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Updates Of the Day 1.SEBI has issued circular for Investor Grievance Redressal System and Arbitration Mechanism. 2.Updated version of MCA XBRL validation tool-V3.0 available on MCA. 3.Use modified version of Form MGT-7 (Form for filing annual return by a company) w.e.f. 17th Nov 2015. 4.Delhi VAT- Form to be submitted by dealers conducting online sales and other amendments. 5.VAT Input Tax Credit is to be allowed till the date of publication of cancellation of registration in the official gazette. Appellate Tribunal, VAT in the case of M/s Shree Sidhi Vinayak Traders. 6.Today (20.11.2015) is last date to file DVAT-16, DVAT-17 & DVAT-48 for Quarter 2 of 2015-2016.Circular No.29 of 2015-2016. 7.Payment made in excess of Rs 20000/- should be allowed if made in business exigency. [ITAT Hyderabad held in Manikanta Concerns vs DCIT] 8.Adjustment of seized cash before completion of assessment permitted against self assessment/ advance tax subject to specific request made by asses...

Jaitley stresses need to implement labour reforms Calling upon state governments to simplify tax laws and ensure corruption-free processes for doing business, finance minister Arun Jaitley on Thursday said that those adopting such policies would substantially gain in a climate, in which different states were competing with one another to attract investments. “States that ensure that a project is taken to the execution stage at a rapid pace after the signing of an MoU or agreement will attract private investments”, Jaitley said in his inauguration speech at the Resurgent Rajasthan Partnership Summit – an investor conclave jointly organised by the Rajasthan government and the Confederation of Indian Industry. “Ease of doing business is not merely a slogan, but the need of the hour”, he said. Speaking in context of Rajasthan, the FM estimated that approximately 55% of the state government’s expenditure was “tied up” — largely on account of legacy issues. The state’s financial posi...

The new rate of service tax plus Swachh Bharat cess will be 14.5%. The recently imposed `Swachh Bharat' cess will not be levied on services that are exempted from tax or are in the negative list, the Central Board of Excise and Customs has said. The CBEC has issued clarifications in form of frequently asked questions to clear the air about the cess, which was announced in this year's Budget but levied only from November 15. “It is also proposed to have an enabling provision to levy `Swachh Bharat' cess at a rate of 2% or less on all or certain services if the need arises. This cess will be effective from a date to be notified,“ finance minister Arun Jaitley had said in his budget speech, adding that “resources generated from this cess will be utilised for financing and promoting initiatives towards Swachh Bharat“. Although the government has Parliament's nod to levy up to 2% as Swachh Bharat cess, it notified the rate at 0.5%. An official said the tax was noti...

The government is considering raising import duty on aluminium products by as much as five per cent, among other policy measures, to tackle unabated import of cheap products adversely impacting the sector. "Domestic industry is going through tough a time. Some firms have approached the Directorate General of Safeguards for a hike in safeguard duty. " If it doesnt happen, we in our pre- budget consultation with finance ministry will propose," Balvinder Kumar, mines secretary, told PTI. He said the government was aware of the situation the industry is going through and would take appropriate measures. When asked on the duty hike, he said, " We will propose to raise it to 7.5 or 10 per cent from the present five per cent." Sources said mining conglomerate Vedanta has approached the Directorate General of Safeguards, while Hindalco, flagship firm of the Aditya Birla Group, is going to. Last month, industry officials met Hasmukh Adhia in this regard. Domes...

A new scheme launched by the Department of Industrial Policy and Promotion under the National Manufacturing Policy aims to make acquisition of energy efficient technologies by Micro, Small & Medium Enterprises easier. Business Standard, New Delhi, 20th Nov. 2015

In the fortnight since the gold monetisation scheme was launched, only 400 gm gold has been deposited and with only one bank, as no other bank had tripartite agreements with hallmarking centres and gold refiners. Now, the finance ministry and the Bureau of Indian Standards ( BIS) are simplifying the administration of the scheme to get it moving. In contrast, the response to gold bonds and coins has been much better. A government source said retail investors had applied for Rs.100 crore worth of bonds and 6,000 gold coins had been sold. The gold monetisation scheme, bonds and coins were launched on November 5 by Prime Minister Narendra Modi, to reduce bullion imports and mobilise 22,000 tonnes of idle gold in the country. In a meeting with gold refiners and hallmarking centres on Thursday, finance ministry and BIS officials allowed refiners with only one year’s track record to sign up for the scheme. There were 18 gold refiners in the country in 2014 and their numbers have climb...