Pradeep Jain - Chartered Accountant

Chartered Accountant

Corporate News

* No SEZ status for Infosys, says West Bengal government * Budget 2012: Reduce tax burden on DTH industry, says Dish TV * ‘Open up non-food retail to FDI’ – CMAI tells govt’ * RBI relaxes norms on companies' import payments * Deposits in foreign banks may attract wealth tax * Global steel demand to go up by 5.4% in 2012: WSA * Govt releases retail inflation data; Jan CPI at 7.65% * Economic slowdown likely to be temporary: Pranab Mukherjee * Exporters want opening of gems, jewellery trade with Pak * Rlys stares at a Rs 2 lakh-cr crunch * Cement makers want Budget to bring anomaly to end * GST to boost commodity bourses growth: MCX * Budget 2012: Increase availability of vegetable oils from domestic resources, says FICCI * Raw leather imports set to rise on buoyant demand * SC decides on taxability of sales from bonded warehouses * Budget 2012: Government could create Retail Entertainment Zones, says FICCI * Growth rates of 9-10% key to employing more * Budget 2012: Paper industry requires large scale investments, says FICCI

Subject News

* Customs House Agent service – whether reimbursement charges are to be excluded from the value of taxable service? {See PJ/Case Laws/2011-12/1532 in what’s new} * Whether service provided from outside India will be liable for registration or filing of any return? {See PJ/Case Laws/2011-12/1531 in what’s new} * Refund of excise duty on supplementary invoices issued by Jobwrker - whether can be allowed when duty paid in lieu of SCN alleging wilful suppression etc {See PJ/Case Laws/2011-12/1530 in what's new} * When no positive act or deliberate suppression – whether extended period of limitation can be invoked? {See PJ/Case Laws/2011-12/1529 in what’s new} * Civil construction work done for constructing petrol pump - Whether Erection, Commissioning and Installation services? {See PJ/Case Laws/2011-12/1529 in what’s new} * Service Tax on activities undertaken by Developer/Builder before completion certificate granted by deeming them as Construction services - validity of {See PJ/Case Study/2011-12/46 in what's new} * Keep distribution outside service tax ambit: Power producers * Pranab Mukherjee hopeful of meeting indirect tax collection target in FY12 * Dumping duty likely on phosphoric acid imports from Israel, Taiwan * Govt should not give away too much in FTA with EU: Assocham * State FMs meet on March 3, decide on expanding service tax net * Budget 2012: Duties on fibres should be brought down to 4%, says FICCI * Budget 2012: Sales made to Indian telecom operators should be given deemed export status, says FICCI * Finance ministry to impose service tax on infrastructure companies building government projects * Calculation of Iron content in exported Iron Ore to be made on Wet Metric Ton (WMT) basis i.e. deducting weight of impurities out of total weight/Gross Weight {See Customs Circular No. 4/2012-Cus in what’s new} * 19% import duty likely on power equipment for mega projects * FSSAI makes it convenient for food importers; payment system goes online * FICCI seeks reduction in Cenvat on food processing in pre-budget memorandum * Uttarakhand, Himachal Pradesh manufacturing units to get tax breaks even if company is sold: CBEC * Negative list is no plus for GST * Filmmakers met FM, oppose any move to impose service tax * ASSOCHAM calls for drawback benefits in SEZs against payment in rupees * Budget 2012: Small hydro sector should be given status of zero/nominal duty under GST, says FICCI * Budget 2012: Exempt all life saving medical devices from customs duty, says FICCI * IBA working on roll out of online transmission of BRCs: DGFT

Dilip Mishra on 21 Feb, 2012 wrote:

Budget Suggestion: Being a salary person I am expecting that the exemption limit should be increase from 1.8 to 3.00
K Shankar on 21 Feb, 2012 wrote:

Budget Comment: I am sincerely thanks for the opportunity given to me to give my view. My simple and clear views are as under: 1. To my best of knowl ...
Manish Vyas on 19 Feb, 2012 wrote:

Courier Bill of Entry should be notified specifically as Bill of Entry: Courier Bill of entry should be recognized as a Bill of entry so that credit c ...
Mahesh Parmar on 19 Feb, 2012 wrote:

Amendment in Rule 14 of CCR, 2004: Rule 14 creating liability to pay interest on wrongly taken or utilized cenvat credit should be amended and in clea ...
Arpita Birla on 19 Feb, 2012 wrote:

Refund of Unutilized Cenvat Credit under Rule 5 of CCR, 2004: The refund of unutilized cenvat credit under Rule 5 of CCR in case of inputs and input s ...
Sukhvinder Kaur on 19 Feb, 2012 wrote:

Removal of Service Tax on Branded Garments:The Service Tax on branded garments was introduced in the last Budget. The result of the levy was that the ...
E S Ullas on 14 Feb, 2012 wrote:

Sir, I would like to know the present basic duty and CVD payable on the following commodities: 1) Iron Ore Pellets; and 2) Direct Reduced Iron (D ...
Siddharth Rutiya on 04 Feb, 2012 wrote:

Hope this budget will bring new opportunities for indirect tax practitioners.. with the hope of a tentative date for implementation of GST tax regime. ...
Sanjay Aggarwal on 29 Jan, 2012 wrote:

What is the legal stand supported by case laws for taking over a elctrical company by a pharma compnay and start manufacturing of medicines under simi ...
Mitra Mazumder on 27 Jan, 2012 wrote:

I think rebate facility for export should be withdrawn. In terms of Rule 18 party exports good with payment of duty. then he claims rebate, but it app ...

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Department News

Corrigendum to Office Order No. 21/

Office Order No. 21/2012, Dated:07/

Office Order No. 17/2012-NFSG

Office Order No. 15/2012

Office Order No. 05/2012-NFSG

Office Order No. 11/2012

Notification No. 1/2012-NFSG

Corrigendum to Office Order No. 253

Office Order No. 257/2011

Office Order No. 256/2011

more ...

We buy raw material from domestic manufacturer and claim Cenvat and after processing exporting the final product without payment of duty. Is there any additional export benefit in Customs/Excise other that claiming cenvat on RM.
yes, there are number of export benefits available like drawback, advance authorisation/ DFIA etc. You can go through foreign trade policy to view the ..
Sir, we as a dealer sold 100 Qty to manufacturer with cenvat pass, now manufacturer wants to return 60 qty back to us through issuance of excise invoice by reversing the cenvat amount availed on 60 Qty. Can we take it as fresh entry in RG23D and pass on the same to other manfuacturer/dealer.
Yes, you as a dealer can do so. The only requirement for the dealer is that the goods should be received under a duty paying document. Since the deale ..
Respected Sir. We have purchase Raw Material from HALDIA Petrofils. We have got the RM with Excise Duty, also they have charged Freight Charges + Service Tax. Can we take Credit of the same Invoice.
Yes, we can also take the credit of service tax charged on Freight in Excise invoice. Any invoice issued under Rule 11 of Central Excise Rules is a va ..
I have paid the 4% addl. duty and CVD on imports by partly through debiting of DEPB licence and partly by Cash. Can I avail CENVAT credit on the said Addl. Duty and CVD which is paid through DEPB. If yes, what document to be provided, since Bill of Entry does not reveal the details of duties paid through DEPB. Only the total amount debited in DEPB license is mentioned in Bill of Entry. Please advice.
Yes, manufacturer can take credit of 4% SAD and CVD paid through DEPB as per condition number (vi) specified in notification number 97/2009-Cus. Dated ..
Respected Sir, how to sale machinery in excise if it is purchased from a non-excisable trader,it will be an exempted sale or it would be a duty paid sale.
As per Rule, we have to reverse the cenvat credit on removal of capital goods. As we have purcahsed from non-registered dealer then we have not taken ..
i want to know what r the service tax provisions related to works contract service what r the requirment for filling return for such work contract service and the time period in which is should be filled
The provisions relating to works contract are very vast and it is difficlut to answer the same in this query section. If we are registered in works co ..
i have purchased mahciney for rs.200000.00 and taken credit Rs.10000.00(50%)and i want to sell mahcinery after 2 months then we have to calculate duty on 50% taken or on 100% duty?and can we take remaining 50% credit on the sold machiney.
While removing the machine from the factory, you should take the remaining 50% Credit. This means that the whole credit of duty is to be taken in the ..
In case of goods exported, If we have availed rebate of excise duty paid on inputs under rule 18, can we avail 1% duty drawback as per customs circular no 35/2010 dtd 17/9/10?
There are two types of rates in the drawback schedule. One is "with cenvat credit" which is custom portion only. The other is 'without cenvat credit" ..
We have paid service tax on bills towards our parent company outside india. Now when we came to know that it is covered under Export of service, we are claiming refund of service tax paid. But deptt is saying since we have recovered Service tax from our parent company, they will transfer the refund to Consumer Welfare Fund. Please help....
A person cannot be enriched unjustly. If you have recovered service tax paid by you from your parent company then you cannot claim refund of service t ..
Dear sir, I have request the my new password as earlier as possible the above email address, AMIT
in case you have forgot the password then at the time of login, you should click on "Forgot password". You will get the username and password on your ..

PRADEEP JAIN, F.C.A.

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