The much awaited Union Budget for the year 2014-15 is presented today by the Finance Minister, Mr Arun Jaitely in the Parliament. Though there is no change in the general rate of Excise Duty or Service tax, significant legislative changes have been made in the Section 35 F of the Central Excise Act, Section 83 of the Finance Act and in Section 129E of the Customs Act, which proposes a statutory pre-deposit of Duty demanded, instead of filing a separate stay petition.
Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. Currently, there are 160 countries in the world that have implemented GST. The latest global corporate tax rate study made by KPMG international has found out that the lowest company taxes among the developed economies are still found in the European Union countries.
The Andhra Pradesh Sales Tax & VAT Appellate Tribunal, Hyderabad held recently that materials purchased from unregistered dealers and used in the execution of works contract is liable to tax u/s 4(4) of the APVAT Act (Ramky Environ Engineers Ltd., Hyderabad Vs State of Andhra Pradesh 2013 57 APSTJ 1).
The value of goods supplied or provided free by a service recipient under construction of commercial or industrial complex service, do not comprise the Gross amount under Notn.no.15/2004. Landmark judgment.
The principles of natural justice have their roots in two Latin maxims: ‘Audi alteram partem’ and ‘nemo judex in causa sua’. The first maxim means that a reasonable opportunity of hearing which is sine qua non and imperative for the statutory authority to afford before passing the order or decision and the second maxim means that no-one should be a judge in their own cause.
Time and again a question arises as to whether input service includes services rendered for outward transportation up to place of removal, and the answer is positive. It was held in the case of Commissioner of Central Excise, Vadodara Vs Inox India Ltd., (CESTAT-Ahmedabad 2013, 35 taxmann.com 94) that the exporter respondent is eligible to avail cenvat credit on the service tax paid on CHA and C&F Agent services
Substantive law and procedural law are the two main categories within the law. Substantive law refers to the body of rules that determine the rights and obligations of individuals and collective bodies. Procedural law is the body of legal rules that govern the process for determining the rights of parties. When the CST Act does not have a special substantive provision of forfeiture, the Department is not correct in demanding excess collection of CST in the bills.
While greater importance is given to Agro industry by the Central Government, as the Fertilizer mixtures are used by the Farmers, why not a circular can be sent clarifying that either Fertilizer mixtures are to be given duty exemption as the raw materials have already suffered Excise duty or the duty is to be exempted when the fertilizers (inputs) are to be used in the manufacture of fertilizers whether directly or through stage of an intermediate product.
