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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...

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...

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