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Circulars

Ordinance to amend Maharashtra Settlement of Arrears in Disputes Act 2016

September 21, 2016 904 Views 0 comment Print

(a) The clause (2) of section 2 of the Settlement Act defines the term arrears in dispute. In order to qualify any amount of tax, interest or penalty as ‘arrears in dispute’ one of the condition was that a recovery of the aforesaid arrears must have been stayed either fully or partly by the appellate authority, Tribunal or the Court.

Clarification on Revenue recognition and Excise Duty Restrictions

September 20, 2016 2881 Views 0 comment Print

‘Income from Operations’, as mentioned in the formats for publishing financial results prescribed in the circular dated November 30, 2015, may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.

CENVAT of service tax paid on transportation of goods by rail-Procedure

September 20, 2016 3010 Views 0 comment Print

The STTG Certificate shall be issued to rail customer (consignor/ consignee, whosoever makes the payment of Service Tax) by the Railways for the purpose of availing CENVAT A proforma containing the format of STTG certificate to be filled by the consignor/ consignee is enclosed herewith as Annexure-A.

Permission for trading in futures contracts & modification in contract specifications at exchange level

September 20, 2016 1180 Views 0 comment Print

a. Check-list of information/details to be submitted along with proposal for launch of new contract or/and for renewal of existing/earlier contracts b. Approval for futures contracts on continuous basis

Rebate of duties paid on raw materials used in manufacture or processing of export goods and admissibility of duty drawback in such cases – reg.

September 16, 2016 2749 Views 0 comment Print

Representations have been received from trade regarding difficulty in simultaneously availing drawback of Customs portion and rebate of duties of excise on raw material used in the manufacture or processing of goods exported.

Supply of goods manufactured by EOUs without Excise Duty payment against Advance Licence/Authorisation

September 16, 2016 2245 Views 0 comment Print

Representations have been received from trade and field formations regarding applicability of second proviso to para 6 of notification no. 22/2003-CE dated 31.03.2003 as amended, when goods manufactured by EOU are supplied to Advance Licence /Authorisation holder in DTA.

Unique Client Code and Mandatory requirement of PAN

September 16, 2016 2215 Views 1 comment Print

It shall be mandatory for the members of the commodity derivatives exchanges to use Unique Client Code (UCC) for all clients transacting on the commodity derivatives exchanges. The commodity derivatives exchanges shall not allow execution of trades without uploading of the UCC details by the members of the exchange.

Settlement Guarantee Fund, Stress Testing and Base Minimum Capital

September 16, 2016 1120 Views 0 comment Print

This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interest of investors in securities and to promote the development of, and regulate the securities market.

Issuance of Free Sale & Commerce Certificate to Merchant Exporters – reg.

September 15, 2016 2059 Views 0 comment Print

Para 2.37 of Hand Book of Procedure, 2015-2020 deals with the issue of Free Sale & Commerce Certificate by Regional Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter (if he himself is not the manufacturer) in Annexure A of the Free Sale & Commerce Certificate.

Committee for conducting ‘National Corporate Social Responsibility Award’

September 15, 2016 940 Views 0 comment Print

A Steering Committee with the following composition is hereby constituted to oversee the whole process of the execution of ‘National Corporate Social Responsibility Award’:

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