Goods and Services Tax : CA Sumit Grover In Sep’13, Hon’ble Supreme Court in case of L&T held that the construction activity by builders pertaining...
Service Tax : CA Sumit Grover Post enactment of Finance Act’15, trade was waiting for the Finance Ministry to notify the date for enhancem...
DGFT : Five different schemes(Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentiv...
Service Tax : CBEC has issued instruction No. F. No. 207/07/2014-CX-6 dated 20.01.2015 directing the Central Excise officers to be very cautious...
Service Tax : CA Sumit Grover Less than a week ago, CBEC had empowered CAs & CMAs(nominated u/s 72A) to conduct service tax audits on behalf...
Income Tax : We are Enclosing herein below copy of Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Fi...
Service Tax : In the case of BCCI Vs. CST Hon'ble SC held that the activity of producing audio-visual coverage of ‘Indian Premier League’ cr...
Income Tax : Recently, Hon'ble Delhi High Court in the matter of Anand Decors & Ors. v. CTT, New Delhi, has pronounced that the cars, even thou...
Service Tax : In August,2014, Hon'ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the se...
Goods and Services Tax : Hon’ble Supreme Court has delivered a landmark verdict in the matter of STATE OF PUNJAB & ORS. v. NOKIA INDIA PVT. LTD. & pronou...
Service Tax : With the introduction of the Point of Taxation Rules, 2011, which shifted the liability of payment of service tax from receipt bas...
DGFT : Now, vide public notice no. 83, dated 30th Jan'15, it has been notified that the e-application for IEC shall be mandatory from 1st...
Custom Duty : In order to simply the customs procedures & overcome the hassles, a welcome move has been made by CBEC. Vide Circular no. 01/2015 ...
Service Tax : Vide Notification No. 23/2014- ST dated- 05.12.2014, CBEC has amended rule 5A(2) and the pronouncement of Allahabad High Court has...
Excise Duty : Circular No. 990/14/2014-CX-8 Dated- 19th November, 2014 Sub: Clarification regarding availment of CENVAT credit after six months-...
Hon’ble Supreme Court has delivered a landmark verdict in the matter of STATE OF PUNJAB & ORS. v. NOKIA INDIA PVT. LTD. & pronounced that the mobile/cell phone charger is an accessory to cell phone and is not a part of the cell phone.
CA Sumit Grover Less than a week ago, CBEC had empowered CAs & CMAs(nominated u/s 72A) to conduct service tax audits on behalf of service tax department, by setting aside the verdict pronounced by Hon’ble Delhi High Court in case of Travelite (India) Vs. Union of India & Ors., wherein the court took the view […]
Vide Notification No. 23/2014- ST dated- 05.12.2014, CBEC has amended rule 5A(2) and the pronouncement of Allahabad High Court has been followed principally & CAs/CMAs have been made empowered to conduct service tax audits.
Circular No. 990/14/2014-CX-8 Dated- 19th November, 2014 Sub: Clarification regarding availment of CENVAT credit after six months-reg. Attention is invited to the Notification of the Government of India in the Ministry of Finance, Department of Revenue No. 21/2014-CE (NT) dated 11.07.2014, vide which, inter alia, amendment was made in Rule 4(1) and 4(7) of CENVAT Credit Rules, 2004 (CCR, 2004) to prescribe that manufacturer or output service provider shall not take CENVAT credit after six months of the date of issue of any of the documents specified in sub-rule (1) of Rule 9.
Vide circular No. 163/14/2012–ST, dated 10th July, 2012, on the issue of levy of service tax on the activities involved in the inward remittance it was clarified that there is no service tax per se on the foreign exchange remitted to India from outside for the reason that money does not constitute a service and that conversion charges or fee levied for sending such money would also not be liable to service tax
Certain doubts have been raised regarding the levy of service tax on taxable services provided (i) by the members of the Joint Venture (JV) to the JV and vice versa; and (ii) inter se between the members of the JV. In addition, doubts have also been raised regarding taxation of cash calls or capital contribution made by the members to the JV and also administrative services provided by a member to the JV.
Stock market regulator, Securities & Exchange Board of India (SEBI) issued a circular dated 15th September, 2014 to introduce certain amendments in revised clause 49 of listing agreement, effective from 1st October, 2014.The gist has been produced hereinbelow:-
The Finance Act (No.2), 2014 has been enacted on 06.08.2014. Section 35F of the Central Excise Act, 1944 and Section 129E of the Customs Act, 1962 have been substituted with new sections to prescribe mandatory pre-deposit as a percentage of the duty demanded where duty demanded is in dispute or where duty demanded and penalty levied are in dispute. Where penalty alone is in dispute, the pre-deposit shall be calculated on the penalty imposed.
CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportation of goods was effectively levied w.e.f. 1st Oct’12(though levied from 1st July’12, but was deferred till 30th Sep’12). However, abatement of 70% was allowed vide N/N 26/2012-ST, hence effective rate of tax imposed was 3.708%. […]
Ministry of Corporate Affairs has clarified the following issues with respect to the capitalisation of borrowing costs in power projects: 1) Borrowing costs incurred during extended delay in commencement of commercial production after the plant is otherwise ready, can not be capitalised by virtue of AS-10 & AS-16 issued by ICAI.
