CBDT invites Comments/Suggestions on Draft GAAR Guidelines

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA

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CBDT INVITES COMMENTS/SUGGESTIONS ON DRAFT GAAR GUIDELINES

New Delhi: Ashadha 08, 1934

June 29, 2012

The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the relevant Annexures. All these details are available on the Departmental websites-www.pib.nic.in, www.finmin.nic.in, www.incometaxindia.gov.in and www.irsofficersonline.gov.in.

Applicability of provisions of the Finance Act, 2004 relating to EC and the Finance Act, 2007 relating to SHEC

Circular No. 160/11/2012-ST

F.No.334/1/2012-TRU

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

(Tax Research Unit)

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Room No. 153, North Block,

New Delhi, 29^th June, 2012.

To

Chief Commissioners of Customs and Central Excise (All)

Chief Commissioners of Central Excise & Service Tax (All)

Directors General of Service Tax/Central Excise Intelligence/Audit

Commissioners of Central Excise & Service Tax (All)

Commissioners of Service Tax (All)

Commissioners of Customs and Central Excise (All)

           

Madam/Sir,

Subject: Applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess– regarding.        

            There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012.  In this connection, as also in general, you may kindly refer to the sub-section (1) of section 8 of the General Clauses Act, 1897 which reads as under:

Service Tax - Instructions issued by Tax Research Unit - D.O. letter dated 29-06-2012 by Joint Secretary (TRU-II)

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE & CUSTOMS

(TAX RESEARCH UNIT)

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V.K. Garg

Joint Secretary (TRU-II)

Tel: 23093027; Fax: 23093037

Email:  garg.vk@nic.in

D.O.F.No.334/1/2012-TRU

New Delhi dated the 29^th June, 2012

Dear Madam/Sir,

You will be already aware that the Negative List, together with many other accompanying changes, comes into operation from July 1, 2012.

2.         The necessary notifications from 25/2012-ST to 40/2012-ST and Notification No. 28/2012-CX (NT) were issued on June 20, 2012 and have comprehensive changes relating to exemptions, Place of Provision Rules, 2012, changes to Service Tax Rules, 1994, Cenvat Credit Rules, 2004 and details of all the notifications that are being rescinded.

CG extends Bank Guarantee as an option in respect of Excise duty exemption for Mega/ Ultra mega power projects

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

New Delhi, the 27^th June, 2012

Notification No. 28/2012-Central Excise

G.S.R. 509(E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on 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 (Department of Revenue), No. 12/2012-Central Excise, dated the 17^th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated 17^th March, 2012, namely:-

CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scarp, Poppy seeds, Gold and Silver

[TO BE PUBLISHED THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]

Government of India

Ministry of Finance

(Department of Revenue)

(Central Board of Excise and Customs)

Notification No.

55/2012-CUSTOMS (N. T.)

New Delhi, 29^th of June, 2012

8 Ashadha, 1934 (SAKA)

S.O. ... (E).- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

CBEC amends Notification No. 14/2002 – Customs (N.T.) dated March 7, 2002

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 54/2012 - Customs (N.T.)

New Delhi, dated the  29^th June, 2012

            G.S.R…..(E).- In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 14/2002-Customs (N.T.), dated the 7^th March, 2002, published in the Gazette of India,  vide number G.S.R. 170(E), dated the 7^th March, 2002, namely:-

CG adds Bank Guarantee as an option in respect of duty exemption for Mega/Ultra mega power projects

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

 New Delhi, the 27^th June, 2012

Notification No. 43/2012-Customs

            G.S.R. 508(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on 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 (Department of Revenue) No. 12/2012- Customs, dated the 17^th March, 2012, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)  vide number G.S.R. 185(E), dated the 17^th March, 2012, namely:-

Extension of time for filing of Annual Return by LLPs

Circular No. 15/2012

F.No. 1/1/2011-CL-V

Government of India

Ministry of Corporate Affairs

5^th Floor, A Wing, Shastri Bhavan

Dr. R.P. Road, New Delhi-110001

Dated 29.06.2012

All the Regional Directors,

All the Registrar of Companies / Official Liquidators All Stakeholders

Sub: Extension of time in Filing of annual return by Limited Liability Partnerships (LLPs)

Sir,

In continuation of this Ministry's Circular no 13/2012 dated 06.06.2012 on the subject cited above, it is stated that the time for filing the Annual Return by LLPs (i.e. Form 11) has been extended up to 31^st July, 2012.

Filing of Cost Audit Report and Compliance Report in XBRL mode

52/17/CAB-2011

Government of India

Ministry of Corporate Affairs

Cost Audit Branch

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'B-1' Wing, 2^nd Floor,

Paryavaran Bhawan,

CGO Complex,

Lodhi Road,

New Delhi - 110 003

Dated the June 29, 2012

To,

The President,

Institute of Cost Accountants of India, 12, Sudder Street, Kolkata - 700 016 

Subject: Filing of Cost Audit Report (Form-1) and Compliance Report (Form-A) in the extensible Business Reporting Language (XBRL) mode.

Sir,

In continuation of MCA's General Circular No. 8/2012 dated 10^th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31^st July, 2012. The Institute is requested to circulate this for the information of all concerned.

CG amends notification No. 100/2009-Cus, 101/2009-Cus, 102/2009-Cus and 103/2009-Cus all dt.11-09-2009 and 104/2009-Cus dt.14-09-2009

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,

PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 42 /2012-Customs

New Delhi, the  22^nd  June, 2012.

Ashadha 1 , 1934 SAKA

            G.S.R. 498 (E). -  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 directs that each of the notifications of the  Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, shall be amended or further amended, as the case may be, in the manner  specified in the corresponding entry in column (3) of the said Table, namely :-