Para 13 of the General Notes Regarding Import Policy of ITC (HS), 2017 – Schedule –1 (Import Policy), has been amended in consonance with Cigarettes and other Tobacco Products (Packaging and Labeling) Amendment Rules, 2017.
Import of Red Sanders (Pterocarpus santalinus) is Prohibited by amending the import Policy Condition of items under Exim Code 4403 9918 under Chapter 44 of ITC (HS), 2017 – Schedule –1 (Import Policy)
The assessment of drugs and formulations under GST would be on the basis of transaction value at each level of supply with end to end ITC chain for neutralizing the GST paid at the procurement level.
The Securities and Exchange Board of India (SEBI) vide its notification dated July 25th, 2017 has come up with SEBI (Depositories and Participants) (Second Amendment) Regulations, 2017 (hereinafter referred to as “DP Second Amendment Regulations, 2017) substituting sub-regulation (3) of regulation 58 of the SEBI (Depositories and Participants) Regulations, 1996 (hereinafter referred to as DP Regulations, 1996).
It is stated that the PMRPY Scheme was intended to target semi-skilled and unskilled workers and would be applicable to those workers whose wage/salary was up to Rs. 15000/-per month.
Notification No. 7/2017-Customs (N.T./CAA/DRI) Dated: 31st July 2017- S.O. (E). – In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), issued by
A division bench of the Bombay High Court in CIT Vs. M/s.Urban Infrastructure Venture Capital Ltd has allowed a tenants’ claim for depreciation towards capital expenditure incurred on the leased premises.
The only question is whether the guarantee commission paid to the bankers for securing timely repayment of credit facility and loan from financial institutions for the purpose of machinery and equipments is revenue expenditure. The Division Bench of this Court in case of Kinetic Engineering Ltd (supra) was dealing precisely with the said issue, wherein, […]
The petitioner’s first and foremost contention is that the same transaction cannot be taxed under the Finance Act for service tax and VAT. Further, it is contended that there is no transfer of right to use the goods and the contract between the petitioner and the BPCL is a non-exclusive contract and the installation and facility is used by the petitioner for themselves, for BPCL as well as IOC and the observation of the Assessing Officer that there is a transfer of right in using the goods is an incorrect finding
S. 145A: Irrespective of the method of accounting followed, the unutilized Cenvat credit does not constitute income and cannot be directly added to the closing stock. The assessee is entitled to follow the exclusive method and value the closing stock by excluding the modvat credit
