CBEC has notified 8 new taxable Services w.e.f. 1.7.2010 vide Notification No.24/2010-Service Tax dated 22.6.2010. The following are the new taxable Services introduced w.e.f. from 1.7.2010. 1. Games of chance (zzzzn),2 Health services (zzzzo), ,3 Maintenance of medical records (zzzzp)
The Commerce Ministry is likely to come out with strict norms for SEZ units engaged in recycling of plastic next week in wake of the Environment Ministry’s concern on illegal import of the hazardous waste. Businesses interested in setting up new plastic recycling units in Special Economic Zones (SEZs), would have to invest a minimum of Rs 1 crore in plant and machinery and export 80 per cent of the turnover by the fifth year of their operations.
Credit Information Bureau (India) Ltd (CIBIL) said it will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance companies. “We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director, Mr Arun Thukral said after announcing the launch of a database of fraudulent activities here.
The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. “We are still working on fair value concepts and other issues like depreciation, but I can assure you that we will stick to the roadmap laid for the convergence of Indian standards with the IFRS,” Corporate Affairs Minister Salman Khurshid said on the sidelines of an Assocham seminar on International Financial Reporting Standards (IFRS) here.
Nearly four months after giving the in-principle approval for physical settlement in the derivative segment, a final decision on the matter is just round the corner. The discussions between the stock exchanges and the regulatory officials are in the final phase and a decision is expected “within a month”. Meanwhile, options in the currency derivative segment are also likely to be launched “fairly soon”.
India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director, IIFCL, said here on Monday.
The finance ministry has set up a five-member task force to frame rules for the proposed Goods and Service Tax (GST). A bill for the GST is likely to be finalised soon. It is likely to be introduced in the monsoon session of Parliament after the states’ concurrence. Once the legislative amendments are passed by Parliament and assemblies, the Centre will frame the new Act, which will govern the indirect tax structure.
Anil Ambani Group firm Reliance Big Entertainment has challenged levy of service tax on sale of copyrights of movies and other artistic works in the Delhi High Court. A bench, comprising Chief Justice Dipak Mishra and Justice Manmohan, has issued notices to the Centre, the Central Board of Excise and the Director General of Service Tax.
A master circular on housing finance issued by the RBI on July 1 has once again reiterated that builders publicly disclose names of the banks they have mortgaged their land and apartments to. However, despite this directive, none of the developers have done this so far, said market sources.
PVR Pictures, Balaji Telefilms, Yash Raj Films and UTV Motion Pictures have moved the Delhi High Court against the government’s recent decision to levy service tax on copyright services. In a writ petition filed before the court on Wednesday, PVR Pictures said, by levying service tax on copyright services, the government was going beyond its powers entrusted under the Constitution.
