The Supreme Court has dismissed the plea of the excise department to levy service tax on IBM India’s application software — enterprise resources planning software system (implementation service). A bench headed by justice SH Kapadia rejected the plea of the commissioner of central excise alleging that IBM had failed to pay service tax on its enterprise resources planning (ERP) software system (implementation service) used to facilitate the flow of information between all business functions inside the boundaries of its clients’ organisations and manage the connections with outside stakeholders.
The effect of the Notification is that the officers at the level of Superintendents and above of the Customs & Central Excise department are empowered for entry, search and seizure only at the premises registered under the Central Excise & Customs. Therefore, officers are not empowered to enter, search etc. for premises which are not registered with the department for carrying out any act under the COTP Act, 2003.
The matter has been examined. Board is of the view that extension of the facility of export warehousing to Gautam Budh Nagar district in the state of Uttar Pradesh and Nagpur district in the state of Maharashtra would facilitate the trade and industry. Accordingly, it is decided to amend paragraph 2(2) of the said Circular dated 29.6.2001 to include Gautam Budh Nagar district in the state of Uttar Pradesh and Nagpur district in the state of Maharashtra.
With high paced growth in industrial sector, India will need at least 50,000 company secretaries (CS) by 2020, Institute of Company Secretaries of India (ICSI) said on Sunday. According to data released by ICSI, there has been over 70% growth in students enrolment for CS programme in last few years.
It has been brought to the notice of the Board that Hon’ble High Court of Himachal Pradesh in the case of Indo Farm Tractors & Motors Ltd. V/s UOI [2008(222) ELT184 (HP)], has held that Automobile Cess Rules are not applicable for imposition of cess on tractors. The said judgement was upheld by the Hon’ble Supreme Court in CWP No. 895/2005. Subsequent to the said judgement, some of the manufacturers have stopped paying cess on the tractors manufactured by them.
Government on Wednesday said the modernisation project for online settlement of provident fund claim would be implemented by the next financial year in all EPFO offices. The project will be implemented in 27 offices of Employees Provident Fund Organisation (EPFO) by the end of this financial year and in remaining 92 offices by 2010-11 financial year, Minister of State for Labour and employment Harish Rawat said.
“With fixed deposit rates from banks coming down, investors seeking higher returns from fixed income products are investing in company fixed deposits,” says Aseem Dhru, MD & CEO of HDFC Securities, which has recently started distributing company fixed deposits. Company fixed deposits work for investors seeking assured returns higher than that offered by bank fixed deposits.
It was proposed to increase the provisioning requirement for advances to the Commercial Real Estate (CRE) sector classified as ‘standard assets’ to 1.00 per cent with a view to building cushion against likely non-performing assets (NPAs). Accordingly, it has been decided to increase the provisioning requirement for advances to the CRE Sector classified as ‘standard asset’ to 1%.
In the statement of Standard Input Output Norms (SION), as contained in the Handbook of Procedure (Vol. 2), 2009-2014, as amended from time to time, amendments at appropriate place as mentioned in ANNEXURE “A” to this Public Notice are made.
Please refer to our circular UBD (PCB) BPD.Cir.No. 7/13.01.000/2009-10 dated September 1, 2009 advising banks to put in place requisite infrastructure so that transition to the revised procedure of calculating interest on balances in savings bank accounts on a daily product basis could be implemented smoothly.
