NEW PROCEDURE TO BE FOLLOWED FOR PASSING AND CANCELLATION OF UAO:- (1) The new system of automatic cancellation of UAO shall be applicable with effect from 1st August 2012. (2) With effect from 1st August 2012, assessing authority shall pass an UAO only through MAHAVIKAS. (3) MAHAVIKAS will automatically ascertain the return filing status for a particular period and in respect of a particular dealer vis-a-vis UAO. If, after mapping requisite criteria, it is noticed that the dealer has filed the return in respect of a particular period under UAO, then the MAHAVIKAS shall cancel the order of assessment so passed. There will be no need for the dealer to make an application in Form-304. As explained above, it will not be necessary to pass separate order for cancellation of UAO. An e-mail will be sent to the dealers e-mail ID provided by the Sales Tax Department. This e-mail will give information about the cancellation of UAO, The dealer may also access his e-mail at
Circular No. 21 /2012-Customs – From the wordings of the notification no. 146/64-Customs dated 13.07.1994, it is seen that the exemption covers two broad categories of goods. First category covering sports goods required for training purposes by a sports person of outstanding eminence, which are listed in specified terms under each item or sport such as Archery, Athletics, Badminton etc. The second category being the goods that are described in general as ‘sports goods, sports equipments and sports requisites’ and their ‘spares, accessories and consumables’ for import by specified sports bodies for national or international completion/ championship.
CIRCULAR NO. 5/2012 The council in exercise of its statutory powers amended the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 (the regulations) on 10-12-2009 imposing a prohibition on the medical practitioner and their professional associations from taking any Gift, Travel facility, Hospitality, Cash or monetary grant from the pharmaceutical and allied health sector Industries.
It has now been decided to restore the erstwhile stipulation of allowing credit of 100% foreign exchange earnings to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. Accordingly, balances outstanding in an EEFC account as on July 31, 2012 and those balances that would accrue in the account with effect from August 1, 2012 shall get converted to Rupee balances on or before close of business on September 30, 2012. Similar procedure may be followed for accruals during the subsequent months.
Subsequent to the operationlisation of the Negative List, a number of issues have been raised in relation to the manpower supply or the services provided by the directors of a company or by the employer to the employees. These issues have been examined and are proposed to be clarified as follows:
I am directed to refer to the Ministry’s General Circular no. 14/2012 dated 21st June 2012 and to say that fees on Form 23B (Information by statutory auditor to the Registrar) has been deferred for two weeks and shall now be applicable from 5th August, 2012.
Circular No. 20 /2012-Cus Changes in the Foreign Trade Policy 2009-14 issued – In para 4.1.2 of FTP (applicable to Advance Authorization and DFIA schemes) the formula/norm for Value Addition (except for gems and jewelery) has been tightened by including reference to intent of claiming drawback, and in para 4.1.14 of FTP it has been made clear that drawback would be allowed only for such duty paid items which have been endorsed on the authorization by the Regional Authority.
An issuer proposing to issue debt securities to the public through the on-line system of the designated stock exchange shall comply with the relevant applicable requirements as may be specified by the Board.
Circular no. IRDA/Life/MI/2012, dated 26-07-2012 – On comprehensively examining the existing business model adopted under Micro Insurance vis-a-vis the extant regulations on Micro Insurance, the Authority proposes to review the IRDA (Micro Insurance) Regulations, 2005. Accordingly, an exposure draft on Micro Insurance (Modification) Regulations is issued for further and wider deliberations on the subject.
It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.
