News Update

India test-fires Brahmos missile from Su-30MKI fighter planesIndian President's House to remain open for public for 4 days a weekColour-coated aluminium foil excluded from levy of anti-dumping duty - CBEC asks Customs to follow itCommittee set up to draft New DTC CodeCabinet nod to continuing IICA scheme till 2019-20 (See TIOLCORPLAWS.COM)Govt sets up Committee to draft New Direct Tax Code with Arbind Modi as ConvenerGST - No tax on inter-State movement of rigs, tools and cranes but tax leviable on repair + CBEC clarifies idols made of terracotta to attract NIL rateUnion Cabinet approves setting up of 15th Finance CommissionCabinet okays India-Philippines Pact for Customs CooperationCabinet approves Wage Policy for workmen in CPSEsCabinet approves expansion of umbrella scheme for women empowermentCabinet approves India-Russia pact for combating organized crimeSC, HC judges to get salary hike (See 'TOG News' in '')Introspect over Irrational Exuberance over Moody's Mood SwingA Tax-person's perspective of bringing Real Estate under GSTI-T - Short deduction of TDS under bonafide wrong impression, due to difference of opinion as regards taxability of any item, is no basis to declare Assessee as defaulter: ITATThough DEPB scripts are issued by DGFT, relevant notifications are for Customs exemption - Power to exempt would include power to demand in event such exemption is misused: CESTATCX - It is settled position of law that once duty has been paid it is to be considered as a reversal of cenvat credit availed: CESTAT

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