CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …
FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA. The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …
Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …
Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59 438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …
Due date of filing return (e-commerce business) On 26th June, 2015 Notification No. F.3(515)/Policy/VAT/2015/330-41 has been issued to prescribe a return for the dealers located in Delhi, supplying goods either to customers of Delhi or outside Delhi and dealers located outside Delhi, supplying goods to customers of Delhi, for the persons engaged in providing facility …
Act of non-payment of service tax after its collection can’t beclaimed to be done under a bona fide belief In the recently concluded case of Indsur Global Ltd. Versus Additional Commissioner of service Tax, Vadodara (2015) (Gujarat) tribunal held that act of non-payment of service tax after its collection can’t be claimed to be done under a …
STATUTORY DATES FOR THE MONTH OF JULY’ 2015 05-07-2015 Service Tax – Service Tax Payment by Companies for June. – Service Tax Payment by Other than Companies for April to June. Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for June.( if Excise Duty / Service Tax paid electronically …
Proactive Actions & Expectations of Indian Company Goods and Service Tax (‘GST’) is an efficient, effective and modern mode of taxation which facilitates effective tax administration with minimum tax collection cost. The globe is having around 195 countries and out of that, around 140 countries are working on the GST model. Few developed countries like …
OPTION TO USE OF DIGITALLY SIGNED INVOICES/RECORDS IN CENTRAL EXCISE AND SERVICE TAX New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions …
Compliance window under Black Money Act – An insight The Hon’ble Finance Minister in his budget speech for 2015-16 had proposed introduction of Black Money Bill in the Parliament. The Bill was passed by the Parliament in its budget session. The Bill received the assent of the President on May 26, 2015 and it became …