Circular No. 29/2015-Customs The revised All Industry Rates (AIR) of Duty Drawback has been notified vide Notification No. 110/2015-Customs (N.T.), dated 16.11.2015 which comes into force on 23.11.2015. These AIRs broadly take into account certain broad average parameters including, inter alia, prevailing prices of inputs, input output norms, share of imports in input consumption, the rates of central excise and customs duties, the factoring of incidence of service tax paid on taxable services which are used as input services in the manufacturing or processing of export goods, factoring incidence of duty on HSD/furnace oil, value of export goods, etc.
Circular No. 188/7/2015-ST Accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head 506-Swachh Bharat Cess and new Sub-heads as under:
Ministry of Finance ‘vide their Notification Nos. 21 & 22/2015-Service Tax dated 06-11- 2015 have decided that Swachh Bharat Cess @ 0.5% shall be levied on the value of all taxable services w.e.f. 15-11-20-15. Service tax of 14% and Swachh Bharat Cess of 0.5 % are chargeable on 30% of total passenger fare equivalent to 4.35% of the total fare in first class and all AC classes.”
Circular No. 187/6/2015-Service Tax This scheme is applicable to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on date of the issue of this circular. Such registrants will be referred to as ‘claimants’ in the subsequent paragraphs.
. As a part of the continuing endeavor to streamline the process of public issue of equity shares and convertibles, it has been decided, in consultation with the market participants -(i) to reduce the time taken for listing after the closure of issue to 6 working days as against the present requirement of 12 working days, and (ii) to broad-base the reach of investors by substantially enhancing the points for submission of applications.
The last date for submission of audit report u/s 61 of the MVAT Act 2002, for the period 201415 is 15th January 2016. After uploading their audit reports for the period 2014-15, the dealers shall submit the following documents
Barter trade was initially permitted to facilitate exchange of locally produced commodities along the Indo-Myanmar border. As such, these transactions were not captured in the banking system or reflected in the trade statistics. However, over a period of time the trade basket has diversified and adequate banking presence is in place to support normal trade with Myanmar.
Under the existing guidelines, residents having a long term foreign currency liability in terms of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, FEMA 3/2000-RB, dated May 3, 2000, as amended from time to time and rules, regulations and directions issued thereunder, are permitted to hedge exchange rate and/or interest rate risk exposure thereof by undertaking a foreign currency-INR swap to move from a foreign currency liability to a rupee liability with an AD Cat-I bank subject to the operational guidelines, terms and conditions as mentioned in the above circular.
State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs) so far have not been allowed to provide internet banking facilities to their customers. As some of the StCBs/ DCCBs have requested for permission to offer Internet Banking facility, it has been decided to allow StCBs and DCCBs to extend the facility of internet banking to their customers.
A.P. (DIR Series) Circular No.27 All software exporters can now file single as well as bulk SOFTEX form in excel format to the competent authority for certification. The SOFTEX form is given at Annex I. Since the SOFTEX data from STPI/SEZ is being transmitted in electronic format to RBI, the exporters are required to submit the SOFTEX form in duplicate as per the revised procedure.
