The UP Commercial Tax Department has specified the list of Joint Commissioners who in the case of absence of the designated Joint Commissioner will be acting Joint Commissioner for the purpose of passing orders under section 48(7) of the UP Vat Act,2008.

The object of this circular is to save the dealers form undue hardship and delay in case where designated Joint Commissioner is on leave, for the purpose of passing orders under section 48(7), the UP Govt by virtue of the powers given under Rule 4(11) of the UP Vat Act,2008; has specified the list of Joint Commissioners who will  be acting Joint Commissioner for passing orders under section 48(7) of the UP Vat Act,2008.

The relevant circular is reproduced here for ready reference:

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Doubts have been raised regarding the scope and applicability of various exemptions available to various activities in relation to rice, under the negative list approach.

These doubts have been examined and clarifications are given in the circular, reproduced here for ready reference:

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To give effect to amendments made by the Interim Budget, 2014, CBEC  has amended the Mega Exemption Notification as given here under:

(i) after entry 2, the following entry shall be inserted, namely:–
“2A. Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation;”;
(ii) after entry 39, the following entry shall be inserted, namely:-
“40. Services by way of loading, unloading, packing, storage or warehousing of rice.”.

The relevant notification is reproduced here for ready reference:

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EXCISE DUTY

The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 % to 10 % for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.

To give relief to the Automobile Industry, which is registering unprecedented negative growth, the excise duty is reduced for the period up to 30.06.2014 as follows:

  1. Small Cars, Motorcycle, Scooters  and Commercial Vehicles –  from 12 % to 8%
  2. SUVs –   from 30% to 24%
  3. Large and Mid-segment Cars  – from 24% to 20%

It is also proposed to make appropriate reductions in the excise duties on chassis and trailors – The rates can be reviewed at the time of regular Budget

To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handsets is restructured. The rates will be 6% with CENVAT credit or 1 % without CENVAT credit.

SERVICE TAX

The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.

The services provided by cord blood banks is exempted from Service Tax.

CUSTOM DUTY

To encourage domestic production of soaps and oleo chemicals, the custom duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is rationalized at 7.5 %.

To encourage domestic production of specified road construction machinery, the exemption from CVD on similar imported machinery is withdrawn.

A concessional custom duty 5 % on capital goods imported by the Bank Note Paper Mill India Private Limited is provided to encourage domestic production of security paper for printing currency notes.

INCOME TAX

No changes in Direct tax laws in interim budget.

 

No changes in direct tax laws.

Relief in service tax for RICE warehousing and storage.

Blood banks to be exempt from service tax.

Excise duty cut to 10% from 12% for capital goods and consumer durables.

Excise duty cut for small cars and two wheelers  to 8% from 12%.

Excise duty cut for SUVs  to 24% from 30%.

Excise duty on large & mid- segment cars cut to 20% from 24%.

Moratorium for interest on education loans from March 2009-December 2013.

CVD exemption on road construction machinery scrapped.

 

MCA has come up with a clarification to remove the ambiguities with regard to section 185 of he Companies act, 2013.

In order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 185 of the Companies Act, 2013 is notified, it has been clarified that any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its subsidiary company, exemption as provided in clause(d) of sub-section (8) of Section 372A of the Companies Act, 1956 shall be applicable till Section 186 of the. Companies Act, 2013 is notified. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities.

The relevant circular is reproduced here for ready reference:

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Up Govt. has  levied Entry Tax on “Bitumen” & “Carbon Black Feed Stock” by inserting these two categories  of goods in the schedule to the UP TAX ON ENTRY OF GOODS INTO LOCAL AREAS ACT, 2007.

Both these categories of goods will be taxable @ 2%.

The relevant notifications are reproduced here for ready reference:

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Download (PDF, 339KB)

 

The Central Board of Direct Taxes has again extended the due date for filing of ITR-V for returns filed with refund claims for A.Y. 2009-10, 2010-11 and 2011-12 up to 31.03.2014.

The relevant circular is reproduced here for ready  reference:

Download (PDF, 266KB)

 

 

FEBRUARY,  2014- DUE DATES

05-02-2014 – (if payment done online then 06-02-2014) –

Service Tax / Excise Monthly Payment.

07-02-2014 – TDS / TCS monthly payment.

10-02-2014 – Excise Monthly Return.

15-02-2014 – PF Monthly Payment.

20-02-2014 – UP VAT / CST – Monthly Payment and Return.

21-02-2014 – ESI Monthly Payment.

25-02-2014 – PF Monthly Return.

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