Notification No. 9/2012-Central Excise (N.T.) G.S.R (E). –In exercise of the powers conferred by sub-section (2) of section 3 of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby fixes tariff value in respect of articles of jewellery (other than silver jewellery), falling under sub-heading No. 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), at the rate of 30% of the transaction value as declared in the invoice.
Notification No. 8/2012-Central Excise (N.T.) Rule 12AA of the Central Excise Rules, 2002 has been amended to provide that every person who gets articles of jewellery of heading no. 7113 produced or manufactured on job-work shall obtain registration, maintain accounts, pay duty leviable on such goods and comply with the procedural requirements, as if he is the manufacturer. In other words, those artisans or goldsmiths who only manufacture jewellery for others on job-work not need to obtain registration. The option provided at present to the job-worker to get register, if he so desires, has been deleted.
Notification No. 07/2012-Central Excise (N.T.) – Cigarettes, Portland Cement brought under Section 4A of Central Excise Act. Abatement to cigarettes. 35% abatement for all footwear. This Notification amends Notification No.49/2008 Central Excise dated 24.12.2008. Actually, it should amend Notification 49/2008 CE (NT).
NOTIFICATION No. 1/2012-M & TP In exercise of the powers conferred by rule 8 of the Medicinal and Toilet Preparartions (Excise Duties) Rules, 1956, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2003-M&TP , dated the 1st March, 2003, published in the Gazette of India, Extraordinary, vide number G.S.R. 159 (E), dated the 1st March, 2003, namely:-
Notification No.1/2012- Clean Energy Cess In exercise of the powers conferred by section 84 of the Finance Act, 2010 (14 of 2010), the Central Government hereby makes the following rules further to amend the Clean Energy Cess Rules, 2010, namely
GENERAL ANTI-AVOIDANCE RULE (GAAR) The question of substance over form has consistently arisen in the implementation of taxation laws. In the Indian context, judicial decisions have varied. While some courts in certain circumstances had held that legal form of transactions can be dispensed with and the real substance of transaction can be considered while applying […]
Under the existing provisions of section 204 of the Income-tax Act, a “person responsible for paying” has been defined to include employer, company or its principal officer or the payer. There is a lack of clarity in the case of payment made by Central Government or by a State Government as to who is the person responsible for paying the sum to the payee.
Under the existing provisions section 201 of the Income-tax Act, a person can be deemed to be an assessee in default, by an order, in respect of non-deduction/short deduction of tax. Such order can be passed within a period of four years from end of financial year in a case where no statement as referred to in section 200 has been filed.
Under the existing provisions of the section 194LA of the Income-tax Act, a person responsible for paying any compensation or consideration for compulsory acquisition of immovable property (other than agricultural land) is required to deduct tax at the rate of 10% in case the consideration exceeds one lakh rupees.
In order to reduce the compliance burden of the deductor and also to rationalise the provisions of processing of TDS statement, it is proposed to provide that the intimation generated after processing of TDS statement shall be i) subject to rectification under section 154; (ii) appealable under section 246A; and (iii) deemed as notice of demand under section 156.
