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Updates of the day...

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Updates Of the Day
1.The Reserve Bank of India (RBI) has cancelled the registration of 56 non- banking financial companies (NBFCs).
2.CEA led Panel recommends RNR at 17-18% and eliminating Additional Tax of 1% on inter-state supply of goods.
3.Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer’s margin/ handling charges is not liable to Service tax:[Chowgule Industries (P.) Ltd] .
4.No VAT on free supply of medicines – State Govt. not competent to levy tax on the basis of MRP or any other notional value. [Mapra Laboratories Pvt. Ltd].
5.Where seller has not reduced his Output Tax liability in pursuance to the Credit Notes the purchaser is not required to reverse Input Tax Credit. [Appellate Tribunal, VAT : of M/s Khanna Photo Store].
6.CBDT allows service of notice, summons, requisition, order etc. by Email. Notification No. 89/2015.
7.CBDT issued notification to Issue refund below Rs.50,000/- Expeditiously in Non-CASS cases : Notification No.312/109/2015.
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