Notification No. 107(RE-2010)/2009-2014 dated March 21,
FTP amended to provide that supply to non mega power projects
shall not be entitled to any deemed export benefit. Previously,
benefit of deemed exports was available in respect of supplies to
non mega power projects under Para 8.3(a) of FTP, viz., Advance
Authorization/ Advance Authorization for annual requirement/
CENTRAL EXCISE, SERVICE TAX, VAT &
CCE, Surat Vs. M/s Favourite Industries [2012 TIOL 30
An exemption notification has to be interpreted in the light of
the words employed by it and not on any other basis. A person who
claims exemption or concession must establish clearly that he is
covered by the provision(s) concerned and, in case of doubt or
ambiguity, benefit of the same must go to the State.
The CBEC Circular No.962/05/2012-CE dated March 28,
Where duty demand has been confirmed under Section 11A of the
Central Excise Act, 1944, an assessee may pay such duty from Cenvat
credit available at the time of payment of duty, whether Cenvat
credit accrued prior to or after the arrears arose.
There is no time limit under Rule 16 of Central Excise Rules,
2002 for taking Cenvat credit on goods returned to the factory as
The CBEC Circular No.154/5/ 2012 – ST dated March
The point of taxation for invoices issued on or before March 31,
2012, shall continue to be the date of payment in case of
individuals or proprietary firms or partnership firms providing
taxable services of consulting engineer, architect, interior
decorator, chartered accountant, cost accountant, company
secretary, scientist or technocrat, and legal service.
CST, Mumbai Vs. P N Writer & Co Ltd [2012 TIOL 343
Activity of storage and retrieval of records of banks and
corporate houses viz. discharged cheques, vouchers, agreements,
books of accounts etc. which were not intended for sale and do not
have any commercial value is not leviable to Service Tax under the
category of "Storage and Warehousing of goods", since
"goods" must be capable of being bought and sold.
Hotel Ashoka Vs. Assistant Commissioner of Commercial
Duty free shops situated at the International Airport of
Bangalore are beyond the custom frontiers of India. Thus, in terms
of Article 286 of the Constitution no sales tax could be imposed on
the sales made by the duty free shops.
IFB Industries Ltd. Vs. State of Kerala
While interpreting Rule 9(a) of the Kerala General Sales Tax
Rules, 1963 the Supreme Court held that the Rule does not speak of
invoices but stipulates that discount must be shown in the
accounts. Thus, IFB Industries' claim for exemption of amounts
of trade discount cannot be rejected solely on the ground that
discounts were not shown in sale invoices.
GST will help contain inflation [The Hindu, March 30,
Subir Gokarn, Deputy Governor, Reserve Bank of India, addressing
the Confederation of Indian Industry's (CII) Western Region
annual regional meeting said that introduction of GST would help
contain price rise, create space for interest rates to come down
and contribute to growth momentum.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Recently the Delhi High Court's in the case of CUB Pty Ltd granted relief to multinationals licensing and registering their intellectual property in India and held that the situs of an intangible asset like IPRs, shall be the situs of the owner of such asset.
Mumbai Income Tax Appellate Tribunal in the case of Praful Chandaria, dealt with the issue of taxability of consideration received by the assessee pursuant to grant of call option in respect of shares of an Indian company.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).