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Corrigendum to Order of constitution of Insolvency Law Committee

February 6, 2018 672 Views 0 comment Print

Ministry of Corporate Affairs vide its order dated 16.11.2017 constituted Insolvency Law Committee to examine the suggestions received and related matters regarding provisions of Insolvency and Bankruptcy Code, 2016.

Procedure for AEO certification and Benefits of AEO under Customs

February 6, 2018 177519 Views 52 comments Print

AEO is a trade facilitation scheme for ease of doing business in light of international development, holder of this certificate is entitled for privilege, benefits, exemption and relaxation on account of import and export. This certificate is issued for particular period after that to be renewed.

Filing of cross-objection after 4 years is not proper after acceptance of dis allowance

February 5, 2018 822 Views 0 comment Print

Belated cross-objections– by over four years, in the opinion of the Court, meant that the appellants were seeking to rake up stale issues for which they had accepted the finality as regards their tax liability.

Inability to pay Pre- Deposit can’t be ground to entertain a Writ Jurisdiction

February 5, 2018 1776 Views 1 comment Print

In the case of Sun mac Enterprises vs. The Commissioner of Central Excise, the Madras High Court held that inability to pay pre- deposit of 7.5 percent before the Commissioner (Appeals) cannot be a fit ground for invoking writ jurisdiction under Article 226 of the Constitution of India.

Budget 2018: FM Proposes 100% deduction to Farmer Producer Companies

February 5, 2018 21225 Views 5 comments Print

Government is always committed to the welfare of farmers and the emphasis is on generating higher income for farmers. Government has promoted organic farming in a big way.

Brief on Drawback Provisions with effect from 01.10.2017

February 5, 2018 34590 Views 0 comment Print

Duty Drawback provisions are made to grant rebate of duty or tax chargeable on any imported / excisable materials and input services used in the manufacture of export goods.

Electrically operated Drum with Bell and Zalar not eligible for GST Exemption: AAR

February 5, 2018 2370 Views 0 comment Print

In re M/s. Shree Vishwakarma Engineering Works (AAR Gujarat) (i) The product ‘Electrically operated Drum with Bell and Zalar’ manufactured and supplied by the applicant is classifiable under Heading 9208 of the First Schedule to the Customs Tariff Act, 1975. (ii) The product ‘Electrically operated Drum with Bell and Zalar’ of the applicant is not […]

28% GST payable on Ice Cream Making Machine (Tariff Heading 84.18)

February 5, 2018 4854 Views 1 comment Print

The applicant M/s. Mitora Machinex Pvt. Ltd. has submitted that they manufacture and supply the Ice Cream Making Machines’ in diverse specifications such as Automatic Ice Cream Making Machine, Countertop Ice Cream Making Machine, Soft Ice Cream Making Machine and Fully Automatic Ice Cream Making Machine..

Benefit of Composition Scheme can’t be denied for procedural deficiency

February 5, 2018 1185 Views 0 comment Print

While hearing the case of Bridge & Roof Company Limited vs. CCE, Delhi bench of the Customs Excise & Service Tax Appellate Tribunal held that the benefit of the composition scheme cannot be denied to an assessee who has entered into contracts prior to 1.07.2007.

AMCs to prominently disclose TER of all scheme on daily basis: SEBI

February 5, 2018 1269 Views 0 comment Print

t is observed that there are frequent changes carried out in Total Expense Ratio (TER) and such changes are not prominently disclosed to investors. In order to bring uniformity in disclosure of actual TER charged to mutual fund schemes and to enable the investor to take informed decision, the following has been decided:

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