ministry of finance - Page 15

Government is likely to exempt the services provided inside the Special Economic Zones from service tax

The government is likely to exempt the services provided inside the Special Economic Zones from service tax, a move for which it is expected to seek approval from the Election Commission. Hitherto, service providers were paying taxes first and than claiming refunds, an issue on which the Commerce Ministry has written to the Ministry of Fi...

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Posted Under: Service Tax |

New Circular on Duty Free Import Authorization (DFIA) Scheme

Circular No. 11/2009-Custom Duty 25/02/2009

In this background the Commissioners of Customs/Customs & Central Excise, through whose jurisdiction exports under DFIA scheme have taken place, shall review all cases of such exports and take appropriate measures to recover duties wherever required in terms of these instructions...

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MEASURES TO PREVENT RECURRENCE OF FINANCIAL SCAMS: MOF

Press Information Bureau , Government of India Thursday, February 19, 2009 Rajya Sabha The irregularities in the accounts of Satyam Computer Services Ltd. were brought out in the email sent on January 7, 2009 by Shri B. Ramalinga Raju, erstwhile Chairman of the company to certain stock exchanges and others disclosing information that the ...

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Posted Under: Service Tax |

Notification No. 16/2009-Custom Duty, Dated: 19.02.2009

Notification No. 16/2009-Customs 19/02/2009

Notification No. 16/2009-CUSTOMS Provided that the authorizations issued on the basis of self declaration where Standard Input Output Norms are not fixed, shall also be valid for import of inputs required for the manufacture of export products provided the authorization holder shall prove to the satisfaction of the jurisdictional Assistan...

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Notification No. 14/2009-cutoms Duty, Dated: 19.02.2009

Notification No. 14/2009-Customs 19/02/2009

(a) the whole of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), and (b) from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, 1975, subject to the following conditions, namely :-...

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Service Tax Circular on applicability of service tax on activities carried out by builders / promoters / developers

Construction of building complexes, having more than twelve residential units is subject to service tax under the category of „Construction of Complex Services.? In the past, various views have been expressed on the applicability of the service tax in cases where an agreement of sale is entered into between the builder and the buyer of ...

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Posted Under: Service Tax |

Service Tax Exemption for Services provided to GTA

Notification No.1/2009 – Service Tax 05/01/2009

Notification No.1/2009 – Service Tax Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services specified in sub-clauses (j), (k), (zr), (zza), (zzb), (zzzf), (zzzq) and (zzzzj) of clause (105) of section 65 of the Finance Act, provided by any person to a goods trans...

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Savings Bonds-Extending the Collateral Facility

Government of India have amended the notifications relating to 7% Savings Bonds, 2002, 6.5% Savings (Non-Taxable) Bonds, 2003, and 8% Savings (Taxable) Bonds, 2003 Schemes, to allow for pledge/lien/ hypothecation of the said Bonds as collateral for obtaining loans from Scheduled Banks. Accordingly, the holders of the said Bonds will be en...

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Posted Under: Service Tax |

Cost Inflation Index for FY 2008-09 / AY 2009-2010

Notification No. 86/2008-Income Tax 13/08/2008

Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st ...

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E-payment of income tax can be made from account of any other person

134/35/2008-TPL 14/07/2008

The Central Board of Direct Taxes, vide notification S.O.No.493(E) dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are – (i) a company; and (ii) a person (other tha...

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