Reduction in set-off under MVAT

The set-off available under any rule  shall be reduced and shall accordingly be disallowed in part or full in the event of any of the contingencies specified below and to the extent specified. (1)  If the claimant dealer has used any taxable goods as fuel, then an amount equal to    three per cent (before 01/04/2007 it … Read more

Amendments in Various Acts administrated by Maharashtra sales tax department due to budget proposal for the year 2014-15

Amendments in Various Acts administered by Maharashtra sales tax department due to budget proposal for the year 2014-15 To give effect to the Budget proposals for the year 2014-15, a Bill (Legislative Assembly Bill No. XIX of 2014) to amend the various Acts,  administered by the Sales Tax Department has been passed by the Legislature and … Read more

When set-off is non-admissible under MVAT ?

In following cases set-off is non-admissible as per rule 54 of The Maharashtra Value Added Tax, Rule 2005. (b)         “purchases of the High Speed Diesel Oil, Aviation Turbine Fuel(Duty paid),Aviation Turbine Fuel(Bonded),Aviation Gasoline(Duty paid),Aviation Gasonline (Bonded) and Petrol unless such motor spirits “are resold or sold in the course of inter-State trade or commerce or … Read more

Economic Reforms Inclduing GST and Insurance Amendment Bill are on the Anvil

Press Information Bureau Government of IndiaMinistry of Finance  17-November-2014 16:56 IST Economic Reforms Inclduing GST and Insurance Amendment Bill are on the Anvil: FM; Calls for Large Investment from Domestic and International Investors in Infrastructure Sector  The Union Finance Minister Shri Arun Jaitley said that the Government has taken series of measures to tackle various challenges … Read more

Bank should inform the customer immediately on breaching minimum balance before charging the minimum balance charges – RBI notification

RBI has issued a notification which makes the banks mandatory to inform the customer immediately on the balance in the account breaching minimum balance and the applicable penal charges for not maintaining the balance by way of SMS/Email/letter. When the minimum balance is not maintained within one month from the date of notice of shortfall, … Read more

It is mandatory to notify the details of Import of chemicals listed at Category 1A, 1B & 1C of Appendix 3 (SCOMET list) to Schedule 2 of ITC (HS) – DGFT Notification

The Director General of Foreign Trade (DGFT) has issued the notification import of chemicals listed at Category 1A, 1B & 1C of Appendix 3 (SCOMET list) to Schedule 2 of ITC (HS). The notification makes it mandatory for the importers of chemicals listed at Category 1A, 1B & 1C of Appendix 3 (SCOMET list) to … Read more

Clarification regarding availment of CENVAT credit after six months CBEC Circular

Circular No.: 990/14/2014-CX-8 F. No. 267/72/2013-CX.8 (Pt) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ************* New Delhi, the 19th of November, 2014   To, Principal Chief Commissioners/Chief Commissioners of Central Excise (All) Principal Chief Commissioners/Chief Commissioners of Central Excise of Central Excise & Customs (All) Director General, Directorate … Read more

The company law settlement scheme (CLSS) is further extended up to 31St December 2014.

The ministries of company affairs extend the CLSS-2014 up to 31/12/2014. The general Circular No.44/2014 is issued as on 14/11/2014.  The text of the circular is as below.         General Circular No. 44/2014 No.2/13/2014-CL-V Government of India, Ministry of company affairs, 5Th floor A wing, Shastri Bhawan, Dr. R.P. Road, New Delhi   … Read more

Levy of service tax on activities involved in relation to inward remittances from abroad to beneficiaries in India – CBEC Circular

Circular No. 180/06/2014 – ST   F. No 354/105/2012-TRU (Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit   Room No 153, North Block, New Delhi Dated 14th October, 2014 To Chief Commissioner of Customs and Central Excise (All) Chief Commissioner of Central Excise & Service Tax … Read more

Pradhan Mantri Jan-Dhan Yojana (PMJDY) – Scheme Details

Scheme Details Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. … Read more