Taxation - Corporate Law Reporter

Pay appropriate excise duty to avoid interest

Effective 1st April 2011, the Central Government has notified the rate of interest at 18% for non payment or short payment of excise duty under Section 11AB of the Central Excise Act 1944. File no. 334/3/2011 - TRU Notification No. 6/2011-Central Excise (N.T.) New Delhi, the 1stMarch, 2011 G.S.R. (E).” In exercise of… Read More

Excise Duty Exemption on garments when returned for repair or reconditioning etc.

[F. No. B-1/3/2011 TRU] Notification New Delhi, the 24th March, 2011No.31/2011-Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all goods bearing a… Read More

Compensatory Fines allowable as deduction under Income Tax

While Penalties have always been disallowed under the Income Tax Act, the recent judgment clarifies on allowability of compensatory fines paid to authorities. In a recent order, Income-tax Appellate Tribunal, (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act. According to the provisions of the Income-tax Act, if… Read More

Clarification Regarding Education cess under Service Tax

Circular No. 134 /3 / 2011 ST; F.No.354/42/2011-TRU; Since Education Cess is levied and collected as percentage of service tax, when and wherever service tax is NIL by virtue of exemption, Education Cess would also be NIL. [ CLR View: Ministry of Finance stating the Obvious...but when it comes to Revenue, nothing can be taken… Read More

Amendments in Point of Taxation Rules, 2011 and other related provisions

The Ministry of Finance has issued Notification No. 25/2011 dated March 31, 2011 amending the Point of Taxation Rules, 2011. As per this notification, the Point of Taxation in respect of services provided by proprietorship or partnership firms of Company Secretaries shall be on receipt basis, i.e., the date on which payment is received. This… Read More

ICSI views on Budget 2011

The Institute of Company Secretaries of India welcomes sustainable growth oriented Union Budget 2011-12 Budget reflects financial translation of the policy initiatives of the government towards inclusive growth. The Institute of Company Secretaries of India welcomes the Budget for the year 2011-12 placed before the Parliament by Shri Pranab Mukherjee, Hon™ble Finance Minister… Read More

Procedure of E-Payment of Excise duty and Service tax online

1. To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate. 2. There will be an online check on the validity of the Assessee Code entered. 3. If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code etc. as present in the Assessee Code Master will be displayed. 4. Based on the Assessee Code, the duty… Read More

FAQs on Authority of Advance Rulings – CBEC

FREQUENTLY ASKED QUESTIONS Q.1. What is the scheme of advance rulings? Ans. Appreciating the need for foreign investors to be assured in advance of their likely indirect tax liability, the Central Government has set up an Authority for Advance Rulings (Central Excise, Customs and Service Tax) to provide binding ruling on important issues so… Read More

Frequently Asked Questions and Answers on GST

Question 1 : What is the justification of GST ? Answer : There was a burden of tax on tax in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of tax on tax… Read More

Draft Point of Taxation (for Services Provided or Received in India) Rules

The Government of India proposes to issue Point of Taxation (for Services Provided or Received in India) Rules, 2010 in exercise of the powers conferred on it under Sec. 94 (2) (hhh) of the Finance Act, 1994. The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection… Read More

Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007

Circular No. 10 /2011- Customs F. No. 305/1/2008-FTT Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (International Customs Division) Dated the, 24th February, 2011 To All Chief Commissioners of Customs/ Customs (Prev.), All Chief Commissioners of Central Excise, All Chief Commissioners of Central Excise & Customs, All Director Generals under CBEC,… Read More

Procedure of Advance Rulings in Customs and Central Excise

In terms of Section 28H of the Customs Act, 1962, Section 23 H of the Central Excise Act, 1944 and Section 96H of the Finance Act, 1994, the Authority for Advance Rulings, Central Excise, Customs and Service Tax, has regulated its procedure in all matters arising out of the exercise of its powers under the respective Acts.… Read More