SIGN IN SUBSCRIBE

News Update

India’s manufacturing PMI marginally down to 57.5 in AugustKGST - As is trite law, a suit filed prior has to be adjudicated so as to bar a suit filed subsequently & that doctrine of res judicata is inapplicable without a previous adjudication: HCSC sets up Judge-headed panel to sort out protesting farmers’ grievancesGST - Adjournment was granted for two weeks but the proper officer passed the orders before the period was over - Orders set aside and matter remanded: HCPM to be on official tour to Singapore & Brunei between Sept 3 to 5GST - Shipping bill can be considered as an application for refund of IGST in terms of rule 96: HCGST - Petitioner is permitted to pay amounts assessed in 24 equal monthly instalments together with interest - Recovery proceedings to be kept in abeyance: HCGST - S.80 - Instalment facility granted to pay defaulted tax - If petitioner commits any default in payment of even a single instalment, it is open to respondents to proceed for recovery: HCGST - Allegation is that petitioner availed ITC in contravention of s.16 - Petitioner submits that they paid output tax without utilising ITC in question - Matter remanded: HCCBDT issues transfer order of 17 Addl / JCITsPMLA - Statement given by accused, while under custody in PMLA case to investigating officers of ED incriminating oneself in another money laundering case would be inadmissible in evidence: SC (See 'TIOLCorplaws')CBDT promotes 6 IRS officers as CCITThe making of an 'Input Service Distributor'President Murmu unwraps new Insignia and flag of Supreme Court of IndiaCBIC amends Sea Cargo Manifest & Transshipment Regulations‘Kavach’ system to be deployed in mission mode: Rail MantriI-T - Re-assessment cannot be commenced when there is no failure on assessee's part to make full and true disclosure of material facts during original assessment: HCHeavy rains in AP & Telangana; 26 NDRF teams deployedMoS unveils New Single Unified Pension Form for Senior CitizensGST mop-up in August month rises to Rs 1.75 lakh crorePresident Murmu says Culture of adjournment needs to be amended for speedier justiceIndia Post Payments Bank providing financial inclusion to remote areas17 killed in Russian copter crashI-T - Amount paid by assessee for obtaining mining rights in e-auctions, can be countenanced as income of assessee: HCOMCs hike LPC cylinders cost by Rs 39

MESSAGE BOARD

   

Finance Bill Passed in Lok Sabha - Service Tax Penal Provisions aligned with Central Excise


Notf 12-2015 -CENVAT CreditSecond Amendment Rules, 2015

Dear Peter,

All you have said is spot on, though I would like to differ on one point where in you are suggesting to segregate the credit, however in my opinion this will not service the purpose because as per Rule of CCR the formula to determine the usage of credit is defined. Assesse can do whatever it takes to do but the famus Babus are waiting for issue of SCN (may be Drafted & kept read) on this, because as per new rule 14 whatever credit is used, the first utilization will be considered from opening balance.
Therefore as per this Notf. 12/2015 no body can use the credit of E cess & SHE ir-respective of when it is availed.
So I agree with you that this notf. has to be rescinded, there is no other alternative, though I also agree with you that this will not happen, but Babus will amend this Notf. by creating few more doubts, because when they will amend, it will be prospectively hence during interim period there will be litigations hence my advice to Assesee would be keep the Credit in Cenvat a/c and do not use because you will hit by Rule 14 of CCR.
Probably this was the “ACCHE DIN” & ease of doing business so to create new jobs promised by our Hon’ PM to us the working class and the irony is that all the opposition shout on roof top that this is Pro Business Govt. God only knows what it means?

Purushottam Sandye 05/05/2015

 

Back

TIOL Tube Latest

TIOL Tube
TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST