Draft Policy on Units in SEZs carrying on recycling of plastic scrap or waste
No.C.6/10/2009-SEZ Government of India Ministry of Commerce & Industry Department of Commerce (SEZ Division) New Delhi Dated: February 4, 2013 Subject: Draft Policy on Units in Special Economic Zones (SEZs) carrying on recycling of plastic scrap or waste regarding. I am directed to circulate a Draft policy on Units in Special Economic Zones (SEZs) carrying… Read More
GoI directed to provide Debt Recovery Tribunals the necessary manpower & adequate infrastructure
CLR Editorial Note: With reference to the Civil Writ Petition case filed by Debt Recovery Tribunal (DRT) Bar in the Punjab and Haryana HC, seeking directions from the Government on functioning of the various benches appointed. The focus of the Writ was the inability of two benches to function due to lack of infrastructure such as… Read More
Sec 55(2)(a)(ii) provisions not applicable while evaluating ‘cost of acquisition’ of land for computation of long term capital gain
2013-ITS-80-ITAT-Natraj -Vs- Deputy Commissioner of Income-tax, Cir. 10, Ahmedabad* , On. JANUARY 4, 2013 IN THE ITAT AHMEDABAD BENCH 'A' Natraj v. Deputy Commissioner of Income-tax, Cir. 10, Ahmedabad* G.C. GUPTA, VICE-PRESIDENT And A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER IT APPEAL NO. 3063 (AHD.) OF 2010 [Assessment year 2007-08] JANUARY 4, 2013 Bottom line:- It is… Read More
India Explores Mauritius Freeport Policy to Tap African and European Markets
In a bilateral meeting with Mr. Sayyad Abd-Al-Cader Sayed Hossen, Minister of Industry, Commerce and Consumer Protection, Mauritius, the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma today said that India and Mauritius have initiated steps towards setting up Mauritius-India Joint Business Council and a Joint Working Group (JWG) on trade and investment.… Read More
Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold and Silver Notified
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs(CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of… Read More
Mineral Production Review for December 2012
Mineral Production During December 2012 (Provisional) The index of mineral production of mining and quarrying sector in December 2012 was higher by 7.9% compared to that of the preceding month. The mineral sector has shown a negative growth of 4.0% during December 2012 as compared to that of the corresponding month of previous year. The… Read More
Indo-French MoU for Cooperation in the Railway Sector
India and France Sign M.O.U. to Strengthen Cooperation in Railway Sector A Memorandum of Understanding (MoU) was signed on here on 14.2.2013 between the Ministry of Railways, Government of India and the Société Nationale des Chemins de Fer Français (SNCF), the French National Railways, for Technical cooperation in the field of Railways. The MoU was… Read More
Cenvat credit can be taken on inputs/capital goods, which are used in registered manufacturing or premises
CLR Editorial Note: The appellant has taken centralised registration for transmission and dispensation of CNG into the vehicles. There are several stations where CNG is being dispensed and some of them (these are called 'daughter stations') were using a method of connecting pipe or using mobile CNG dispensations, from the main or online station ('mother… Read More
With respect to Input Services, An Assessee can maintain separate Accounts and pay Amount as per Rule 3(A)
CLR Editorial Notes: The case refers to an appeal made in the CESTAT against 3 show cause notices to the appellant, sent by the Commissioner for having availed CENVAT credit with respect to common services in the manufacture of dutiable as well as exempted final products, and proposal of the commissioner to deny the credit availed… Read More
SEBI Clarification on Gold Deposit Scheme of banks
CIRCULAR CIR/IMD/DF/04/2013 February 15, 2013 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ All Depositories Sir/ Madam, Sub: Gold Exchange Traded Fund Scheme (Gold ETFs) Investment in Gold Deposit Scheme (GDS) of Banks 1. SEBI (Mutual Funds) Regulations, 1996, (MF Regulations) permits Gold Exchange Traded Fund scheme (Gold ETFs) to… Read More
The Port of Export could be held to be the Place of Removal, for Excisable goods cleared from factory for export
CLR Editorial Notes: The question whether the port of export could be considered to be place of removal of excisable goods was examined by the division bench in this case, with reference to the definition of place of removal under Section 4(3) of the Central Excise as also to Section 5 of the Central Sales… Read More
Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips
CIRCULAR CIR/MRD/DP/ 6/2013 February 14, 2013 To All Stock Exchanges Dear Sir/Madam, Sub: Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips. 1. SEBI vide circular no CIR/MRD/DP/21/2010 dated July 15, 2010 introduced Call Auction in Pre-open session on pilot basis at NSE and BSE for scrips forming… Read More
If Service tax is not collected separately, the gross amount has to be adopted to quantify the tax liability
CLR Editorial Notes:- As per this system of taxation, tax borne by the consumer of goods/services is collected by the assessee (manufacturer/service provider) and remitted to the Government. When the amount is collected for the provision of services, the total compensation received should be treated as inclusive of service tax due to be paid by… Read More
Subscribe to the Daily Journal
Corporate Law Referencer
India’s Leading Compliance Software
