Daily Archives: July 27, 2016

Insolvency and Bankruptcy Board of India (Terms and Conditions of Chairperson and Members) Rules 2016

By | July 27, 2016

Insolvency and Bankruptcy Board of India (Terms and    Conditions of Chairperson and Members) Rules 2016. Ministry of Corporate Affairs The Insolvency and Bankruptcy Board of India ( Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2016 [ approved by the Competent Authority yet to be legislatively vetted ] 1. Short… Read More »

FAQ’s on Maharashtra Settlement of Arrears in Disputes Act 2016

By | July 27, 2016

8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8 dated 19th July 2016. Trade Cir. No. 20T of 2016 Subject : FAQ’s on Settlement of Arrears in Disputes Act, 2016 Ref. (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circular No. 10T of 2016 dated 3rd May 2016… Read More »

Procedure for export of certified organic products

By | July 27, 2016

To be published in the Gazette of India Extraordinary Part-I, Section-I Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 73 (RE-2013)/2009-2014 New Delhi, Dated the 18 November, 2014 Sub: Procedure for export of certified organic products. In exercise of the powers conferred under Paragraph… Read More »

Implementation procedure for export of certified organic products

By | July 27, 2016

To be published in the Gazette of India Extraordinary Part-I, Section-I Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 10 /2015-2020 New Delhi, Dated the 5 May, 2015 Sub: Implementation of the procedure for export of certified organic products notified vide Public Notice No.… Read More »

Exemption from export duty to Organic sugar up to 10,000 MT

By | July 27, 2016

seeks to further amend notification No. 27/2011-Customs, dated 01.03.2011 so as to provide exemption from export duty to Organic sugar up to 10,000 MT in a year beginning with October and ending with September subject to specified conditions. The exemption for the period ending with 30th September, 2016 shall be restricted to 2500 MT. [TO… Read More »

Anti-dumping duty on imports of Rubber Chemicals-PX13 & TDQ

By | July 27, 2016

seeks to amend notification No.67/2011-Customs dated the 26th July, 2011 so as to to extend the levy of anti-dumping duty on imports of certain Rubber Chemicals, namely PX13 and TDQ originating in, or exported from, European Union and MOR originating in, or exported from, People’s Republic of China, (imposed vide notification No. 67/2011-Customs, dated 28th… Read More »

1% Excise duty (without Cenvat) on jewellery u/h 7113

By | July 27, 2016

Seeks to amend notification No. 12/2012-Central Excise so as to prescribe 1% excise duty (without input and capital goods credit) on parts of articles of jewellery falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986), and to prescribe a criteria for classification of an articles of jewellery or part of… Read More »

Excise duty on jewellery -Exemption if jewellery given by Retail customers

By | July 27, 2016

Seeks to partially exempt Central Excise duty on articles of jewellery falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) manufactured by: (a) re-conversion of jewellery given by the retail customer, or (b) mounting of precious stone given by the retail customer. [TO BE PUBLISHED IN THE GAZETTE OF INDIA,… Read More »

Increase in SSI Exemption & Eligibility limit for articles of jewellery

By | July 27, 2016

Seeks to amend notification No. 8/2003-Central Excise dated 1st March, 2003, so as to increase the SSI Exemption limit and the SSI Eligibility limit for articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE… Read More »

Handicrafts u/h 7113 excluded from excise duty exemption

By | July 27, 2016

Seeks to amend notification No. 17/2011-Central Excise, dated the 1st March, 2011, so as to exclude handicrafts falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986), from the purview of excise duty exemption for “handicrafts”. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]… Read More »

Excise duty on Jewellery – Tariff values for articles of jewellery (heading 7113)

By | July 27, 2016

Seeks to notify the tariff values for articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY… Read More »

Articles of Jewellery (Collection of Duty) Rules 2016

By | July 27, 2016

 Articles of Jewellery (Collection of Duty) Rules 2016 Seeks to notify the Articles of Jewellery (Collection of Duty) Rules, 2016, applicable to articles of jewellery or parts of articles of jewellery or both falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE GAZETTE OF INDIA,… Read More »

Excise duty on Jewellery – Cenvat Credit rules Amended

By | July 27, 2016

Seeks to amend the CENVAT Credit Rules, 2004 in relation to articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]… Read More »

Quarterly return for Jewellers- New ER-8 Return format

By | July 27, 2016

Seeks to provide a modified format for quarterly return, ER-8, for return of excisable goods cleared at the Central Excise duty rate of 1% [including articles of jewellery or parts of articles of jewellery or both, falling under heading 7113] or 2%. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3,… Read More »

Excise duty on jewellery – Exemption from submitting plan of Factory

By | July 27, 2016

Seeks to amend notification No. 35/2001-Central Excise (N.T.) so as to: (i) provide that a person engaged in the manufacture of articles of jewellery or parts of articles of jewellery or both, falling under chapter heading 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) may get himself registered… Read More »

Excise duty on Jewellery : Exemption from filing Annual Return

By | July 27, 2016

Seeks to amend notification No. 17/2006-Central Excise (N.T) dated the 1st August, 2006 so as to exempt a manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) from filing of annual return. [TO BE… Read More »

Notification for exemption from excise registration to Jewelers upto full exemption limit

By | July 27, 2016

Seeks to amend notification No. 36/2001-Central Excise (N.T.) dated 26th June, 2001, so as to exempt a manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) from taking central excise registration upto the full… Read More »

Excise duty on jewellery -Eligibility & Exemption limits for SSI exemption

By | July 27, 2016

Clarification on computation of exemption and eligibility and exemption limits and other related issues for small scale industries [SSI] exemption under Notification No. 8/2003-CE dated 1st March 2003 in respect manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both Circular No. 1040/28/2016 – CX F. No. 354/25/2016 –… Read More »

Guidelines for Excise Audit of Jewellers issued by CBEC

By | July 27, 2016

Circular No. 1041/29/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Excise duty on Jewellery – Export procedure simplified by CBEC

By | July 27, 2016

Circular No. 1042/30/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Procedures for excise duty on jewellery issued by CBEC

By | July 27, 2016

Circular No. 1043/31/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Guidelines for search or arrest of jewellers issued by CBEC

By | July 27, 2016

Circular No. 1044/32/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Taxability of stock of jewellery on February 29, 2016 : CBEC Clarify

By | July 27, 2016

Circular No. 1045/33/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Assessing Officer can view CIB, AIR of cases selected under scrutiny

By | July 27, 2016

CASS – Instruction No. 2 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. System/ITBA/Instruction/Assessment/ CASS Cycle 2/2016-17/ Dated: 25/07/2016 The Principal Chief Commissioner of Income-Tax/ CCsIT (By Name) Ahmadabad / Allahabad / Amritsar / Bangalore / Baroda / Bhopal / Bhubaneswar/ Bareilly / Chandigarh / Chennai / Cochin / Coimbatore… Read More »

Revised Template Letter to communicate transactions without valid PAN

By | July 27, 2016

F.No. 225/193/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 25th of July, 2016 To All Principal Chief Commissioners of Income-tax Sir/Madam Subject: Corrigendum regarding the ‘Letter Template’ issued vide letter of Board dated 22.07.2016 in connection with handling of AIR transactions without valid PAN-regd.- Please refer to the above communique… Read More »

Paperless PAN and TAN application process

By | July 27, 2016

Paperless PAN and TAN application process: The CBDT announced a digital signature certificate-based application procedure to companies to apply via portals of Permanent Account Number (PAN) service providers. Under the new process, PAN and TAN will be assigned within one day after completion of a valid on-line application. Read a July 2016 report of KPMG

Cross-charge transactions under GST

By | July 27, 2016

Cross-charge transactions under GST: An update on the draft GST law concerns: (1) the taxability of typical transactions between a head office and its branch offices; and (2) credit optimisation in situations of centralised billing from the head office when the branch offices are located at multiple locations and credit of common expenses incurred by the head… Read More »

Taxability of reimbursements for Mobilisation / demobilisation of vessels used in exploration for oil and gas

By | July 27, 2016

Mobilisation / demobilisation of vessels used in exploration for oil and gas: The Delhi Bench of the Income-tax Appellate Tribunal held that reimbursements paid by customers for the mobilisation / demobilisation of vessels used by the taxpayer in exploration for oil and gas and attributable to the distance travelled outside India are taxable. The case is: Western… Read More »

Payment for purchase of software is not royalty/ fees for Technical Services, hence no TDS u/s 195

By | July 27, 2016

Held AO/DRP have erred in treating the acquisition of software under the head ‘fee for technical services/royalty’ requiring the assessee to pay the tax on the same. [para 30] IN THE ITAT DELHI BENCH ‘I-1’ SAIC India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 7(1), New Delhi KULDIP SINGH, JUDICIAL MEMBER AND N. K.… Read More »

Sale of Trademark registered in India not taxable as owned by Australian company

By | July 27, 2016

Held An, by its very nature, does not have any physical form. Therefore, it does not exist in a physical form at any particular location. The legislature could have, through a deeming fiction, provided for the location of an intangible capital asset, such as intellectual property rights, but, it has not done so insofar as… Read More »