CBEC issues Clarification on Various issues relating to Service Tax VCES

Circular No.  170/5 /2013 - ST

Subject: The Service Tax Voluntary Compliance Encouragement Scheme - clarifications regarding.

             The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect from 10.5.2013. Some of the issues raised with reference to the Scheme have been clarified by the Board vide circular No. 169/4/2013-ST, dated 13.5.2013.  Subsequently, references have been received by the Board seeking further clarifications as regards the scope and applicability of the Scheme.

Clearance for Companies Bill, 2012 from Rajya Sabha

Rajya Sabha today passed the Companies bill, 2012. The bill was passed by the lower house in 2012. It was tabled in the upper house today and will bring international best practices to Indian businesses. 

The  new legislation will provide for class action lawsuit to be filed. The bill also stipulates a new company law tribunal to be set up.

DVAT - Date for filing of Return for 1st Quarter of FY 2013-14 extended till 29.08.2013

In partial modification to this department's Circular NO.7 of 2013-14 on the subject cited above, and in exercise of the powers conferred under Rule 49A of DVAT Rules, 2005, the last date of filing of return, excluding Annexure 2C and Annexure 20, for the quarter ending 30/06/2013 for dealers, including composition dealers, is extended to the following dates:

• Last Date for Filing Online Return - 29.08.2013
• Last Date for Filing of Hard Copy of Online Return - 31.08.2013

Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial-year 2013-2014

In supersession of earlier instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2013-2014:

2. The targets for completion of scrutiny assessments and strategy of framing quality assessments as contained in Central Action plan document for Financial Year 2013-2014 has to be complied with. It is being reiterated that all scrutiny assessments including the cases selected under manual criteria will be completed through AST system software only.

DVAT - Rate of VAT on cups/glasses of paper containing Printed Name

IN THE OFFICE OF COMMISSIONER

DEPARTMENT OF TRADE AND TAXES

GOVERNMENT OF N.C.T. OF DELHI

VYAPAR BHAWAN, NEW DELHI

No.336/CDVAT/2013/ 183

Dated: 18-7-2013

G.K. Malhotra

F-1/29 B, Hari Nagar,

New Delhi-110064

ORDER

Present for the Applicant : Sh. Jagmohan Singh, CA

Present for the Department : Sh. T.C. Sharma, Departmental Representative

The above named applicant filed an application on 24.5.2013 under section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the “said Act”) and the question put up for determination under the aforesaid provision of law is as under: -

“What is the rate of DVAT on cups/glasses of paper containing printed name?”

DVAT - Filing of Stock Statement for Dealers having GTO less than 1 Crore extended till 19.08.2013

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY)

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

DEPARTMENT OF TRADE AND TAXES

VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002

No.F.7(433)/Policy-II/VAT/2012/Part File/565-576                                                 Dated: 02/08/2013

NOTIFICATION

In partial modification of Notification No.F.7(433)/Policy-II/VAT/2012/Part File/353-364 dated 28/06/2013, I, Prashant Goyal, Commissioner, Value Added Tax, in exercise of the powers conferred on me under sub-section(1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, do hereby extend the date for filing of stock statement in Form Stock-1 online for the stock available on 31st March, 2013 to the following date:

Due Date for Filing of Income Tax Return extended to August 5, 2013

The Government of India, in consultation with CBEC, has extended the deadline for filing of income tax returns to August 5, 2013 from July 31, 2013 set earlier.

"As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013, to 5th August, 2013," the finance ministry said in a statement.

"Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes," it said.

Release of Excel Utility for Filing of Service Tax return of October 2012 to March 2013 - CBEC

The Offline Excel utility for filing half-yearly Service Tax Return (ST-3) for the period October 2012 to March 2013 is now available in the ACES website.

 

The online version of the same will be made available shortly. It is to be noted that the due date for filing the Return has already been announced to be 31st August 2013 vide Order No. 3/2013 - ST dated 23.04.2013.

Submission of DVAT Form T2 deferred till any further Notification

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

DEPARTMENT OF TRADE AND TAXES

VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002

No.F.7(433)/Policy-II/VAT/2012/530-541                                                                 Dated: 29-07-2013

NOTIFICATION

In exercise of the powers conferred. under sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 orany.future date on which the dealer attains the lower limit of GTO of Rs. 10 Cr., vide notification No. F.7(433)/Policy-111VAT/2012/180-190 dated 17.05.2013. to file online information on the goods being imported, but before entry of such goods, into the Territory of Delhi.

E-filing of Audit Reports with the Income Tax Department for AY 2013-14 and onwards

An assessee required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, shall furnish the said report of audit  and the return of Income electronically for AY 2013-14 and onwards as specified in Notification No. 42/2013 dated 11th June 2013.

Rupee plunges below 60-mark, prices set to soar

The rupee hit an all-time low of 60.71 to the dollar on Wednesday, threatening to blow a bigger hole in household budgets and dashing hopes that the Reserve Bank of India (RBI) will make loans cheaper.

The currency has lost 13% since May, and it could continue to fall unless policy steps to boost the economy are outlined soon, analysts warned.

A sliding rupee is toxic. For a start, it means that India needs to shell out more cash to import fuel, and this in turn raises the prices of transporting goods, leading to higher inflation.

Date of Filing of Form DP-1 Extended as per the GTO of the dealer in the FY 2012-13

Notification

In partial modification of Notification No. F.3(352)/Policy/VAT/2013/231-241 dated 28.05.2013 regarding submission of information online in Form DP-1, I, Prashant Goyal, Commissioner, Value Added Tax, Government of NCT of Delhi, in exercise with power conferred on me by sub-section (1) read with sub-section (2) and (3) of section 70 and sub-section (2) of section 59 of the Delhi Value Added Tax Act, 2004, hereby direct that the information in online Form DP-1, shall be submitted by the dealers as per following schedule:-

CG amends Notification No. 36/2001 dated 03.08.2001

Notification No. 67/2013-Customs (N.T.)

New Delhi, 25th June, 2013

4 Ashadha, 1935 (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 Government , being satisfied that it is necessary and expedient so to do , hereby fixes the tariff value specified in column (4) of the Table below, in respect of the imported goods of the description specified in the corresponding entry in column (3) of the said table and falling under Chapter or heading or sub-heading No. of the first schedule to the Customs Tariff Act, 1975 (51 of 1975), as is specified in the corresponding entry in column (2) of the said Table, having regard to the trend of the value of such or like goods and makes the following further 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 3rd August , 2001 published vide number S.O. 748 (E) dated the 3rd August , 2001 Namely :-

Only "Online Applications" would be acceptable for DVAT Registration w.e.f. 1st July 2013

Notification

I, Prashant Goyal, Commissioner, Value Added Tax, Delhi, in exercise of the powers conferred on me by sub rule (1) of Rule 63 of the Delhi Value Added Tax Rules, 2005, hereby direct that, with effect from 1st July, 2013, the application for registration in Form DVAT-04 under section 19 of the Delhi Value Added Tax Act, 2004, shall be submitted online by the applicant dealer on the departmental website. 'Further, such dealer shall also submit a hard copy of the application with supporting documents, within three working days of electronic filing of such application, in the concerned ward.

FDI in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

RBI/2012-13/502
A.P. (DIR Series) Circular No. 104

May 17, 2013

To
All Category-I Authorised Dealer Banks

Madam / Sir,

Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

Attention of Authorised Dealers Category – I banks is invited to Para 3 (II) of A.P. (DIR Series) Circular No. 74 dated June 20, 2011 read with A.P. (DIR Series) Circular No. 55 dated December 9, 2011, allowing thereby issue of equity shares/ preference shares under the Government route by conversion of import of capital goods, etc., subject to terms and conditions stated therein.

2. On review of the policy, it has now been decided to amend condition at (c) in the aforesaid para. The amended condition is given in the Annex.

Rs 577-cr tax notice on Infosys

Infosys has been slapped a fresh Rs 582 crore ($106 million) tax demand notice by the Income tax department.

According to a filing to the SEC, India’s second largest software exporter has said that this is the tax the company is due to pay for the 2009 fiscal.

This is in addition to the Rs. 1,175 crore ($214 million) that the tax department says that Infosys owes, for the four fiscal years from 2005 onwards, a claim that Infosys is contesting.

MCA portal would not be available due to maintenance issues.

MCA Portal services will not be available from 2300 hours on 18 May 2013 to 0500 hours on 19 May 2013 due to maintenance.

Inconvenience is regretted.

Foreign currency exchange rates notified by CBEC w.e.f 17th May 2013

Notification No. 54/2013-Customs (N.T.)

S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.52/2013-CUSTOMS (N.T.), dated the 2nd May, 2013 vide number S.O.1121 (E), dated the 2nd May, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 17th May, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

CBDT notifies Income Tax (3rd Amendment) Rules, 2013 mandating the efiling of Audit Report and RoI for persons having income in excess of Rs.5 LPA

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962. These rules may be called the Income-tax (3rd Amendment) Rules, 2013 and shall be deemed to have come into force with effect from the 1st day of April, 2013.

The rules further provide that an assessee required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, shall furnish the same electronically for AY 2013-14 onwards. In addition to this, a person having Total Income in excess of Rs. 5 Lakhs, shall furnish a return of income for AY 2013-14 and subsequent years, electronically.

To read the full notification Click Here.

RBI announces Scheme for Inflation Indexed Bonds – 2013-14

RBI announces Scheme for Inflation Indexed Bonds – 2013-14

- For Rs. 12,000-15,000 crore

- To be issued in tranches

- First tranche on June 4, 2013 for Rs. 1000-2000 crore

Pursuant to the announcement made in the Union Budget for 2013-14 to introduce instruments that will protect savings of poor and middle classes from inflation and incentivise household sector to save in financial instruments rather than buy gold, RBI, in consultation with Government of India, has decided to launch Inflation Indexed Bonds (IIBs).