[Central Excise Tariff Notification] : Seeks to amend Notification No. 67/1995-CE, dated the 16th March, 1995 so as to exempt intermediate goods manufactured and consumed captively for further manufacture of matches.

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification

No. 19/2014-Central Excise

New Delhi, dated the 11th July, 2014

G.S.R (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.67/95-Central Excise, dated the 16th March, 1995 published in the Gazette of India, Extraordinary, vide number G.S.R.259 (E), dated the 16th March, 1995, namely:-

In the said notification, in the TABLE, in column (2), for the existing entry, the following entry shall be substituted, namely:-

"All goods falling under the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986)".

[ F. No. 334/15/2014-TRU]

(Akshay Joshi) Under Secretary to the Government of India

Note.- The principal notification No. 67/95-Central Excise, dated the 16th March, 1995 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 259 (E), dated the 16th March, 1995 and last amended by notification No 16/2003-Central Excise, dated the 1st March, 2003 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 146 (E), dated the 1st March, 2003.

[Central Excise Tariff Notification] : Seeks to rescind Notification No. 03/2010-CE, dated the 22nd June, 2010 so as to increase rate of Clean Energy Cess.

(i [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION )]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification

No. 20/2014-Central Excise

New Delhi, dated the 11th July, 2014

G.S.R. (E). - In exercise of the powers conferred by section 83 of the Finance Act, 2010 (14 of 2010) read with section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.3/2010-Clean Energy Cess, dated the 22nd June, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 545 (E), dated the 22nd June, 2010, except as respects things done or omitted to be done before such rescission.

[F.No.334/15/2014 –TRU]

(Akshay Joshi)

Under Secretary to the Government of India

No reassessment on basis of seized material which was thoroughly analysed in assessment after search

IT: Where Assessing Officer completed assessment after analyzing seized material during search and after issuing consolidated questionnaire to all concerned parties, he could not initiate reassessment proceedings on basis of seized material again taking a view that certain income chargeable to tax had escaped assessment

[Service Tax Notification] : Seeks to amend the Service Tax (Determination of Value) Rules, 2006 so as to prescribe the percentage of service portion in respect of works contracts, other than original works contract.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India Ministry of Finance (Department of Revenue)

New Delhi, the 11th July, 2014

Notification

No. 11/2014 - Service Tax

G.S.R.____ (E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act,1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax (Determination of Value) Rules, 2006, namely:--

1. (1) These rules may be called the Service Tax (Determination of Value) Amendment Rules, 2014.

(2) They shall come into force on the 1st day of October 2014.

2. In the Service Tax (Determination of Value) Rules, 2006, in rule 2A, in clause (ii), for sub-clauses (B) and (C), the following sub-clause shall be substituted, namely:--

“(B) in case of works contract, not covered under sub-clause (A), including works contract entered into for,-

(i) maintenance or repair or reconditioning or restoration or servicing of any goods; or

(ii) maintenance or repair or completion and finishing services such as glazing or plastering or floor and wall tiling or installation of electrical fittings of immovable property,

service tax shall be payable on seventy per cent. of the total amount charged for the works contract”.

[F. No. 334 /15 /2014 -TRU]

(Akshay Joshi)

Under Secretary to the Government of India

Note:- The principal rules were notified vide notification No.12/2006-Service Tax, dated the 19th April, 2006, published in the Gazette of India, Extraordinary, vide number G.S.R.228

(E), dated the 19th April, 2006 and last amended by notification No.24/2012-Service Tax, dated the 6th June, 2012, vide number G.S.R.431(E),dated the 6th June, 2012.

Term ‘any sum’ referred to in sec. 68 doesn’t contemplate ad-hoc addition of sums not credited in bo

IT: In terms of provisions contained in section 68, any amount other than one found credited in books of account can not be estimated and charged to tax

Manufacture or provision of services under job work isn’t exempted goods or services, respectively f

Cenvat Credit : Goods manufactured/Services provided in terms of job work Notification without payment of duty/tax cannot be held to be 'exempted goods or services' so as to attract restrictions under rule 6 of CENVAT Credit Rules

CCI approves of proposed combination of pharmaceutical companies as it won’t affect competition in I

CL : Where parties to proposed combination were engaged in pharmaceutical business and their combination would not have an appreciable adverse effect on competition in India, same was to be approved

No writ against order of AO pursuant to direction of DRP as assessee had remedy of filing of an appe

IT/ILT: Where assessee filed writ petition challenging order passed by Assessing Officer pursuant to direction issued by DRP, in view of fact that assessee had remedy of an appeal against order of assessment, instant petition was to be disposed of by directing assessee to file an appeal before Tribunal for redressal of its grievances

Interest accrued from investment in ‘Kisan Vikas Patra’ is taxable on accrual basis, rules HC

IT : Interest from investment in Kisan Vikas Patra is taxable on accrual basis

Indian Cos allowed to issue share warrants to non-residents

FEMA/ILT : Fem (Transfer or Issue of Security by a Person Resident Outside India) (Ninth Amendment) Regulations, 2014 - Amendment in Regulations 2, 5, 6B, 9, 10 Schedules 1, 2, 2A & 4 and Insertion of Regulation 6C

RBI omits working group from definition of approving authority for purposes of project export

FEMA/ILT : Fem (Exports of Goods & Services) (Second Amendment) Regulations, 2014 - Amendment in Regulation 2 and Substitution of Regulation 18

IRDA allows proprietary trading membership of stock exchanges to insurers for trading in debt segmen

INSURANCE : Corporate Bond Market- Permission to Insurers For Membership in Sebi Approved Stock Exchanges for Proprietary Trading

RBI prescribes internationally accepted pricing methodology for valuation of Shares or debentures is

FEMA/ILT : Fem (Transfer or issue of Security by A Person Resident Outside India) (Seventh Amendment) Regulations, 2014 - Amendment in Regulation 9 and Schedules 1, 2 and 2A

Gold Prices Decline On Weak Global Cues

Snapping its four-day rising streak, gold prices fell by Rs 280 to Rs 28,450 per 10 grams in the national capital on Monday on slackened demand at prevailing higher levels amid weak global cues.

Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced offtake by industrial units and coin makers.Traders said sentiments turned bearish as buying by jewellers declined at current levels amid gold retreating from a four-month high in overseas markets as a rebound in equities dampened demand for an alternative investment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 1.6 per cent to USD 1,317.12 an ounce, the lowest level since July 8 and silver by 1.6 per cent to USD 21.09 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity plunged by Rs 280 each to Rs 28,450 and Rs 28,250 per 10 grams, respectively.It had gained Rs 670 in last four sessions. Sovereign, however, remained steady at Rs 24,900 per piece of eight grams in restricted buying.

Silver ready dropped by Rs 400 to Rs 45,600 per kg and weekly-based delivery by Rs 475 to Rs 45,590 per kg.Silver coins, however, continued to be asked at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

Source:- timesofindia.indiatimes.com

Apparel Exporters Seeks Expeditious Finalisation Of India-Eu Fta

Apparel exporters today sought expeditious finalisation of the India-EU Free Trade Agreement to enable better market access for Indian exporters whose total outbound shipments stood at USD 15.7 billion last year.

"India's clothing exports to the FTA countries have increased significantly after signing of the FTA/PTA (Preferential Trade) agreements.

"These markets accounted for 12 % share of India's clothing exports and around 58 % (of USD 475 mn in 2013) share in the country's global clothing import", Apparel Exports Promotion Council (AEPC) Chairman Virender Uppal said.

"We recommend the government to expedite the process of India-EU FTA finalisation, as this will help exporters to have better market access, that is already enjoyed by India's competitors like Bangladesh, Vietnam and Cambodia," Uppal said in the presence of Textiles Minister Santosh Gangwar.

Gangwar, who was here to inaugurate the India International Garment Fair said the Modi-led government attaches great importance to the textile sector which is evident from the Budgetary announcements.

"This fair will provide the much-needed opportunity to source garments from India. The whole world is looking at us with hope. This sector, which yields rich dividend in terms of forex export earnings and huge employment potential, has received attention at the highest level," Gangwar said.

"The apparel sector, being the highest employment provider after agriculture, especially for women and the other weaker section of society, has a much bigger role and responsibility to play," he added.

India International Garment Fair is India's largest garment show in South Asia, covering Apparel and Fashion Accessories. The fair, being held at Pragati Maidan, has attracted 416 buyers from across the world.

Referring to the recent budget announcements related to the textile sector, the Minister said Prime Minister Narendra Modi attaches huge importance to the sector.

Gangwar further mentioned that textile sector has found importance in the budget and thanked the Prime Minister for the announcements.

India exported clothing worth USD 2 billion to the countries or blocks with which it has inked FTAs and PTAs, out of the country's total apparel exports of USD 15.7 bn in 2013.

India also imported around USD 275 mn worth of apparel with which it has FTAs and PTAs, out of total USD 475 mn imports in 2013,making them a growing trade partner of India.

Source:- business-standard.com

HC accepts withdrawal of writ petition; directed petitioner to seek appropriate remedy available und

Excise & Customs : Writ filed against pre-deposit order of Commissioner (Appeals) dismissed with liberty to take recourse to legal remedies available under law

No sec. 40A(2) disallowance if payment to director was authorized by CLB and taxed at maximum rate i

IT: No addition could be made on basis of gross profit rate where Assessing Officer had not brought any material on record to dispute correctness of books of account and further no evidence had been brought on record to substantiate allegation of unrecorded sales

Excisable value of goods sent back to principal for captive consumption would be cost of material pl

Excise & Customs : In case goods manufactured by job-worker are sent back by job-worker to his principal for captive consumption by principal, value in hands of job-worker would be 'cost of raw material including job-work charges

Onus is on assessee to prove reasonable allocation of common expenditure to unit eligible for sec. 8

IT: Onus is on assessee to produce sufficient material on record to show that there is no disproportionate allocation of expenses to arrive at more profits for 'eligible units' in order to claim more relief under section 80-IB

No TDS from sum paid for supply of mobile scratch cards if assessee hadn’t supplied any material for

IT : Where assessee placed order to print SIM scratch cards but had not supplied any material to manufacturer of card, transaction could not be treated as contract for carrying out work liable to TDS under section 194C

No denial of deduction of trade discount provided via credit note even if it wasn’t shown in sale in

CST & VAT : Where assessee, a retail dealer, allowed discount to purchaser of goods as per ordinary trade practice by way of credit note and claimed deduction of same from sale price and lower authorities disallowed claim on plea that discount was neither indicated in vouchers or bills issued to purchaser, assessee was entitled to deduction claimed for with regard to discount allowed even without showing same in sale invoice or bill

Only CCI and COMPAT had jurisdiction to decide competitional issues and imposition of penalty thereu

Competition Law: It is only CCI and COMPAT which have jurisdiction to decide issue of applicability of Competition Act, 2002 as well as issue of levy of penalty thereunder