28th October, 2013
Indian Ministry of Commerce has prescribed a procedure for regularization of Export Obligation (EO) default cases under Advance authorization, DFIA and EPCG Schemes. As per the scheme, an applicant intending to regularize the case has to pay customs duty and interest not exceeding the customs duty portion and provide evidence of such payment to the Regional Authority (RA) w...
9th August, 2013
The Central Board of Excise & Customs (CBEC) has, by Circular No. 170/5/2013-ST, dated 8-8-2013, clarified certain issues relating to the amnesty scheme introduced through this year’s budget – Voluntary Compliance Encouragement Scheme or VCES. The bar on applicability of this scheme to those against whom summons have been issued or investigation is pending has been clarified ...
15th May, 2013
An amnesty scheme ‘Voluntary Compliance Encouragement Scheme’ has become operational from 10th May, 2013 consequent to issuance of related rules. The Central Board of Excise & Customs has issued Notification No. 10/2013-S.T., dated 13-5-2013 framing the Service Tax Voluntary Compliance Encouragement Rules, 2013.
No penalty or prosecution
The scheme, part of Budget 2013 p...
By Rajat Juneja
Multi-national enterprises (MNEs) do make monthly provision for various expenses in their ERP system at the end of each month. This might be a nearer approximation of the expenditure to be incurred. It is a method of generating a debit entry in the accounting system for an expendi...
Affiliates of Multi National Enterprises (‘MNEs’), in the recent past, are moving more towards functioning independently from their parent, operational and financial. The freedom given in managing their own affairs in growing economies like India, has helped the affiliates to grow faster in the local markets. However, ...
By S. Sriram
Subsidiaries of Multi National Enterprises (‘MNEs’) generally avail the services of their group companies for routine business operation and management. When such intra group services are paid for, questions often arise as to whether the services received are essential for business operations of the subsidiary, or are the services carried out by the MNE group with a view to secu...
By Ashish Karundia
The economic growth that India witnessed in last two decades has attracted Multinational Enterprises (‘MNEs’) to increase their business presence manifold in India. Many MNEs have won projects involving Engineering, Procurement and Construction (‘EPC’) to be undertaken on turnkey basis. An EPC contract generally involves supply of goods and services, both offshore and onsho...
International Fiscal Association (IFA) will be organising its 68th Annual Congress from 12th to 17th October, 2014 in Mumbai, India. Lakshmikumaran & Sridharan is privileged to be associated with this premier global conference as Gold Sponsor.
This conference mainly focuses on topics like ‘Cross-border outsourcing – Issues along with strategies and solutions’ and ‘Qualification of taxable ent...
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