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SC Upheld validity of MVAT (Levy, Amendment and Validation) Act, 2009

May 17, 2017 3156 Views 0 comment Print

SC upheld constitutional validity of the Maharashtra Value Added Tax (Levy, Amendment and Validation) Act, 2009 which amended certain provisions in the Maharashtra Value Added Tax Act, 2002 (MVAT Act) with retrospective effect from April 01, 2005.

No late fee on filing of MVAT Returns for FY 2016-till 15.06.2017

May 17, 2017 24708 Views 0 comment Print

Late Fee payable by any VAT dealer in Maharashtra, who files returns for the periods of any month or quarter for FY 2016- 17 shall stand exempted, if such returns are filed (uploaded and submitted) on or before 15th June 2017.

Deprecation cannot be claimed in respect of Written Off / unusable Assets

May 16, 2017 34101 Views 0 comment Print

Section 32(1)(iii) of the Act provides for deduction, in the case of any building, machinery, plant or furniture, in respect of which depreciation is claimed and allowed under clause (i) and which is sold, discarded, demolished or destroyed in the previous year (other than the previous year in which it is first brought into use), […]

Expanded schedule of tariff preferences under India-Chile PTA)

May 16, 2017 1584 Views 0 comment Print

Seeks to amend Notification No. 101/2007 – Customs dated 11th September 2007 so as to notify the expanded schedule of tariff preferences under the India-Chile Preferential Trade Agreement (PTA).

ICAI Constitute Group related to all issues of Bank Audit

May 16, 2017 987 Views 0 comment Print

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on “Equitable Audit allotments and mechanism to Control Tendering System”, with the following composition

A big turn-around in India’s Power Sector

May 16, 2017 1194 Views 0 comment Print

India’s power sector that was marred by continuous shortages and lack of quality and steady supplies to homes and factories has seen an unprecedented turnaround in the past three years. Today the country boasts of a situation where surplus power to the tune of 3000- 4000 mw is available on real time basis at any time of the day to states and distribution companies and at affordable rates on the power exchange.

Notification No. 8/2017- Central Excise Dated: 16.05.2017

May 16, 2017 3696 Views 0 comment Print

seeks to amend notification no. 12/2012-Central Excise dated 17.03.2012 extending the time period for furnishing the final Mega power project certificate from 60 months to 120 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 66 months to 126 months, in case of provisional mega power projects.

Notification No. 48/2017 – Customs (N.T.) Dated: 16.05.2017

May 16, 2017 1443 Views 0 comment Print

Seeks to amend the Customs notification No. 84/2007-Customs (N.T.) dated 17th August, 2007 to give effect to the amendments to Rules of Origin of India-Chile PTA

Social and Financial Inclusion: Initiatives undertaken by NDA Govt

May 16, 2017 1275 Views 0 comment Print

Over the last three years, we have witnessed a fundamental shift in the narrative of social justice for the marginalized. The focus has moved from the politics of welfarism and entitlement to a more participatory model of empowerment. By all means, the Government of India (GoI) is effectively exploring multiple facets of empowerment for the socially deprived sections of the society.

Notification on revised MVAT Rate on Petrol / Diesel wef 17.05.2017

May 16, 2017 1290 Views 0 comment Print

Government of Maharashtra, hereby amends SCHEDULE ‘D’ appended to the said Act, with effect from the 17th May, 2017, as follows, namely :—

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