News Update

CII projects 7.7% growth in current fiscalDRI nabs two persons with about 6 kg ivoryIBBI Chief calls for preserving reputation of fledgling institutionService Matter - Relief to Ashok Aggarwal - Disciplinary authority cannot approve initiation of enquiry by ignoring statements of witnesses and merely relying on gist of evidence forwarded by CBI: HCCCI invites public comments on merger of Linde & Praxaire-Way Bill for Intra-State movement of goods - State tally goes up to 27PM inaugurates Delhi-Meerut ExpresswayTax benefits to angel investors - CBDT inserts Clause (Viib) in Sec 56India generates 940 tonnes of plastic waste every day: Dr Harsh VardhanAnti-dumping duty imposed on ‘Saturated Fatty Alcohols' imported from Indonesia, Malaysia and ThailandGovt stipulates 8.5% interest rate on PFRule 11UA - Word 'or an accountant' omitted + Clause (viib) of Section 56(2) not to apply to consideration received by a Company for issue of shares that exceeds face value of such shares if received from an investorI-T - Taxable event arises as soon as interest income on bank deposits accrues & becomes due; Deferred receipts on instruction of depositor will not make it hypothetical income: HCFM is out of ICU; recovering fast after kidney transplantAnti-dumping duty on on'Ammonium Nitrate' - Notification 44/2017-Cus(ADD) amended to substitute name of exporter at sr. no.1 as 'Euro Chem Trading GMBH Through Rawfert Offshore Sal, Lebanon'Finance Commission team to visit Kerala on coming MondayWTO Chief calls for reducing trade tensionsNIC cloud-based data centre to go live in OrissaCBIC clarifies on application of IGST on goods supplied while deposited in Customs bonded warehousePublic comments sought on Draft NDCP till June 1, 2018PM lays foundation stone for Patratu Super Power ProjectI-T - It is not open for AO to make additions while framing assessment u/s 143(3) merely on basis of seized documents beyond period of limitation u/s 153A: ITATIndia to rope in international labs for food testingISC Panel finalises recommendations of Punchhi CommissionCBIC introduces monetary limits of Rs.2.50 lakhs for filing Revenue appeals before Commissioner(A); applicable to CX & ST legacy cases and those currently pending.Govt sanctions out of turn coal to PSUs; Private plants find themselves at receiving endACC appoints JS, TRU, Alok Shukla as Minister (Customs) in PMI to WTO at GenevaACC grants one more year extension to CBDT Chairman Sushil ChandraThere is no provision in the CGSTAct which allows exemption on an Input Service if the Output service provided by taxable service is exempt: AARServices provided to M/s Karnataka Power Transmission Corporation Ltd. – since it is company registered under the Companies Act, 1956, and not a State Government authority, benefit of concessional rate @12% not available: AARServices provided of diagnosis, pre and post counseling therapy qualify to be health care services and attract Nil rate of Tax: AARTransaction of transfer of one of the units of the applicant as a going concern amounts to supply of service – Nil rate under 12/2017-CT(R): AAR
 
The paper chase

TIOL-DDT 407
17 07 2006
Monday

The dead are gone, but the survivors have to struggle. The bureaucratic procedural maze really does not leave any luxury of mourning for a wife who had lost her partner in a tragedy like the Mumbai blast. Will the office give her the pension and other dues on time or will they get stuck with “audit” objections? For a dispute between two offices on an amount of Rs. 1500/- they had held up more than Rs 3 Lakhs of my dues. I told them to deduct that Rs. 1500 and give me the balance. They said there was no such provision. Finally only the threat of dragging them to court and claiming interest quickened the process. And this happened to somebody who had just left the department. What will be the plight of widows doing the rounds in our offices to claim their dues? Will somebody help them? Today we are carrying an article that I wrote more than twenty years ago on the travails of an unfortunate widow. Nothing seems to have changed. See the paper chase

Why do we replace one form by five? Law Minister  

Law and Justice Minister Hans Raj Bhardwaj noted how efforts to simplify often end in replacing a form by five new forms. He was inaugurating a new court room in the ITAT. Or was he taking a dig at his famous colleague, the FM?

The ITAT was set up 65 years ago in 1941. The Income-Tax Appellate Tribunal is one of the oldest temples of justice in our country. It is said that the older the temple, the greater is its sanctity and reverence.

The first President of the Tribunal Mohammad Munir went on to become the Chief Justice of Pakistan and under his famous Doctrine of Necessity stamped the seal of approval on Governor General Ghulam Mohammad's action to dissolve the first Constitutional Assembly of Pakistan.

The President in 1941 used to get a basic pay of Rs. 3000/- per month. On an annual increase of 6%, that basic pay should be now more than Rs. 1, 30,000/- pm. Maybe the judges do deserve this kind of salaries at least to keep them away from temptations and to give them a decent life style.

Coming back to the present day, ITAT President Vimal Gandhi said that ITAT has reduced pendency of cases from "around three lakhs in 1998 to 1,03,000 as on 30th June 2005.

The Delhi Chief Commissioner who was also present had a grouse; Tax collection was 10% of the GDP in 1991, now it is 10.5%.

Drawback Rules amended – Service Tax included

Even the name changed: It is now the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995.

Service Tax included – consequential changes: In determining the drawback rates, now Service Tax will also be factored. Necessary changes are made in the rules.

Manufacturer can claim drawback – need not be manufacturer exporter. The words, ‘manufacturer exporter’ have been replaced with manufacturer.

Recovery of drawback – Time limit reduced to thirty days: If export proceeds are not realized within the stipulated period, the exporter is required to repay the drawback amount within sixty days of the receipt of the order from the Assistant Commissioner. Now this period is reduced to thirty days.

Notification. No.80/2006-CUSTOMS (N.T.) dated 13th July, 2006

Other details of the drawback rates have been extensively covered by TIOL, so DDT is not repeating them.

Target Plus Scheme - export turnover limit reduced

As per the policy, All Star Export Houses which have achieved a minimum export turnover in free foreign exchange of Rs 10 crores in the previous licencing year were eligible for consideration under the Target Plus Scheme. Now this is reduced to Rs. 5 Crores.

NOTIFICATION No. 20(RE 2006)/2004-2009 Dated: July 13,2006

Until Tomorrow with more DDT

Have a nice day.

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