In the case of re-export of defective or unfit goods or re-assessment of debited duty, Customs issues a Re-credit Certificate containing particulars of scrip used, date of import of re-exported goods and amount debited while importing such goods / re-assessment details. Customs shall permit use of this Re-credit Amount to the extent of 98%, within a period of 6 months from the date of issuance of re-credit certificate.
The Income-tax Act, 1961 [I.T. Act], with large number of amendments made in nearly last fifty years, has become very complex leading to litigation and uncertainties. Considering the sea change in the nation’s economic policy and environment, the cou
Tickets for entertainment programmes and cricket matches would be costlier in rural areas of Maharashtra as the state government today decided to levy 10 per cent entertainment tax. “The government is introducing 10 per cent entertainment tax outsi
The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of immovable property for commercial use, including shops and malls, from some firms. A Supreme Court bench comprising Just
In fresh trouble for Commonwealth Games Organising Committee, the Income Tax department has sought details of appointment of over 2,000 people amid allegations that many were ghost employees.
CBI officials said the case, under different Sections of IPC and the Prevention of Corruption Act, was registered against R T Gulani, Assistant Commissioner, Reeta Nagarkar, Superintendent and Suneel Gawte, Inspector. Sudheer Wadhwani Food Processing
The Reserve Bank has found violation of foreign investment guidelines by the BCCI, the parent body of the Indian Premier League (IPL), which organises Twenty20 cricket tournament. RBI, according to sources, has discovered violation of norms by the
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2011, Government has approved 19 Proposals of Foreign Direct Investment amounting to `Rs. 4340.77 crore approximately.
Union Finance Minister Shri Pranab Mukherjee held a meeting with different Non Governmental Organizations (NGOs) to get their inputs for General Budget 2011-12, here today. This was the fourth meeting in the series of pre-Budget consultations held by
The Government has been closely monitoring the inflation situation with a view to protecting the common citizen against abnormal price rise. Our experience in the recent past has been that while prices of most manufactured goods and services have bee
