Lakshmi Kumaran & Sridharan AttorneysAn ISO 9001 / 27001 certified law firm

Tax News

Search From Date To Date
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...

Major relief for exporters and importers by CBEC

14 January, 2015 Central Board of Excise and Customs has last month given some major relief to Indian exporters and importers in terms of procedures to be followed while making imports and exports. While Packing list is not mandatory now, benefit of exemption from bank guarantee has been made available to authorization holders who were penalized earlier. Benefit of ACP status has also been fu...

Sale of used motor vehicles – Exemption under Delhi VAT

14 January, 2015 Sale consideration received on resale of used motor vehicle to third parties by dealers of different commodities is not includible in the taxable turnover for attracting liability under Delhi VAT provisions if conditions of Section 6(3) of DVAT Act are satisfied. The Delhi High Court, in the case of Anand Decors v. Commissioner, while holding so looked into the definitions of...

India set to introduce GST

23 December, 2014 India took its first major step on GST when the 122nd Constitutional Amendment Bill, 2014 was introduced in Lok Sabha (House of People) on 19-12-2014. The amendments proposed in the Indian Constitution relate to introduction of Goods and Services Tax across the country. The Bill is likely to be taken up for detailed discussions in the Budget Session of the Indian Parliamen...

Dross & skimmings not liable to excise duty – Bombay HC

17 December, 2014 Bombay High Court has quashed CESTAT Larger Bench Order which had held that aluminium dross and skimmings are excisable goods in view of the Explanation to Section 2(d) of the Central Excise Act, 1944 which was inserted with effect from 10-5-2008. The court in this regard also set aside two CBEC Circulars dated 28-10-2009 and 14-2-2011. The petitioner had contended that such...

WTO upholds major claims of India in steel dispute appeal

11th December, 2014 India achieved a significant victory at the WTO on December 8, 2014,  as the Appellate Body has held that the Countervailing Duty (CVD) measures imposed by the United States against certain Hot Rolled Carbon Steel Flat Products are inconsistent with the provisions of the Agreement on Subsidies and Countervailing Measures (ASCM) of the WTO. The Appellate Body has emphatic...

WTO releases World Trade Report

6 November, 2014 The recently released World Trade Report traces the growth of world trade through the world war eras and varying perceptions to protectionism and identifies four main trends which are of current importance -the rise of new economic powers, the spread of global value chains, the growing importance of commodities trade, and the deepening integration and volatility of the world ...

Issue of shares at premium not an international transaction

13 October, 2014 To apply provisions of Chapter X of the Income Tax Act, 1961 (the Act), there must be some income chargeable to tax arising from an international transaction. The High Court of Bombay in Vodafone India Services v. UOI, Writ Petition 871/2014 [10th October,2014] held that issue of shares at a premium did not give rise to any income and transfer pricing provisions were therefor...

Pre-deposit provisions in Excise, Customs & Service tax laws clarified

16 September, 2014 Central Board of Excise & Customs (CBEC) has clarified today some of the provisions relating to mandatory pre-deposit for filing appeals and refund thereof in case of favorable order, which were brought into force from 6-8-2014 by Finance (No. 2) Act, 2014. Circular No. 984/4/2014-CX,dated 16-9-2014 issued in this regard specifies simple procedure for making pre-deposit and...

Drawback - Brand rate can be claimed after availing All Industry Rate

2 September, 2014 An exporter is not barred from seeking fixation of brand rate of Duty Drawback under Rule 7 of the Drawback Rules merely because, at the time of export, he had applied for and was granted drawback at the All Industry Rate (AIR) under Rule 3. The Bombay High Court, in its judgement dated 1-9-2014, while holding so, has also struck down clause (d) of the Circular dated 30-12-2...

Changes in Service Tax and Cenvat Credit Rules

28 August, 2014 Certain changes in service tax provisions announced in this year’s Union Budget will come into effect from 1st October, 2014. As per Finance (No. 2) Act, 2014, changes relating to negative list will come into effect from a date to be notified and this date has now been notified as 1-10-2014. The Central Board of Excise & Customs (CBEC) has issued Notification No. 18/2014-S.T.,...

Page(s) 1 2 3 4 5 6 7 8 9 10 
Please refer 'Archives' section to see older items.
Search People
Search People
Alphabetical by First Name
A|B|C|D|E|F|G|H|I|J
K|L|M|N|O|P|Q|R|S|T
U|V|W|X|Y|Z
Enter at least a name or a keyword to search