GST : Rule 9, Read With Rule 2(i&j), of The Cenvat Credit Rules, 2004 - Cenvat Credit - Documents on Which Credit May be Taken - An Importer, his Consignment Agent and his Depot Would be Regarded as 'First Stage Dealer' and All Provisions Would Apply Accordingly; Rules 2(i&j) and 9 Amended - Rescission of Notification No. 18/2013-C.E.(NT), Dated 31-12-2013
Saturday, 1 March 2014
Ministry notifies revised Form for filing of quarterly returns by FSD or SSD or registered importers
GST : Rule 9 of The Central Excise Rules, 2002 - Registration - Specified Conditions, Safeguards and Procedures for Registration of A Person Under Central Excise (No. 2) Rules, 2001 And Exemptions From Registration in Specified Cases - Amendment in Notification No.35/2001-C.E.(N.T.), Dated 26-6-2001
Crude Oil Futures Rise Amid Extreme Us Weather
Crude oil futures finished higher on 28 February, and logged significant gains last month, as upbeat US economic data and extreme US weather all through February supported the demand for oil and oil products.
April US crude oil contract inched up 19 cents, or 0.2%, to finish at $102.59 a barrel on 28 February.US oil futures shot up 5.2% in February, FactSet data showed.April Brent crude oil contract inched up 11 cents, or 0.1%, to finish at $109.07 a barrel on 28 February.
Brent futures jumped nearly 3% in February.Data released on 28 February showed that US consumer sentiment rose marginally in February amid harsh weather. Meanwhile, data also showed that the Chicago PMI rose by a fraction last month.
Together, the two sets of data counteracted downbeat US GDP data. The world's leading economy expanded at an annual rate of 2.4% in the fourth quarter of 2013, down from a previous estimate of 3.2%.
Concerns about global economic growth have restrained oil price movements in recent trading sessions, but that has been balanced against rising geopolitical tensions about Ukraine.
"For now, oil markets are reacting more to the prospects for slowing economic growth in China and lower crude throughput at US refineries" than to a survey finding that output from the Organization of the Petroleum Exporting Countries dropped in February, and to continued unrest in Ukraine, Addison Armstrong, senior director of market research at US-based Tradition Energy told MarketWatch.
Commerzbank Corporates & Markets said in a 28 February note to clients: "Brent slipped below $109 per barrel [on 27 February] and is also trading at this lower level this morning. We believe that Brent will continue to fall further towards the middle of the trading corridor of $100-110 per barrel over the next few weeks. This is suggested by the plentiful supply, the imminent end to the winter in the northern hemisphere and reduced crude oil processing by refineries while maintenance work is carried out. According to a Bloomberg survey, OPEC left its oil production virtually unchanged at 29.9 million barrels per day in February.
"Production cuts in Libya, Saudi Arabia and the United Arab Emirates were offset by increased oil production in Angola and Nigeria. OPEC is thus continuing to produce somewhat more than the annual average call on OPEC, which the International Energy Agency estimates as being 29.6 million barrels per day. Figures for seaborne OPEC shipments, as provided by the consultant firm Oil Movements, also point to an ample supply situation. In the four weeks to 15 March, they look set to climb by 430,000 to 24.38 million barrels per day."
"According to Oil Movements, the lion's share is set to be shipped to China, which indicates that oil demand there is still robust. According to the US Energy Information Administration (EIA), US oil production in 2013 grew by nearly 1 million barrels per day to 7.46 million barrels per day. This was the sharpest annual increase of all time, not to mention the highest production level since 1989. A similarly marked increase in production can also be expected for this year," the German bank added.
Source:- ibtimes.co.uk
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To facilitate registration of importers Ministry revises registration application of Excise
GST : Rule 9 of The Cenvat Credit Rules, 2004 - Cenvat Credit - Documents on Which Credit May be Taken - Supersession of Notification No.73/2003-C.E. (N.T.), Dated 15-9-2003 - Specified Quarterly Return Form
Pm Calls Upon Indian Msme Sector To Promote Exports
Indian Prime Minister Manmohan Singh on 1 March called upon the country's micro, small and medium enterprises (MSME) sector to promote exports by utilizing the globalization process unleashed by the government.
"Only a small fraction of enterprises today has the skills, risk appetite and resources to avail of the opportunities offered by processes of globalization. We need to change this state of affairs. I am happy that the Ministry of Micro, Small and Medium Enterprises has been taking steps to promote bilateral cooperation with other countries in the MSME sector and giving our enterprises exposure to international markets and foreign technologies," the Prime Minister said.
Singh was addressing the National Awards Ceremony for Micro, Small and Medium Enterprises, in New Delhi. He said that the Ministry of Micro, Small and Medium Enterprises has been taking steps to promote bilateral cooperation with other countries in the MSME sector and giving the country's enterprises exposure to international markets and foreign technologies.
Congratulating the entrepreneurs who received awards, the Prime Minister said that MSME sector is of vital importance for the country's economy. It accounts for eight percent of India's gross domestic product (GDP), 45 percent of its manufactured output and 43 percent of exports. MSME provides employment to over 10 crore people. The sector is necessary to achieve the objective of rapid and inclusive growth, he added. The MSME sector has grown at a healthy rate of 10 percent in recent years, said Singh, an acclaimed economist.
The government has set up a Task Force to explore how the MSME sector could be further strengthened. The Task Force's report was received in 2010 and made several important recommendations.
Source:- ibtimes.co.in
Depreciation on windmill claimed in timely filed audited report was allowable even if return was fil
IT: Assessee's claim for higher depreciation on windmill installed during year needed allowance where assessee had filed audit report claiming higher rate of depreciation on windmills before due date for filing of return
Registered importers are liable to file quarterly returns to comply with amended Rule 9 of CCR, 2004
GST : Cenvat Credit (Fourth Amendment) Rules, 2014 - Amendment in Rule 9
Registration requirement of importer issuing Cenvatable invoices postponed; made effective from Apri
GST : Central Excise (Amendment) Rules, 2014 - Amendment in Rule 9
Reserve Bank Of India Launches Tech Savvy Unit To Watch Over Exports
The Reserve Bank of India has launched a comprehensive, integrated and computerised export data processing and monitoring system to step up monitoring and follow-up of export transactions.
This is part of the central bank's green initiative as paper reporting requirement will be eliminated to a substantial extent. This would make the regulatory and supervisory process effective for monitoring the export transactions and also help exporters in effective compliance with rules guiding exports.
This alternative to paper-based filing will facilitate banks to report various related returns through a single platform, the RBI said. Governor Raghuram Rajan inaugurated the system on Friday. This centralised automated export transaction system has been developed with a single master data base for all exports . The shipping data with the customs will be the base for all subsequent export follow-up processes.
The data validated at the customs authorities level will be mirrored in a dedicated RBI server and will be shared among the stakeholders or agencies involved , including ban to monitor both receipt of export documents and repatriation of export proceeds using banking channels. Under the Foreign Exchange Management Act (FEMA) 1999, exporters need to realise and repatriate the full value of exports.
Source:- economictimes.indiatimes.com
New system ‘EDPMS’ made effective to facilitate filing of returns of export of goods and services on
FEMA/ILT : Export of Goods and Services - Export Data Processing and Monitoring System (EDPMS)
Depreciation on windmill claimed in timely filed audited report's allowable even if return was filed
IT: Assessee's claim for higher depreciation on windmill installed during year needed allowance where assessee had filed audit report claiming higher rate of depreciation on windmills before due date for filing of return
An Exhibition On Medical Textiles
Textile products used in the healthcare sector are not just bandages, surgical masks and gloves. It includes implants such as hernia mesh, hygiene products, use-and-throw surgical clothing, etc.
Coimbatore region is a well-known hub for both, textiles and healthcare facilities. The Centre of Excellence for Medical Textiles at the South India Textile Research Association here has organised a three-day medical textile exhibition and conference till March 2 to promote the use of these products and to develop the industry for these products.
Sakthivel Perumalsamy, head of the Centre of Excellence, told The Hindu on Friday that Meditex 2014 and Medineeds 2014 aim at creating awareness among the public on medical textiles. Be it policemen, rural women, conservancy workers, surgeons, industry workers or IT professionals, special textile products are available for their safety and hygiene. Seminars will be held on all three days for students, surgeons, police officers, textile mill workers, foundry workers, and hospital housekeeping staff.
The exhibition is to promote the medical textile industry here. It has 60 participants, including 25 from other States and one from Germany. They have exhibited machinery to make some of these products, surgical gowns, clothing, diapers, gauze materials, implants, special beds, bandages, etc. The country has just a handful of machinery manufacturers and most of them import the critical components for the machinery. The industry can tap the opportunity available in the range of products and the machinery.
Availability of water, washing the regular textile products, and drying these are becoming a problem to the hospitals. Hence, most of them purchase use-and-throw non-woven products and these are available in kits too. However, these should be to specific standards. These issues are highlighted at the event.
Further, a Mumbai-based hospital will demonstrate on Saturday a complete suit made out of composite textile material. It protects the surgeons from infections, he said.The event is supported by the Union Ministry of Textiles and the exhibition is open from 10 a.m. to 6 p.m.
Source:- thehindu.com
Assessee couldn’t be expected to comply with impossible conditions to avail of export incentive, rul
Central Excise : Assessee-EOU, who had supplied hangers without payment of duty to garment-exporters of DTA, could not be expected to obtain CT-1 certificates from garment-exporters, as such garment-exporters were exempt from registration and as per policy of Central Excise, such certificates were issued only to registered persons
HC deletes addition because ITAT deleted additions on similar facts in hands of co-purchaser
IT : Addition came to be deleted when in case of co-purchaser on similar facts similar addition was deleted by Tribunal
Period of existence of independent project offices shall not be clubbed to determine PE in India
IT/ILT: Period of stay of Independent Project offices shall not be aggregated to determine number of days of stay in India - If number of days of stay of each project office in India does not exceed 180 days, no PE shall be deemed to be in existence in India - Supervisory fees shall not be deemed to be connected with Liaison Office, being a PE in India, if such LO is nowhere involved in the supervisory activities - Hence, Supervisory fees shall be taxable as FTS under Article 12 and not as Busin
CCI approves of proposed combination of Wal-Mart and Bharti group as it won’t have adverse effect on
Competition Act: Where there were large number of players in wholesale, retail/or real estate market, proposed combination of Wal Mart and Bharti group would not have any adverse effect on competition in India and, therefore, same was to be approved
Post-dated cheque from investee as security for a committed future profit can't be taxed without act
IT : Where Assessing Officer on basis of a letter seized from premises of one 'C' made certain addition in income of assessee, since 'C' clarified position that said letter had no relation whatsoever with assessee, there was no scope for making any addition in hands of assessee
Cooking oil made from milk fats and natural substances is classifiable as ‘Vegetable Oil’ under UP V
CST & VAT : Cooking oil made using hydrogenated and unhydrogenated milk fats and various natural/flavouring substances is 'Edible Oil' as well as 'Vegetable Oil' and since vegetable oil is specific heading, it is classifiable as 'Vegetable Oil' under UP VAT Act
Common admin exp. incurred by HO on all its units can't be apportioned among such units proportionat
IT: Doctrine of proportionality does not apply in case of common expenses incurred by head office for purpose of maintaining units
Appellant held guilty of violating FEMA norms as his retracting confession was backed by seized docs
FERA : Where retracting confessional statement of appellant was fully corroborated by seized documents and other evidence, charges framed against appellant for receiving payments, in contravention of section 9(1)(f)(i) and section 9(1)(f)(ii) stand established
Addition couldn't be made on basis of material collected during survey conducted prior to search
IT: In course of block assessment proceedings, Assessing Officer could not make addition to assessee's taxable income on basis of material collected during a survey conducted prior to search proceedings
Toxin binder classifiable as ‘poultry Fee’; not exempt from Gujarat VAT
CST & VAT : Toxin Binder manufactured out of mineral Zeolite after subjecting it to various processes and after adding feed additives such as Protein, Minerals, Vitamins, Amino acids, etc. especially for animal/cattle, was classifiable as ' Poultry Feed' (exempt) and not as ' Minerals and Ores', even if Zeolite was its basic ingredient
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