelligence, Chennai Zonal Unit has recovered an amount of Rs. 100 Crores voluntarily on the spot from various evaders of Central Excise duty as well as Service Tax.
Royalty and fees for technical services have always been surrounded with lot of controversies for some or other reasons. Though most of the controversies revolve around the taxability, the finance minister felt the need to correct the anomaly in the tax rate.
Rule 3(1) allows a manufacturer of final products to take credit inter alia of service tax which is paid on (i) any input or capital goods received in the factory of manufacturer of the final product; and (ii) Any input service received by the manufacturer of the final product. The subordinate legislation in the present case makes a distinction between inputs or capital goods on the one hand and input services on the other other.
In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central ExciseRules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 14/2002-Central Excise (N.T.), dated the 8th March, 2002, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i), vide number G.S.R. 182(E), dated the 8th Mrch, 2002, namely.
