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Dross & skimmings not liable to excise duty – Bombay HC

17 December, 2014 Bombay High Court has quashed CESTAT Larger Bench Order which had held that aluminium dross and skimmings are excisable goods in view of the Explanation to Section 2(d) of the Central Excise Act, 1944 which was inserted with effect from 10-5-2008. The court in this regard also set aside two CBEC Circulars dated 28-10-2009 and 14-2-2011. The petitioner had contended that such...

WTO upholds major claims of India in steel dispute appeal

11th December, 2014 India achieved a significant victory at the WTO on December 8, 2014,  as the Appellate Body has held that the Countervailing Duty (CVD) measures imposed by the United States against certain Hot Rolled Carbon Steel Flat Products are inconsistent with the provisions of the Agreement on Subsidies and Countervailing Measures (ASCM) of the WTO. The Appellate Body has emphatic...

WTO releases World Trade Report

6 November, 2014 The recently released World Trade Report traces the growth of world trade through the world war eras and varying perceptions to protectionism and identifies four main trends which are of current importance -the rise of new economic powers, the spread of global value chains, the growing importance of commodities trade, and the deepening integration and volatility of the world ...

Issue of shares at premium not an international transaction

13 October, 2014 To apply provisions of Chapter X of the Income Tax Act, 1961 (the Act), there must be some income chargeable to tax arising from an international transaction. The High Court of Bombay in Vodafone India Services v. UOI, Writ Petition 871/2014 [10th October,2014] held that issue of shares at a premium did not give rise to any income and transfer pricing provisions were therefor...

Pre-deposit provisions in Excise, Customs & Service tax laws clarified

16 September, 2014 Central Board of Excise & Customs (CBEC) has clarified today some of the provisions relating to mandatory pre-deposit for filing appeals and refund thereof in case of favorable order, which were brought into force from 6-8-2014 by Finance (No. 2) Act, 2014. Circular No. 984/4/2014-CX,dated 16-9-2014 issued in this regard specifies simple procedure for making pre-deposit and...

Drawback - Brand rate can be claimed after availing All Industry Rate

2 September, 2014 An exporter is not barred from seeking fixation of brand rate of Duty Drawback under Rule 7 of the Drawback Rules merely because, at the time of export, he had applied for and was granted drawback at the All Industry Rate (AIR) under Rule 3. The Bombay High Court, in its judgement dated 1-9-2014, while holding so, has also struck down clause (d) of the Circular dated 30-12-2...

Changes in Service Tax and Cenvat Credit Rules

28 August, 2014 Certain changes in service tax provisions announced in this year’s Union Budget will come into effect from 1st October, 2014. As per Finance (No. 2) Act, 2014, changes relating to negative list will come into effect from a date to be notified and this date has now been notified as 1-10-2014. The Central Board of Excise & Customs (CBEC) has issued Notification No. 18/2014-S.T.,...

Delhi HC rules on ‘setting up of business’

28 August, 2014 In yet another examination of when business had commenced, this time for the purpose of availing benefit under Section 10B of the Income Tax Act, 1961 (the Act) in respect of 100% Export Oriented Unit under STPI scheme, the Delhi High Court laid emphasis also on nature of activity and distinguished between a manufacturing entity and a service provider. Activities carried out...

No interest on provisional assessments made before13-7-2006 but finalized later

19 August, 2014 Interest is not payable by the importer when provisional assessment was made before 13-7-2006 but the same was finalized much later. Provisions for interest on finalization of assessments were introduced under Section 18(3) of Customs Act, 1962 from 13-7-2006. The dispute which was decided by New Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by its...

Deemed exports – Interpretation by Policy Interpretation Committee, prospective

18 August, 2014 Bombay High Court has held that interpretation placed on 15th March 2011 by the Policy Interpretation Committee in respect of deemed export benefits would not apply to supplies made prior to such interpretation. The court said that such cases would be processed by the authorities in accordance with the policy prevailing and as clarified prior to 15th March 2011. The case inv...

WTO Members fail to adopt the TFA protocol

7 August, 2014 India’s food security programme has been in focus in WTO since the Bali Session and thereafter till 31-7-2014. Much of the recent debate revolved around why India should not link the Trade Facilitation Agreement (TFA) with the Ministerial Declaration on public stockholding for food security purpose. Earlier India and other developing nations had put forth a proposal to amend ...

WTO’s Customs Valuation Agreement to be rectified

7 August, 2014 English and Spanish texts of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 (Agreement on Customs Valuation) are set to be amended. According to the document (Reference: WLI/100) dated 28-7-2014 circulated in WTO, the proposal is to remove a conjunction “and” between the words “work” and “plans” and add a comma between the wo...

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