Notification No. 22/2011 – Service Tax – the Central Government hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :- 1. (1) These rules may be called the Export of Services (Second Amendment) Rules, 2011. (2) They shall come into force on the 1st day of April, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (ii), in the second proviso, the brackets and letters “(zzh)” shall be omitted.
Notification No.21/2011-Service Tax – Following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(i), vide number G.S.R. 153 (E), dated the 27th February, 2010, namely:- In para 3 of the said notification in, for the word ‘April’, the word ‘July’, shall be substituted.
Notification No.20/2011-Service Tax- Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.08/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(i), vide number G.S.R. 152 (E), dated the 27th February, 2010, namely:- In para 2 of the said notification in, for the word ‘April’, the word ‘July’, shall be substituted.
Notification No 07/2010-Service Tax, dated the 27th February, 2010 : Rescinds Notification No. 33/2009-S.T dated 01.09.2009[which actually exempts transport of goods by rail and if this exemption is withdrawn, the service becomes taxable]. This notification was effective from 01.04.2011. Now it is made effective from 1st July 2011. Notification No.19/2011-Service Tax –
Vodafone, the world’s largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship. Vodafone, which has faced a host of problems since entering the fiercely competitive market in 2007, will take over Essar’s 33 per cent of the Vodafone Essar Limited company, giving it direct ownership of 75 per cent of the Indian operator.
Making payments through cheques may become a costlier affair from tomorrow, as RBI has allowed banks to levy higher service charges for their clearing, especially of high-value and outstation cheques. As per a RBI circular coming into effect from April 1, 2011, banks would be free to fix service charges on speed clearing of cheques of value above Rs 1 lakh.
Market regulator Sebi today constituted a 16-member committee which will suggest a roadmap for developing corporate bond market in the country. The ‘Corporate Bonds & Securitisation Advisory Committee’ would be chaired by R H Patil, the Chairman of Clearing Corporation of India Ltd (CCIL), Sebi said in a statement.
The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes (CBDT) and Chairman and Managing Director of Union Bank of India, Shri M.V.Nair were present among others on the occasion.
From the desk of Chairman,CBDT, S.N. 30 /March 31 ,2011. As we all know, in recognition of the contribution of the Income tax since 1861 in building this great country & as a part of celebrations of 150 yrs of Income Tax Department in India, the Union Finance Minister had released on Feb 26 2011 a set of commemorative coins of denomination of Rs 150 and Rs 5.
Siddachalam Exports Private Limited vs Commissioner of Central Excise, Delhi-III [SUPREME COURT OF INDIA- Duty drawback – goods had been over-valued with the intention of claiming undue draw-back amounts – instead of first determining the value of the goods on the basis of contemporaneous exports of identical goods, the Revenue erroneously resorted to a market enquiry – contemporaneous exports of identical goods was not available, the procedure laid down in Rules 5 to 8 of the 1988 Rules was required to be followed and market enquiry could be conducted only as a last resort – in the absence of any other independent evidence relating to market enquiry, there was no other corroborating evidence to support the allegation of inflation in FOB value – the matter is remitted back to the adjudicating authority for fresh consideration in accordance with law.
