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Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible
Posted Date : 16-Dec-2015 , 09:36:51 pm | Posted By CA Bimal Jain

Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible Shree Cement Ltd. Vs. Commissioner of Central Excise, Jaipur [2015 (63) taxmann.com 151 (New Delhi - CESTAT)] Facts: The Department denied the Cenvat credit...

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Category : Excise | Comments : 0 | Hits : 276

Registration under Gujarat VAT TIN and CST TIN - A Common Man's Guide - Part I of Series 10 on 10
Posted Date : 14-Dec-2015 , 07:56:35 pm | Posted By Sachin D Jain

A lot of queries comes to mind when one thinks about taking registration under Gujarat VAT and CST Laws. Some of the queries and their answers are published as follows for the benefits of the readers: What is VAT / CST / TIN / Sales Tax ? Answer: VAT means Value Added Tax On Sales. CS...

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Category : VAT | Comments : 0 | Hits : 404

GST: NO HOPES IN CURRENT SESSION OF PARLIAMENT...!!
Posted Date : 14-Dec-2015 , 12:42:52 pm | Posted By Raman Singla

As time runs out for the passage of the Goods and Services Tax Bill in the ongoing winter session of Parliament, Union Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told on Sunday: “We hope Parliament works from Monday so that the stalled work begins.” ...

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Category : GST | Comments : 0 | Hits : 259

How to crack that interview and get the coveted job
Posted Date : 13-Dec-2015 , 10:38:20 pm | Posted By Anurag Singal

Step 0: Understand the company that is hiring as well as interviewer: Most companies do a ‘pre-placement talk” (in case of campus placements) and when you get the opportunity to ask questions, dont simply ask questions about the company or the job. You should know those things as w...

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Category : General | Comments : 0 | Hits : 464

SECTION 175 OF COMPANIES ACT 2013 - PASSING OF RESOLUTION BY CIRCULATION
Posted Date : 10-Dec-2015 , 02:47:56 pm | Posted By Manshi Baid

SECTION 175 OF THE COMPANIES ACT 2013 PASSING OF RESOLUTION BY CIRCULATION   In case of companies all the decisions are taken by passing a resolution which may be an ordinary resolution or a special resolution.              &nb...

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Category : Corporate Law | Comments : 0 | Hits : 847

declaration format to be furnished by the payee under section 194C(6)
Posted Date : 10-Dec-2015 , 01:46:24 pm | Posted By Pardeep Garg

“DECLARATION UNDER SECTION 194C(6) OF THE INCOME-TAX ACT, 1961 No………(To be provided by payee)                              &nb...

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Category : Income Tax | Comments : 0 | Hits : 654

WAYS IN WHICH GST WILL HELP THE INDIAN ECONOMY...!!
Posted Date : 09-Dec-2015 , 11:47:53 am | Posted By Raman Singla

We all know that GST is the most radical tax reform in the country since Independence. About nine years in the making, the GST will subsume most of the taxes and levies, radically changing the way tax is collected in India. GST is expected to come into force by next year i.e. 2016. The posi...

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Category : GST | Comments : 0 | Hits : 429

Cenvat credit is admissible even though the Appellant was not registered with the Service Tax Department at the time of availing input services
Posted Date : 08-Dec-2015 , 09:33:23 pm | Posted By CA Bimal Jain

Cenvat credit is admissible even though the Appellant was not registered with the Service Tax Department at the time of availing input services India Housing Vs. Commissioner of Central Excise, Lucknow [2015 (11) TMI 1422 – CESTAT NEW DELHI] Facts: India Housing (“the Appellant&...

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Category : Service Tax | Comments : 0 | Hits : 497

section 174 of the companies act 2013 - QUORUM FOR BOARD MEETING
Posted Date : 08-Dec-2015 , 04:12:31 pm | Posted By Manshi Baid

SECTION 174 OF THE COMPANIES ACT 2013 - QUORUM FOR BOARD MEETING   Quorum here means the minimum number of directors to be present at the board meeting in order to hold the board meeting. The provisions related to the minimum no. of directors i.e. quorum is provided u/s 174 of the compani...

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Category : Corporate Law | Comments : 0 | Hits : 371

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS
Posted Date : 07-Dec-2015 , 06:01:43 pm | Posted By Manshi Baid

Section 44AD of the Income Tax Act, 1961 - SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS   This section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnover or gross receipts on account o...

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Category : Income Tax | Comments : 0 | Hits : 635

section 23 of Companies Act 2013 - PUBLIC OFFER AND PRIVATE PLACEMENT
Posted Date : 07-Dec-2015 , 06:01:10 pm | Posted By Manshi Baid

SECTION 23 OF THE COMPANIES ACT 2013 - PUBLIC OFFER AND PRIVATE PLACEMENT The provisions related to the prospectus and issue of securities is contained in Chapter III of the Companies Act, 2013. This chapter contains two parts. Part I is in respect of Public Offer, Part-II is in respect of Pr...

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Category : Corporate Law | Comments : 0 | Hits : 504

Supply to high seas vessel is liable to VAT if any territorial nexus exist in the State
Posted Date : 05-Dec-2015 , 03:14:24 pm | Posted By CA Bimal Jain

Supply to high seas vessel is liable to VAT if any territorial nexus exist in the State Raj Shipping Vs. State of Maharashtra [2015 (62) taxmann.com 309 (Bombay)] In the instant case, Raj Shipping (“the Petitioner”) was engaged in "Bunker Supplies" which mainly consisted ...

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Category : VAT | Comments : 0 | Hits : 108

No VAT on free supply of medicines - State Government isn’t competent to levy tax on the basis of Maximum retail price or any other notional value
Posted Date : 04-Dec-2015 , 04:33:53 pm | Posted By CA Bimal Jain

No VAT on free supply of medicines - State Government isn’t competent to levy tax on the basis of Maximum retail price or any other notional value Mapra Laboratories Pvt. Ltd. Vs. Commercial Tax Officer [(2015) 63 taxmann.com 91 (Patna)] Mapra Laboratories Pvt. Ltd. and others (“th...

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Category : VAT | Comments : 0 | Hits : 183

section 12 of the COMPANIES ACT 2013 - REGISTERED OFFICE OF THE COMPANY
Posted Date : 02-Dec-2015 , 01:49:25 pm | Posted By Manshi Baid

SECTION 12 OF THE COMPANIES ACT , 2013 - REGISTERED OFFICE OF THE COMPANY   Applicability : This Section appilies to every company i.e private as well as public company. This section provides that every company should have a registered office within 15 days of its incorporation and all ...

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Category : Corporate Law | Comments : 0 | Hits : 297

Post-importation services could not be added to the value of the goods imported
Posted Date : 02-Dec-2015 , 04:33:30 am | Posted By CA Bimal Jain

Post-importation services could not be added to the value of the goods imported Commnr. Of Customs (Appeal) Chennai Vs. M/s. Same Engines India Pvt. Ltd. [2015 (11) TMI 441 - SUPREME COURT] Same Engines India Pvt. Ltd. (“the Respondent”) had imported components of Tractors from For...

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Category : Custom | Comments : 0 | Hits : 187

Interest expenditure, depreciation and profit margin not be taken into consideration for arriving at the cost of production
Posted Date : 30-Nov-2015 , 09:50:54 am | Posted By CA Bimal Jain

Interest expenditure, depreciation and profit margin not be taken into consideration for arriving at the cost of production C.C.E., Vadodara-I Vs. Nirma Ltd. & Ors. [2015 (11) TMI 605 - SUPREME COURT] Nirma Ltd. & Ors. (“the Respondent”) was engaged in the manufacture of Li...

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Category : Excise | Comments : 0 | Hits : 203

Refund claim is allowed even if the claim is not filed on letter head
Posted Date : 29-Nov-2015 , 09:30:17 am | Posted By CA Bimal Jain

Refund claim is allowed even if the claim is not filed on letter head and further, the question of foreign exchange realization does not arise in case of export of goods as free replacement of defective goods Commissioner of Central Excise, Raipur Vs. Simplex Engineering & Foundary Works P. Ltd...

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Category : Excise | Comments : 0 | Hits : 222

Cenvat credit towards exempted goods (Man Structural Pvt. Ltd. Vs. C.C.E. & S.T. Jaipur-I )
Posted Date : 28-Nov-2015 , 08:12:33 am | Posted By CA Bimal Jain

When Cenvat credit towards exempted goods has been reversed after audit objection but before issuance of SCN, penalty under Section 11AC of the Excise Act read with Rule 15 of the Credit Rules is not imposable Man Structural Pvt. Ltd. Vs. C.C.E. & S.T. Jaipur-I [2015 (11) TMI 664 - CESTAT NEW...

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Category : Excise | Comments : 0 | Hits : 195

Services Which is exempt from Service Tax (Symbiosis Society Vs. Commissioner of Central Excise, Pune III)
Posted Date : 27-Nov-2015 , 10:20:29 am | Posted By CA Bimal Jain

Courses in : (i) Mass Communication, (ii) International Business Management, (iii) Telecom Management, (iv) Information Technology, (v) Management Studies, (vi) Geo-informatics and (vii) Operational Management are 'vocational courses' and therefore, exempt from Service tax. Symbiosis Soci...

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Category : Service Tax | Comments : 0 | Hits : 248

Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax
Posted Date : 26-Nov-2015 , 01:35:06 pm | Posted By CA Bimal Jain

Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax Chowgule Industries (P.) Ltd. Vs. Commissioner of Central Excise, Pune-III [2015 (63) taxmann.com 6 (Mumbai - CESTAT)] In the instant case, Chowgu...

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Category : Service Tax | Comments : 0 | Hits : 273

The Trending Stuff About Trademark Registration Procedure.
Posted Date : 25-Nov-2015 , 10:48:16 am | Posted By Dobiz

A trademark is a visual symbol which may be a word to indicate the source of the goods, a signature, name, device, label, numerals, or combination of colors used, or services, or other articles of commerce to distinguish it from other similar goods or service originating from another. The process f...

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Category : Corporate Law | Comments : 0 | Hits : 492

No VAT on brand franchisee fee without transfer of effective control over brand
Posted Date : 17-Nov-2015 , 01:04:21 pm | Posted By CA Bimal Jain

No VAT on brand franchisee fee without transfer of effective control over brand State of Karnataka, Bangalore Vs. United Breweries Ltd. [(2015) 63 taxmann.com 41 (Karnataka)] United Breweries Limited (“the Respondent”) being owner of Kingfisher Brand entered into contracts wit...

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Category : VAT | Comments : 0 | Hits : 356

Online service providers like 'Flipkart' facilitating sale and purchase of goods through online portals cannot be considered as dealer of goods - Not liable for VAT
Posted Date : 16-Nov-2015 , 07:01:23 pm | Posted By CA Bimal Jain

Online service providers like 'Flipkart' facilitating sale and purchase of goods through online portals cannot be considered as dealer of goods - Not liable for VAT Flipkart Internet (P.) Ltd. Vs. State of Kerala [(2015) 62 taxmann.com 387 (Kerala)] Flipkart Internet (P.) Ltd. (“...

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Category : VAT | Comments : 0 | Hits : 481

Customs Department does not need to go deep into matter and by hair-splitting and semantic niceties deny benefit of Exemption Notification
Posted Date : 16-Nov-2015 , 12:08:19 pm | Posted By CA Bimal Jain

Customs Department does not need to go deep into matter and by hair-splitting and semantic niceties deny benefit of Exemption Notification GMR Energy Ltd. Vs. Commissioner of Customs, Bangalore [2015-TIOL-259-SC-CUS] GMR Energy Ltd. (“the Appellant”) claimed the benefit of the Exem...

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Category : Custom | Comments : 0 | Hits : 263

THREE NEW & MAJOR NOTIFICATIONS ISSUED FOR SWACHH BHARAT CESS
Posted Date : 13-Nov-2015 , 10:56:17 pm | Posted By Raman Singla

We carried the article on our website titled “Swachh Bharat Cess – Not so Swachh” containing the issues that needs to be settled by the board relating to Swachh Bharat Cess (SBC).   The Board acted proactively and responded even when we all our busy with our diwali celebration...

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Category : Service Tax | Comments : 0 | Hits : 702

Principal manufacturer eligible to take credit of duty so paid by job-worker
Posted Date : 13-Nov-2015 , 04:21:32 pm | Posted By CA Bimal Jain

Principal manufacturer eligible to take credit of duty so paid by job-worker Commissioner of Central Excise, Chennai-III Commissionerate Vs. Sundaram Auto Components Ltd. [2015 (62) taxmann.com 242 (Madras)] The Department has denied credit of duty paid by job-worker to Sundaram Auto Component...

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Category : Excise | Comments : 0 | Hits : 342

“SWACHH BHARAT CESS - NOT SO SWACHH”
Posted Date : 12-Nov-2015 , 07:27:11 pm | Posted By Raman Singla

The thrust of Modi Government towards clean India has made the government to impose Swachh Bharat Cess. With the objective of financing and promoting Swachh Bharat initiatives, enabling provisions were made in the Finance Bill’ 2015 to empower the Central Government to impose a Swachh Bharat C...

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Category : Service Tax | Comments : 0 | Hits : 499

Service Tax on SIM Cards
Posted Date : 05-Nov-2015 , 01:39:04 am | Posted By VINAMAR GUPTA

In this article an attempt has been made to consolidate the important developments of service tax law on taxability of SIM card transactions Amount received for subscription of SIM card is exigible to service tax only   The charges paid by the subscribers for procuring a SIM Card are gen...

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Category : Service Tax | Comments : 0 | Hits : 539

Principles and Procedures of Assessment u/s 153C dealt comprehensively by Delhi High Court
Posted Date : 05-Nov-2015 , 01:37:34 am | Posted By VINAMAR GUPTA

Delhi High Court in Judgment delivered in the case of RRJ Securities Ltd. ITA 164/2015 dated 30-10-2015, has dealt comprehensively the principles and procedure of framing assessment u/s 153C. Relevant provisions of Section 153C are as under: Notwithstanding anything contained in section 139...

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Category : Income Tax | Comments : 0 | Hits : 457

All about Capital Market Tax
Posted Date : 02-Nov-2015 , 12:57:29 pm | Posted By Gautam Gupta

Taxation for Capital Market                                                                              ...

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Category : Income Tax | Comments : 0 | Hits : 714

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