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    News
    All› News and Press Release › News and Press Release - 2009
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    December 31, 2009
    Report of Task Force on Implementation of GST dated 15.12.2009
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    Goods and Services Tax reform: dual CGST/SGST on a consumption base, invoice credit method, Modified Bank Model for inter state zero rating.
    The Task Force recommends a dual GST (CGST and SGST) on a common consumption base under the destination principle, computed by the invoice credit method with full immediate input tax credit (including capital goods) and no cross utilisation of CGST and SGST credits. Inter state transactions should be effectively zero rated via a Modified Bank Model using a nodal bank and Form GST I for combined electronic payment and returns. Exemptions are narrowly defined; SIN goods remain subject to excise plus GST without excisable input credit. Registration is PAN based with a uniform Rs.10 lakh turnover threshold and optional composition scheme for small suppliers.
    December 28, 2009
    New Perquisite Rules - Income Tax
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    Perquisite rules amended to revise scope and treatment of employee perquisites under income tax rules and compliance.
    Notification 94/2009 introduces revised perquisite rules under the Income-tax Rules, 1962, amending provisions to clarify scope, valuation principles and reporting obligations for employee perquisites and to align assessment and withholding compliance with the Income-tax regulatory regime.
    December 20, 2009
    Tax-statements of a corporate group may be given under the RTI Act as its privacy clause is limited to individuals and does not extend to organisations,
    Show AI Summary
    Disclosure of corporate tax information under right to information allows release when held by government department on merit.
    Tax statements of a corporate group can be disclosed under the Right to Information because the statutory privacy protection addresses individuals rather than organisations; disclosure must be decided on merit. Such information must be sought from the government department that holds the records and not directly from private business groups, with custodial status and public-interest considerations governing release.
    December 2, 2009
    Augmenting FDI inflows
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    Total foreign investment calculation clarified to standardise approval requirements and facilitate greater foreign capital inflows.
    Press Note 2 (2009 Series) and Press Note 4 (2009 Series) set uniform guidelines for calculation of total foreign investment and downstream investment by Investing Indian Companies, clarifying that Investing companies and companies neither investing nor operating require prior Government/FIPB approval for foreign infusion, while Operating and Operating-cum-Investing companies need only meet sectoral entry routes, conditionalities and caps, with the stated aim of simplifying compliance and facilitating greater foreign capital inflows.
    December 1, 2009
    India’s foreign trade data: October 2009
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    Trade contraction: exports and imports declined, narrowing the trade deficit and showing provisional lower oil and non oil imports.
    Significant year on year contraction in external trade values is reported for October 2009 and the cumulative April-October 2009 period: merchandise exports and imports both declined in dollar and rupee terms, with imports falling more sharply and producing a narrower trade deficit. The release distinguishes declines in both oil imports and non oil imports, presents percentage growth rates in dollar and rupee terms, and notes that 2009-10 figures are provisional while 2008-09 figures are revised.
    November 25, 2009
    FAQs - ACES
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    Automation of Central Excise and Service Tax (ACES) enables online registration, filing, tracking and electronic payments for tax processes.
    Automation of Central Excise and Service Tax (ACES) is a centralized web application with separate Central Excise and Service Tax modules that automates registration, electronic filing of returns, refunds and claims, intimations, provisional assessments, exports, dispute resolution and audit; it provides online viewing of statutory documents, e-Payment integration, identity-management via user registration and TPIN migration, account security measures including password regeneration and blocking, Service Desk and Range Officer support, session timeout rules, and specified minimum system requirements.
    November 3, 2009
    India’s foreign trade data: September, 2009
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    Trade contraction: exports and imports declined year on year, narrowing the cumulative trade deficit for April-September.
    September 2009 foreign trade data reveal year on year declines in exports and imports in both US dollar and rupee terms, with oil and non oil imports falling substantially; cumulative April-September 2009 exports and imports decreased markedly versus April-September 2008, and the trade deficit for April-September 2009 narrowed as import contraction exceeded export contraction. Data are presented as provisional figures with revised prior year comparisons.
    October 23, 2009
    26 FDI Proposals approved
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    Foreign Direct Investment approvals permit inbound projects following FIPB recommendations, formalizing regulatory clearance for capital inflows.
    Government approval has been granted to a package of Foreign Direct Investment proposals following recommendations from the investment promotion body, providing administrative clearance for multiple inbound investments and permitting foreign capital entry under the prevailing procedural framework as recorded in the official press release.
    October 21, 2009
    No exemption is available to manufacturers of quilts & quilted bedspreads - CBEC. But happened if the same is treated as handicraft products
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    Product classification of quilts dictates excise exemption eligibility; handicraft status may preserve relief or invite retrospective liability.
    Classification of quilts and quilted bedspreads was revised by the revenue authority to a non-textile heading, removing their eligibility for a general exemption; this reclassification exposes manufacturers to excise liability for the period previously covered. A separate exemption for handicraft items may apply if these products, often produced with significant manual stitching by specialist labour, qualify as handicraft, otherwise manufacturers face current and potential retrospective excise demands.
    October 21, 2009
    Payment of excise duty on Job Work and Central Excise Valuation (Determination of Price of Excisable goods) Rules, 2000
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    Job work valuation: transaction value governs excise liability, replacing routine cost-plus practices where rule conditions apply.
    Payment liability for central excise on goods manufactured on a job work basis is to be determined by reference to the transaction value where conditions of the valuation rule are met, following insertion of Rule 10A. A departmental clarification reiterates that Rule 10A applies to job work manufacture and directs verification of field practices to ensure duty is paid according to the rule rather than by a cost-plus method.
    October 8, 2009
    No reversal of stimulus before hitting 7 pc growth
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    Continuation of stimulus urged until robust growth is secured to support fragile global recovery and economy.
    Continuation of fiscal stimulus is advised until the economy reaches a sustained seven per cent growth rate; concessions to industry enacted to address the global financial downturn should remain in place and stimulus moderation should be considered only after stronger growth is secured.
    October 1, 2009
    India’s Foreign Trade Data : August, 2009
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    Trade contraction: exports and imports declined significantly year on year, narrowing the trade deficit and reflecting reduced oil and non oil demand.
    India's merchandise trade contracted in August 2009 and for April-August 2009, with exports and imports falling year on year in dollar and rupee terms. Imports declined more steeply than exports, driven by large reductions in oil imports and substantial falls in non oil imports, which together narrowed the April-August trade deficit. The release provides provisional monthly and cumulative figures in dollars and rupees and notes that prior year figures are revised while current year figures are provisional.
    September 11, 2009
    Thirteenth Finance Commission uploads Discussion Papers on its website
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    Sharing of Central tax proceeds: Commission invites public submissions on discussion papers on Centre State fiscal relations.
    The Commission has posted thematic discussion papers on its website to inform formulation of recommendations on the sharing of net proceeds of Central taxes and other aspects of Centre State fiscal relations for the forthcoming award period, and, as part of a structured consultative process, invites written views and suggestions from individuals, institutions and experts to assist in framing its recommendations.
    September 10, 2009
    FDI up by 56% in July 2009 – US $ 3.516 billion
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    Foreign Direct Investment inflows increase, reflecting sectoral shifts and major source-country contributions despite economic slowdown.
    FDI equity inflows rose notably in July 2009, exhibiting sequential monthly growth and a year on year increase; cumulative April-July 2009 inflows are compared with prior periods showing a substantial rise despite economic headwinds. The press release identifies principal recipient sectors-services, housing and real estate, construction, telecommunications and automobiles-and major source jurisdictions for April-June 2009. It further summarizes multi year trends of consistently increasing FDI equity inflows since 2004-05 and distinguishes equity inflows from aggregate inflows that include reinvested earnings and other capital.
    September 9, 2009
    Cost Inflation Index for the Financial Year 2009-2010 - Income Tax
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    Cost Inflation Index updated for the financial year to adjust basis for capital gains indexation and tax computation.
    Notification No. 67/2009 dated 9-9-2009 notifies the Cost Inflation Index for the Financial Year 2009-2010 to be used for computing indexed cost of acquisition for capital gains and publishes the schedule of Cost Inflation Index values from 1981-1982 through 2009-2010 as the official reference.
    September 2, 2009
    Regarding seizure of Phensedyl Cough Linctus
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    Seizure of contraband pharmaceutical shipment uncovered concealment and intended cross-border smuggling, prompting customs enforcement action.
    Intelligence-led interception uncovered a commercial vehicle concealing a large consignment of Phensedyl cough linctus beneath agricultural cargo; the shipment was identified as contraband intended for cross-border smuggling and seized for enforcement under revenue and customs control.
    September 1, 2009
    India’s Foreign Trade data: July, 2009
    Show AI Summary
    Trade contraction: exports and imports fell, narrowing the trade deficit and reflecting steep declines in oil imports.
    India's merchandise trade contracted in July 2009 and cumulatively April-July 2009, with exports and imports falling sharply year on year in both US dollar and rupee terms; imports fell more steeply than exports, reducing the April-July 2009 trade deficit. Both oil and non oil imports declined materially in July and for April-July 2009. The release provides provisional US dollar and rupee values, percent growth comparisons, and notes 2008-09 figures are revised while 2009-10 figures are provisional.
    August 30, 2009
    Applicability of Surcharge and Education Cess on TDS [Financial Year 2009-2010]
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    Surcharge on TDS applies only to foreign companies above a monetary threshold; education cess applies to salary and nonresident payments.
    Applicability of Surcharge and Education Cess on TDS distinguishes by recipient type and payment nature: no surcharge on TDS for residents, domestic companies or non residents except foreign companies above a monetary threshold; education cess not on TDS for residents/domestic companies (other than salary); education cess applies to salary TDS and to TDS on payments to non residents.
    August 19, 2009
    THE FINANCE (No. 2) ACT, 2009
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    Enactment of Finance Act confirms presidential assent and brings the Finance Bill into effect nationwide.
    Presidential assent has converted the Finance Bill, 2009 into The Finance (No. 2) Act, 2009, announcing its enactment and indicating the availability of section-wise and chapter-wise compilations in a government press release to inform stakeholders and direct reference to the Act's organized provisions.
    August 13, 2009
    Direct Taxes Code Bill, 2009 Released
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    Direct Taxes Code Bill released for public consultation, inviting commentary and ratings on the discussion paper and proposed provisions.
    Direct Taxes Code Bill released as a discussion paper presenting proposed consolidations and structural changes to direct taxation and inviting written comments, critiques, and ratings to inform further drafting and policy calibration; the notice operates as a public consultation mechanism rather than a legislative enactment.

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      No exemption is available to manufacturers of quilts & quilted bedspreads - CBEC. But happened if the same is treated as handicraft products

      October 21, 2009

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      Notification no. 30/2004 has been issued as on 1-3-2004 to provide full exemption to the products falling under chapter 50 to 63 (barring few exceptions)

      The manufacturers of quilts & quilted bedspreads were availing the exemption on the premise that these products are classifiable under heading 5811.

      More than 5 years have gone after issuance of Notification no. 30/2004, now CBEC has issued a clarification that quilts & quilted bedspreads are not classifiable under heading 5811 but these products are classifiable under heading 9404 [CETA - Classification and Basic Rate of Excise Duty]

      After this clarification, now the manufacturers of quilts & quilted bedspreads are not eligible for exemption under Notification no. 30/2004.

      On the other hand, Notification No. 76/86-C.E., dated 10-2-1986 provides exemption to handicraft items. Most of the manufacturers of quilts & quilted bedspreads hire laborers for the purpose of stitching of quilts and quilted bedspreads. These laborers are specialized in stitching and major work is done manually.

      Now the issue would arise that whether these products are handicraft items or not. If the answer is yes, the manufacturers would be relaxed and free from burden of excise duty but if the answer is no, they have to pay duty of excise. Indeed department would try to raise a demand for the past 5 years alleging suppression etc.

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