Service tax is leviable on ‘asset management and all other forms of fund management’ under the category of ‘banking and other financial service’. In this context a question has arisen as to whether the service tax would be chargeable on the ‘entry and exit load’ amount charged by a mutual fund to the investor.
These guidelines are issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
It was decided to undertake review of circulars/clarifications/ instructions issued by the Central Board of Excise & Customs/Director General (Service Tax) from time to time since the introduction of Service Tax in 1994. Circulars/clarifications/instructions have been issued from time to time to explain the scope of statutory provisions, for removal of doubts, to prescribe special procedures and on matters of interpretations.
These instructions may be brought to the notice of the trade by issuing suitable Trade/Public Notices. Suitable Standing orders/instructions may be issued for the guidance of the assessing officers. Difficulties faced, if any in implementation of the Circular may please be brought to the notice of the Board at an early date.
National Academy of Direct Taxes (NADT) and National Academy of Customs, Excise & Narcotics (NACEN) shall develo0p and organize training programmes to train officers of the two Departments on Transfer Pricing as recommended in foregoing para (c).
Wide publicity may please be given to these instructions by way of issuance of Public/Trade Notice. Difficulties, if any, in implementation of these instructions, may be brought to the notice of the Directorate General of Export Promotion.
1. Eligibility for warehousingThe facility of warehousing goods shall be extended to such user industry who have a valid Letter of Permission/Letter of Intent issued by the Development Commissioner to establish a 100% EOU, and who have been granted license under Section 58 of the Customs Act, 1962 and sanction under Section 65 of the Customs Act, 1962 for the purposes specified in clauses (a) to (e) to the notification.
It has also been decided to bring more clarity to the provisions pertaining to eligibility of shares for promoters’ contribution and incorporate the new addresses of SEBI offices at relevant places in the Guidelines.
In compliance of Hon’ble High Court of Delhi order dated 15th February 2007 allowing the Official Liquidator to invite Bio-datas from the desirous qualified Chartered Accountant’s for their empanelment, the names of such desirous qualified Chartered Accountants are invited,
I am directed to refer to Board’s Circular No. 581/18/2001-CX dated 29th June, 2001 which interalia, specifies conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export. In paragraph 2(2) of the said Circular, the Board has specified places where warehouses may be established.
