Leaf No : 20
Month : November
Year : 2011
editor’s desk

Greetings from Team SA!

The Central Government’s decision to allow FDI (Foreign Direct Investment) in retail sector has evoked widespread protest. As is quoted by media, FDI is allowed both in “brick and click” retail sector. The move has been hailed by industry leaders and economists as an attempt by the government to restart the reform process and dispel perception of policy paralysis, but the reform has been greeted by shrill protests from within the UPA and the opposition that have demanded immediate rollback. From the tone and tenure of the protests, it’s clear that politicians are still under the hangover of the past MNC hate based on the concept of exploitation. Except for Shasi Tharoor, Member of Parliament, no one seems to have the courage to expressly come forward and support the decision of the government. The real question to be answered is who are going to be beneficiaries and who are affected? It seems that the arrival of big MNC’S like Walmart and Kmart will be beneficial to the public for the reason that it will open up the service sector, create employment opportunity, and will provide cheap and best products, leaving the small traders being losers. The guardians of retail democracy in India is concerned about hundreds of thousands of weekly melas and bazaars located across the length and breadth of our country by people’s own self-organizational capacities and...

... read more

 
 
 intaxicated 

“Willful innocence or woeful ignorance leads to awful consequence”

- Indian Tax Testament 

... Gods Must Be Crazy - IV

 
 

  

 
genie in aladdin’s lamp
 

# CESTAT holds demo cars are held to be same as normal cars and hence valuation to be on basis of price of normal cars for purpose of excise duty... Click here for copy of the decision.

# CESTAT holds Credit on M.S. plates, beams, angles, channels, sheets etc used for repair and replacement of damaged parts of plant and machinery is admissible... Click here for copy of the decision.

# CESTAT holds in case any of the ingredients for assessable value is not known or available at time of clearance of goods, assessee should opt for provisional assessment... Click here for copy of the decision.

# CESTAT holds enhancement of value of goods solely on basis of internet price is not permissible... Click here for copy of the decision.

# CESTAT holds SAD refund not available when goods are exempted from payment of sales tax vide notification... Click here for copy of the decision.

# Service tax implications on export of services referred to President on difference of opinion by CESTAT, Delhi... Click here for copy of the decision.

# P & H High Court holds that the  holds that an assessee is required to be informed to avail the benefit of second proviso so that he can deposit 25% of the penalty amount... Click here for copy of the judgement.

# Madras Highcourt restrains coercive action against assessees due to non disposal of stay application on account of vacancy in CESTAT...  Click here for copy of the judgement.  

# HC of Andhra Pradesh holds Provider of storage and warehousing service can take credit of excise duty paid on cement , TMT bars etc used in construction of warehouse ... CCE vs. Sai Samhita Storage (P) Ltd 2011 45 VST 467 (AP)

 
 
before parting ...         -jk
"Munnabhai  I.R.S"
 
 
 
latest news

 Revised concept paper on negative list of services introduced... Click here for copy of the Concept Paper.

 Appeal against the LB decision of Vandana Global case admitted in Chattisgarh HC.

 Mr. Satish Kumar Goel , IRS ( C & CE) appointed as chairman of CBEC.

  Ms. J.M. Shanti Sundaram and Mr. MS Badhan join as new CBEC members.

 New Customs Tariff to be effective from 01-01-2012.

 Cabinet approves proposal for amendments to Prasar Bharati Amendment Bill 2010.

 RBI restricts the validity period of cheques to three months from six months... Click here for clarification.

 India has not made any commitment on Direct Tax Code and GST at G 20 summit at Cannes, France.

 India and Nepal signed revised DTAA.


VAT SPOT

# When copyright of software vests with customer there is no deemed sale and such contract cannot be treated as works contract... Click here for copy of the judgement.

# HC of Andhra Pradesh gives clarity on what is taxable as ‘goods’ and ‘service’ in Telecommunication industry... Click here for copy of the judgement.

# HC of Andhra Pradesh holds assessees undertaking works contract are entitled for deduction of amounts pertaining to depreciation on vehicle, maintenance expense of tipper and consumables used in execution of works contract.... Veeaar Constructions vs. State of Andhra Pradesh 2011 45 VST 352 (AP). 

 
circulars & notifications

EXCISE & SERVICE TAX

# Monetary limits of adjudication for Additional Commissioner revised... Click here for copy of the Circular.

# Exemption from Excise duty for all goods of Chapter 7305 fabricated at Construction site... Click here for copy of the Notification.

# Draft Circular on refund under Service tax for exporters... Click here for copy of the Circular.

 

  

CUSTOMS & DGFT

# Amendments to Drawback Schedule notified… Click here for copy of the Notification.

# Bill of Entry (Electronic Declaration) Regulations, 2011 - Notified... Click here for copy of the Notification.

# Shipping Bill (Electronic Declaration) Regulations, 2011 - Notified... Click here for copy of the Notification.

# Customs (Provisional Duty Assessment) Regulations, 2011 - Notified... Click here for copy of the Notification.

# Custom manual on Self - asessment,2011 released ... Click here for copy of the manual.

# DGFT notifies new products under Focus Product Scheme… Click here for copy of the Public notice.

# Central Government extends status holders incentive scrip to exports during 2012-13… Click here for copy of the Notification.

# Scrips under SFIS, VKGUY, FMS, FPS, SHIS can be used for clearance of goods from custom bonded warehouses… Click here for copy of the Circular.

# Clarification on import of construction equipments under Project Import Regulations… Click here for copy of the Circular .

# Period of realisation of export proceeds on export of goods and software extended from six months to one year till 30-09-2012... Click here for copy of the Circular.
 

 
disclaimer

The views expressed and the information provided in this newsletter are of general nature and is not intended to address the circumstances of any particular individual or entity. Further the above content should neither be regarded as comprehensive nor sufficient for making decisions. Although we endeavor to provide accurate and timely information, there is no assurance or guarantee in this regard. No one should act on the information or views provided in this publication without appropriate professional advice. It should be noted that no assurance is given for any loss arising from any actions taken or to be taken or not taken by anyone based on this publication.


Should you have any feedback or require any clarifications, please do write to :

 
newsletter@swamyassociates.com
 
 
contact sa
mail@swamyassociates.com
www.swamyassociates.com
 
 
 
 
team sa
s. jaikumar +91 93400 34455
g. natarajan +91 93400 54477
m. karthikeyan +91 93400 66688
a. p. ravi +91 93400 54466
p. dwarakanath +91 93963 31929
k.s. ramesh +91 93420 45442
sindhu mangat +91 93400 11034
ganesh.k.s. iyer +91 95033 66677
 
chennai     •     coimbatore     •     bengaluru     •     hyderabad     •     pune     •     ahmedabad    •     nagpur