Certain amendments made in the Union Budget 2016-17 have come into force from the date when the Finance Bill, 2016 received the assent of the President of India. As a result, these amendments have come into effect from 14.5.2016. Some of these include notification Nos. 13/2016 – ST, 14/2016 – ST and certain entries in notification Nos. 9/2016 – ST and 10/2016- ST, all dated 1.3.2016.
New MVAT rate on petrol is 25% + 4 rupees. In Schedule `17, appended to the Maharashtra Value Added Tax Act, 2002, in entry 10,‑ (a) in sub-entry (a), against clauses (i) and (ii), in column (3), for the figures, signs and words 26%+Three rupees per litre, the figures, signs and words, 26%+ Four rupees fifty paise per litre shall be substituted;
Section 68 of the Customs Act, 1962 requires the filing of a bill of entry (ex-bond bill of entry) for clearance of any warehoused goods for home consumption. At present, the ex-bond bills of entry are being filed with the Commissionerates having jurisdiction over the warehouses and in large number of cases, manually.
Sub-section (3) of section 59 prescribes that the importer, shall, in addition to the execution of a bond, furnish a security. The Board has reviewed the extant circulars regarding furnishing of security for transit as well as for storage of goods in the warehouse. In supersession of earlier instructions, the Board has approved the following:
(i) 9.50% (Nine point five per cent) Government of India (National Small Savings Fund) (Nontransferable) Special Securities, 2015 shall be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained by the Public Debt Office; and (ii) these securities shall not be transferable.
WHEREAS the Enemy Property (Amendment and Validation) Ordinance, 2016 was promulgated by the President on the 7th day of January, 2016; AND WHEREAS the Enemy Property (Amendment and Validation) Bill, 2016 to replace the Enemy Property (Amendment and Validation) Ordinance, 2016 has been passed by the House of the People and is pending in the Council of States;
Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from 7 days CBDT has vide Notification No. 39/2016 dated: 31/05/2016 has extended Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA […]
Seeks to impose definitive anti-dumping duty on “Methyl Acetoacetate”, originating in or exported from USA or China PR, for a period of five years (unless revoked, superseded or amended earlier). GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2016-Customs (ADD) New Delhi, the 31st May, 2016 G.S.R. (E). –Whereas, in the matter […]
Seeks to impose anti-dumping duty on ‘Dichloromethane (Methylene Chloride)’ of all types [tariff item 2903 12 00], originating in or exported from People’s Republic of China or Russia, for a period of five years (unless revoked, superseded or amended earlier), from the date of imposition of the provisional anti-dumping duty i.e. from the 08th of […]
The age of superannuation in respect of General Duty Medical Officers and Specialists included in Teaching, Non-Teaching and Public Health Sub-cadres of Central Health Service shall be sixty-five years.
