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...
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...
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