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Showing posts from March 9, 2016

SFIO Probe Against 196 Companies in Three Years

The Corporate Affairs Ministry has ordered Serious Fraud Investigation Office (SFIO) probe against 196 companies in nearly three years, with 42 coming under the scanner n the current fiscal. In a reply to the Rajya Sabha on Tuesday, Corporate Affairs Minister Arun Jaitley said the SFIO probe was ordered with respect to 42 cos in current financial year till December 2015. SFIO was asked to probe the affairs of 83 companies in 2013-14 and the number stood at 71in 2014-15. The Economic Times, New Delhi, 9th March 2016

Labour Min to Integrate Five Acts with e Biz Portal

The labour ministry will integrate registration process under five labour Acts with its e-business portal so that various registrations required by a company can be obtained through a single window, in line with the drive to improve ease of doing business.The Acts include the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 the Employees' State Insurance Act, 1948; the Contract Labour (Regulation & Abolition) Act, 1970; the Building and Other Construction workers (Regulation of Employment & Conditions of Service) Act, 1996; and, the Inter-State Migrant Workmen (Regulation of Employment & Condition of Services) Act, 1979. The Economic Times, New Delhi, 9th March 2016

Service Tax to be Slapped on Cos Availing Sarkari Services

Auctions, right of way, licence fees & development rights to attract 15% tax Indian companies will have to pay service tax on any service they avail from the government or local authority from the next fiscal year, broadening the scope of the levy to include not just spectrum but all auctions, right of way , licence fees and development rights. These will all attract service tax, now applied at 15%, inclusive of two cesses. The government has notified a provision of the last Budget that will kick in on April 1. This will bring almost every service provided by it to companies under the tax net. “This is in line with (proposed) goods and services tax (GST) wherein everything is taxed,“ a senior government official said, putting the move in context. “Some business support services provided by the government were already under the tax net and this now completes the whole package. Globally, similar regimes are followed as it enables seamless flow of credit.“ According to the Budget “all s…

Sebi might leash wilful defaulters in markets

Market regulator Securities and Exchange Board of India ( Sebi) is likely to approve aproposal to bar wilful defaulters from making public issue of equity, debt, or hybrid securities. However, Sebi plans to allow a company declared wilful defaulter to raise capital through rights issue or qualified institutional placements to ensure minority shareholders are not put in adisadvantageous situation due to the wrongdoing of promoters. The regulator will also provide more teeth to its takeover regulations by introducing bright lines to define change in control in a merger and acquisition. "By taking a bright line stance, Sebi will try to send a clear signal that changes in control will not solely be linked to percentage. If an entity acquires only 20 per cent but gets some say in management of listed target company, it may result in control," said a legal expert. The decisions are likely to be taken by the Sebi board at its meeting scheduled for Saturday in New Delhi, which will als…

How GST can benefit Make in India

The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing. It will also promote the making of a common market by eliminating inter- state taxes, writes the author in the second of a three- part series If there is any measure that will strengthen the Make in India effort, especially in goods, it is the goods and services tax ( GST). There are a number of reasons why this is so: First, it is expected that the total incidence of duty on manufacturing (goods) will come down from the present level of 26.5 per cent (Centre: 14 per cent, state value- added tax: 12.5 per cent). This will happen mainly through a more balanced sharing of the tax burden between the goods and the services sector. Second, it will create a level playing field between imports and domestic manufacturing. Today, the effective central excise duty rate on non- oil domestic manufacturing is nine per cent but the countervailing duty ( CVD) neutralisation on th…

Govt introduces Bill to amend Enemy Property Act

A Bill to amend the 48- year- old Enemy Property Act to allow the custodians to continue to hold sway over such properties was introduced in the Lok Sabha on Tuesday. The Bill aims to amend the provisions of the Act declaring that all enemy property vested in the custodian of enemy property would continue to vest in the custodian irrespective of the death or extinction of the enemy. Business Standard, New Delhi, 9th March 2016

Govt mulling amendments to Companies Act Jaitley

To further improve ease of doing business, the government is considering amendments to the Companies Act, Corporate Affairs Minister Arun Jaitley said on Tuesday. The Companies Law Committee, which submitted its report to the government on February 1, has suggested amendments to 78 sections of the Act, excluding consequential amendments in other sections. Business Standard, New Delhi, 9th March 2016

Govt buries EPF tax

FM retains tax exemption for National Pension System Just over a week after the announcement, Finance Minister Arun Jaitley on Tuesday rolled back his controversial Budget proposal to tax Employees’ Provident Fund ( EPF) withdrawal. The Budget had announced that 40 per cent of the total corpus withdrawn from the EPF would be tax- exempt and the balance 60 per cent would be taxable unless the amount is used to buy an annuity product. Jaitley also took back his earlier proposal to tax contribution made by an employer beyond Rs.1.5 lakh a year to EPF. Both the proposals had drawn strong protest from the Opposition, trade unions and the salaried class. Jaitley, however, retained a proposal not to tax 40 per cent of money withdrawn from National Pension System( NPS). This means that only balance 60 per cent would be taxed against the current practice of taxing the entire amount withdrawn from NPS. Making a suo motu statement in the Lok Sabha on the issue, Jaitley said, “ In view of the repres… News... News...

1.CCI Exempts an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores. F. No. 5/33/2007-CS
2.Krishi Kalyan Cess on all taxable services wef 01.06.2016.
3.Issue of Indian currency note on board of foreign going vessels. Circular No. 7/2016-Customs.
4.Delhi VAT: Extends due date of filing GE II return to 15.03.2016. No. F 3(619)/Policy/VAT/2016/1610-1623
5.Revised timeline for verification of arrear demand u/s. 245 of Income Tax Act,1961. F.No.312/109/2015-OT
6.Anti-dumping duty on Polypropylene originating in, or exported from Singapore for a period of five years. Notification No. 7/2016-Customs(ADD).
7.CBEC revises service tax return form- ST-3. Notification No.20/2016
8.CESTAT requests CBEC to issue appropriate Guideline to Quasi-Judicial Authorities. [Commissioner of Customs (Import) vs. M/s. Do Best Infoway (CESTAT Chennai)].

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