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Posted On:  1 year ago


Relaxation in Import policy Granite Slabs wef 01.10.2016

The import of items under the ITC(HS) Codes 68022310, 68022390, 68022900 and 68029300 related to granite slabs is permitted freely provided cif value is US $ 50 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016. Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (

article author One Roof Consultant

Posted On:  1 year ago


CBDT notifies India Infradebt Limited as infrastructure debt fund U/s. 10(47)

S.O. 2972(E).-In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies M/s. India Infradebt Limited as an infrastructure debt fund for the purposes of the said clause, for the assessment year 2013-14 and subsequent assessment years. 2. This notification shall be subject to the following conditions, namely:- (i) that the infrastructure debt fund shall conform to and comply with the provisions of the Income-tax Act, 1961 and Rule 2F of the Income-tax Rules, 1962 and the conditions provided by the Reserve Bank of India in this regard;

article author One Roof Consultant

Posted On:  1 year ago


Relaxation in Import policy of Marble slabs w.e.f. 1.10.2016

The import of items under the ITC(HS) Codes 6802 10 00, 6802 21 10, 6802 21 20, 680221 90, 6802 91 00, 6802 9200 and 25151220 related to marble slabs is permitted freely provided cif value is US $ 40 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  1 year ago


Import policy of Rough Marble and Travertine Blocks

Import of Marble and Travertine- Crude or Roughly trimmed and merely cut, by sawing or otherwise, into blocks of a rectangular (including square) shape permitted freely provided cif value is US$ 200 or above per MT. Import policy of Rough Marble and Travertine Blocks S.O.(E) – In exercise of the powers conferred by Section 3 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the Import Policy Condition of Schedule-I (Import Policy) in respect of ITC (HS) Codes 25151100, 25151210 and 25151290 w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  1 year ago


Has the enactment of Constitution (One Hundred and First Amendment) Act, 2016 offered a free-bee to Indirect tax assesses?

With the release of Notification No. SO2986(E), dated 16 September 2016 (“Notification”), the Central Government has notified the enactment of the Constitution (One Hundred and First Amendment) Act, 2016 (“Act”) with effect from 16 September 2016. Accordingly, Article 246A of the Constitution has become operational from 16 September 2016 which inter alia empowers the Centre and the States to make law with respect to ‘supply of goods and services’. Effectively, in respect of ‘supply of goods and services’, taxes may now be imposed only under Article 246A of the Constitution and such tax is Goods and Services Tax (“GST”).

article author Akhil Gupta

Posted On:  1 year ago


Corrigendum to Notification No S.O.2380 (E) dated the 12th July 2016

In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.2380(E) dated the 12th July 2016, PUBLISHED IN THE Gazette of India, Extraordinary, Part – II, Section 3, sub-section (ii) dated 12th July 2016.

article author One Roof Consultant

Posted On:  1 year ago


Issuance of Free Sale & Commerce Certificate to Merchant Exporters

Para 2.37 of Hand Book of Procedure, 2015-2020 deals with the issue of Free Sale & Commerce Certificate by Regional Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter (if he himself

article author One Roof Consultant

Posted On:  1 year ago


Amendment in CBEC Form ARE-2-reg

In exercise of the powers conferred by rule 18 of the Central Excise Rules, 2002, the Central Government being satisfied that it is necessary in public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No 21/2004-CE (N.T.) dated 06.09.2004, published in the Gazette of India, extraordinary, Part II, Section 3, Sub-section(i), vide GSR 572( E), dated the 6th September, 2014, namely

article author One Roof Consultant

Posted On:  1 year ago


Custom Duty increase on Marble/ Travertine blocks, Marble / Granite slabs

Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance

article author One Roof Consultant

Posted On:  1 year ago


MVAT rates increased to 6% & 13.5% wef 17.09.2016

Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follow

article author One Roof Consultant

Posted On:  1 year ago


The Income Declaration Scheme, 2016 – Notice issued on or before 31.05.2016 but assessment completed- Eligibility?

The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations upto 30.09.2016. Vide Circular No.16 of 2016 dated 20.05.2016; it was clarified that a person will not be eligible to file declaration under the Scheme for the assessment year(s) in respect of which a notice under section 142(1)/143(2)/148/153A/153C has been served upon him on or before 31.05.2016.

article author One Roof Consultant

Posted On:  1 year ago


GST- Govt notifies applicability of 19 Section from 16.09.2016

S.O. 2986(E).-In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016

article author One Roof Consultant

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  1 year ago


Guidelines for Issue of Duty Credit Scripts under IEIS Scheme

Guidelines for Issuance of Duty Credit Scripts under Incremental Export Incentivisation Scheme (IEIS) for Quarterly period (01.01.2013 to 31.03.2013) in pursuance of Trade Notice 04 dated 05.05.2016. The Incremental Export Incentivisation Scheme (IEIS) for Quarterly basis (01.01.2013 to 31.03.2013) was introduced vide Notification No.27 dated 28.12.2012. Under this scheme

article author One Roof Consultant

Posted On:  1 year ago


IDS 2016 receipt counter to remain open on 30.09.2016 till midnight

The last date for making declaration under the Income Declaration Scheme (I.D.S.), 2016 is 30th September, 2016 and hence the declarations can be filed till the midnight of that day. In order to facilitate the filing of declarations even after the office hours, the Pr. CCs. I.T is instructed to ensure that the counters

article author One Roof Consultant

Posted On:  1 year ago


CBDT clarifies unconfirmed reports on IDS 2016

Certain sections of the press have been speculating on the taxpayer response to the currently on-going Income Disclosure Scheme 2016 over the last couple of days. The CBDT would like to clarify that these are not based on any statements issued by the Department. The Department has since the commencement of the scheme, set to rest, various concerns of the taxpayers through public meetings and through the issue of FAQs over the last 3-1/2 months. The benefits of the scheme have also been publicized through print and electronic media, in both national and regional languages

article author One Roof Consultant

Posted On:  1 year ago


The Direct Tax Dispute Resolution Scheme, 2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed upto 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT(A)] as on 29th February, 2016, subject to certain conditions. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

article author One Roof Consultant

Posted On:  1 year ago


Instructions regarding implementation of Rules of Origin under Free/Preferential Trade Agreements and the verification of preferential Certificates of Origin- reg

India has signed Free/Preferential Trade Agreements / Comprehensive Economic Partnership/ Cooperation Agreement (FTA/CEPA/CECA) with a number of countries and trading blocks. 2. Rules of Origin are notified under each of the Agreements which require the importer to, inter alia, make a claim for preferential tariff at the time of importation, and submit a Certificate of Origin (COO) in the prescribed form. The Rules of Origin under the FTAs, as notified under Section 5 (1) of the Customs Tariff Act, 1975, provide for verifying the authenticity of the Certificates of Origin and also the information contained therein. The grounds provided for verification are

article author One Roof Consultant

Posted On:  1 year ago


Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, 2016 (hereinafter referred to as ‘the Act’) provides an opportunity to tax payers who are under litigation to come forward and settle the dispute in accordance with the provisions of the Scheme. The Direct Tax Dispute Resolution Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified.

article author One Roof Consultant

Posted On:  1 year ago


How failure to disclose your undisclosed income under Income Declaration Scheme may give power to AO to reopen assessment of last 50 years u/s 197(c)

Under Income Declaration Scheme every person, (Individual, Partnership Company, Trust, etc.) can declare undisclosed income pertains to AY 1962-63 onwards and pay tax @ 45% and be assured of secrecy and immunity form penalty and prosecution

article author CA Chirag Chauhan