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Showing posts from May 7, 2016 News... News...

1.Goods imported/ purchased inter-State used in works contract would be exempt from VAT. [Commissioner, Delhi Value Added Tax Vs. M/s. ABB Ltd. (Supreme Court)].
2.Delhi VAT: No need to furnish purchase below Rs. 1000/- details in Form GE-II. Notification no.: F3 (619)/Policy/VAT/2016/183-196 dated 06/05/2016.
3.Corroborative evidence should be correlated to prove clandestine clearance. [Shri Avinash M Baliga & Others Vs. Commissioner of Central Excise (CESTAT – New Delhi)].
4.CENVAT allowed on fabrication of capital goods – CESTAT. [CCE & ST, Raipur Vs. M/s. Mahamaya Steel Industries Ltd. (CESTAT New Delhi)].
5.Department cannot reject certificate issued by competent authority. [ Dhar Cement Ltd. Vs. C.C.E. (CESTAT-New Delhi)].

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I-T Refunds Worth Rs. 1.22 L cr Issued in FY16, Says Govt

The Income Tax department has issued 2.10 crore refunds totalling over Rs. 1.22 lakh crore in 2015-16, which saw 94% the returns being filed online “During FY 2015-16, more than 2.10 crore refunds amounting to . 1,22,425 crore were paid compared to Rs. 1,12,188 crore in the Financial Year 2014-15 and ` . 89,664 crore in the Financial Year 2013-14,“ a finance ministry statement said. In 2015-16, more than 94%of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre (CPC), Bengaluru, without any human intervention. Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, it said. As regards indirect tax collections last fiscal, the indirect tax to GDP ratio is about 5.17%as compared to 4.36%for FY 2014-15. Ind…

Govt promises confidentiality for black money disclosures

The government has promised confidentiality for disclosure of previously undisclosed income, made under the four-month compliance window for domestic taxpayers, beginning June 1. This, with 21 other amendments to the Finance Bill, was approved by the Lok Sabha on Thursday. The government plans to open the compliance window under the Income Tax Disclosure Scheme from June 1 to September 30 for domestic taxpayers to declare undisclosed income or assets and avail immunity from penalty and prosecution by paying 45 per cent tax (30 per cent tax plus surcharge and penalty and 7.5 per cent each). The tax and penalties should be paid within two months of declaration. Sections 138 and 119 of the Income-tax Act have been imported to the Income Declaration Scheme, 2016, which deal with confidentiality and delays in filing returns, respectively. Section 138 relates to treating material disclosed as confidential. It also provides for such "classified material" not being produced or used in c…

Nod to permits 100pc FDI in ARCs through automatic route

The government today relaxed FDI norms for asset reconstruction companies (ARCs) by allowing 100 per cent overseas investments through automatic route. Earlier, FDI up to 49 per cent was allowed under automatic route and beyond that through government-approval route. Notifying the norms, a press note by the Department of Industrial Policy and Promotion (DIPP) stated that total share holding of an individual FII/FPI shall be below 10 per cent of the total paid-up capital. This notification is in pursuance to the announcement made by the Finance Minister in his Budget speech. FDI into the country has increased by 40 per cent to USD 29.44 billion during April-December 2015. Business Standard New Delhi, 7th  May  2016

FinMin gives clearance to govt e-marketplace

The finance ministry on Friday gave green light to the creation of ‘Government e-Marketplace’ (GeM) for online purchase of commonly used goods and services by ministries and departments. GeM will be utilised by government buyers for direct online purchases. Up to ` 50,000 of purchases can be made from any of the available suppliers on the GeM. Hindustan Times New Delhi,07 May 2016