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WTO reviews India’s trade policy

8 June, 2015

India’s trade policy is under review by the WTO for the sixth time. According to the report by the WTO’s Secretariat, though India continued its efforts to liberalize and facilitate trade, its tariff structure remains complex. It further states that the trade regime is less predictable as constantly notifications are being issued by DGFT ...

ITAT can extend stay beyond 365 days

22 May, 2015

Does the Income Tax Appellate Tribunal (ITAT) have power to extend stay beyond 365 days? The Delhi High Court in Pepsi Foods Pvt. Ltd v. ACIT, WP(C )1334/2015 decided on 19-5-2015 held that when the delay in disposing of the appeal is not attributable to the assessee, the Tribunal has the power to grant extension of stay beyond 365 days.

Manufacture & excise – Supreme Court lays down guidelines

22 May, 2015

Supreme Court of India has recently delivered three important judgments relating to the question as to whether the process followed by the assessee amounts to ‘manufacture’ for the purpose of imposition of Central Excise duty, which is levied in India on manufactured goods.

No ‘manufacture’ in sterilization of syring...

New Service Tax rate of 14% applicable from 1st June, 2015

22nd May, 2015

Service Tax levied in India on all services, except a few as listed in the negative list of services, will be applicable at the rate of 14%, instead of 12%, with effect from 1st of June, 2015. However, both the Education Cesses, i.e. Education Cess and Secondary & Higher Education Cess, have been abolished, from such date in respect of all the services.

Finance Act, 2015 comes into force

18 May, 2015

Finance Bill, 2015 has received President’s Assent and Finance Act, 2015 (20 of 2015) is in force from 14 May, 2015.

Major amendments include amendment to Section 28 of the Customs Act, 1962 to provide for non-imposition of penalty if duty with interest is paid within 30 days of receipt of show cause notice. The new provisions, relevant in case o...

Transfer of right to use trademark – Liability under Maharashtra Sales Tax

16 April, 2015 Bombay High Court has held that the amount received by the assessee on transfer of right to use the trademark would be liable to be taxed under “Maharashtra Sales Tax on the Transfer of the Right to use any Goods for any Purposes Act, 1985”. The assessee (Tata Sons Ltd.) had entered into a ‘Brand Equity and Business Promotion Agreement’ which provided detailed guidelines for us...

New service tax rate not yet in force – CBEC clarifies

16 April, 2015 CBEC has clarified by Circular No. 183/02/2015-S.T., dated 10-4-2015 that the new rate of service tax i.e. 14% shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015. This date for new rate will be notified in due course after enactment. It has been further clarified that no change has been made in Rule 2C of ...

India announces new Foreign Trade Policy

1 April, 2015 With the aim of doubling India’s export of merchandise and services by the year 2020, the Indian Commerce and Industry Ministry has today (1-4-2015) announced the new Foreign Trade Policy 2015-2020 (FTP). According to the FTP statement, the Policy seeks to accelerate exports through various schemes intended to exempt and remit indirect taxes on inputs physically incorporated i...

Anti-dumping – DA to supply relied upon information & follow timelines

Delhi High Court has quashed the final findings of the Designated Authority (DA) recommending imposition of definitive anti-dumping duty on USB Pen drives imported from China, Taiwan and Korea RP. It was held that the DA had not provided the information or material considered by him, to the other party (petitioner), and has hence violated the principles of natural justice which is fatal to the ...

Budget 2015 - Major changes proposed in Direct Tax

28 February, 2015 The Finance Minister presented the Finance Bill, 2015 today. While no major relief has been announced on personal taxation, corporate taxes are proposed to be rationalised in a phased manner to bring down the rate of taxation. However, for the present, no change has been announced on rates of tax for companies. Incentives for investment in notified backward areas of Andhra P...

Budget 2015 – Penalty provisions relaxed in Excise and Customs

28 February, 2015 Finance Bill 2015 introduced in the Lok Sabha (Lower House of the Indian Parliament) today on 28-2-2015, has proposed certain relaxations in respect of penalty provisions under Central Excise and Customs Laws. Section 28 of the Customs Act, 1962 is proposed to be amended to provide for non-imposition of penalty if the person to whom a show cause notice has been issued in ...

Budget 2015 – Tax rates enhanced but procedures relaxed

28 February 2015 Rate of Central Excise duty, which is levied on goods manufactured in India, have been revised upwards for several items. In its first full Budget presentation since taking office in June last year, the Finance Minister has today (28-2-2015) enhanced the rates of Central Excise duty to 12.5%. There is however a small breather inasmuch as exemption has been provided from the E...

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