Notification No 42/2012 Service provided by a commission agent located outside India and engaged under a contract or agreement or any other document by the exporter in India, to act on behalf of the exporter, to cause sale of goods exported by him.
To give effect to the Budget proposals certain changes in the schedule entries under the Maharashtra Value Added Tax Act,2002 are made by the above referred notification. These changes in tax rates are effective from 1st April 2012 (except otherwise stated) and are briefly explained below.
In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from.
Circular No. 160/11/2012-ST There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012. In this connection, as also in general, you may kindly refer to the sub-section (1) of section 8 of the General Clauses Act, 1897 which reads as under:
(1) The exporter shall declare the amount of commission paid or payable to the commission agent in the shipping bill or bill of export, as the case may be. (2) The exemption shall be limited to the service tax calculated on a value of ten per cent of the free on board value of export goods for which the said service has been used. (3) The exemption shall not be available on the export of canalised item, project export, or export financed under lines of credit extended by the Government of India or EXIM Bank, or export made by Indian partner in a company with equity participation in an overseas joint venture or wholly owned subsidiary.
In continuation of MCA’s General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012. The Institute is requested to circulate this for the information of all concerned.
In continuation of this office O.M. of even number dated L03.2011 the undersigned is directed to say that Chairman, SEBI or his nominee shall also be the member of the Committee with immediate effect to formulate a policy document on Corporate Governance.
Notification [F. No.334/1/2012 -TRU], dated 29-6-2012 In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 30/2012- Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 472 (E), dated the 20th June, 2012, in para I, in clause (A), in sub-clause (iv), in item (B),-
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 31/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 473 (E), dated the 20th June, 2012, in the proviso, in clause (d),-
Instruction D.O.F. No. 334/1/2012 Applicability of provisions of Finance Act, 2004 and 2007 relating to education cess and secondary & higher education cess respectively. There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012.
