Chartered Accountant
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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 *  Dutiability of Scrap & waste cleared from Factory workshop and generated from wear and tear {See PJ/Case Laws/2011-12/1533 in what's new}  *  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  

Comments

  • 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  ...

Dependence on imports on the rise; domestic Dec gas output falls 10.8%

Domestic crude oil and natural gas output in December was down 5.6 per cent and 10.8 per cent, respectively, year-on-year. Companies like GAIL (India) that are into gas transmission and marketing have stepped up import of natural gas.  For instance, in the third quarter of the last fiscal GAIL’s gas mix had one mmscmd of imported gas, while in third quarter of this fiscal four mmscmd accounted for liquefied natural gas (LNG) sourced by it and 16 mmscmd is the long-term contracts the company has. Therefore, of the total 84 mmscmd of gas which GAIL markets, 20 mmscmd is imported gas.  The natural gas output fell for the 13th straight month by 10.8 per cent to 3.915 billion cubic metres year-on-year. This was due to the decline in output at Reliance Industries Ltd-operated D6 block in Krishna Godavari Basin. The output from offshore fields fell by 14.4 per cent at 3.131 billion cubic metre. The domestic oil refiners imported 13.602 million tonnes of crude oil, down from 14.82 million tonne in November. This was because refineries of Hindustan Petroleum Corporation, Chennai Petroleum Corporation and Reliance Industries turned less crude into fuels.  Total refinery output of the 17 public sector and two private sectors was up 0.8 per cent year-on-year at 14.824 million tonne. Reliance Industries from its first refinery in Jamnagar processed 4.2 per cent less crude oil in December at 2.9 million tonne against the same month last year.
 
(Source- hindubusinessline.com)
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