Service tax on waterway transportation clarified: notified inland projects and foreign bound vessels excluded, coastal carriage remains taxable.
A 1620 km stretch of the Hooghly-Bhagirathi-Ganga is notified as Inland Waterways. From July 2012, six notified inland water projects and vessels arriving from or departing to foreign ports are excluded from service tax on carriage of goods, while coastal movement remains taxable. Customs duty applies to import freight including barge freight, with eligible Cenvat credit on the CVD component. Service tax also applies under Port Services to vessel loading/unloading, stevedoring, demurrage and customs house agent services. (AI Summary)

Director duties and strengthened compliance mechanisms increase liability for noncompliance and broaden corporate reporting obligations.
Companies Act, 2013 expands duties and liabilities of directors and KMP, requires enhanced board reporting including CSR disclosures, mandates KMP and independent directors for prescribed companies, and increases auditor liability for willful contraventions while prescribing auditor rotation. The company secretary's compliance role is broadened across applicable laws with secretarial audits and certifications in specified companies; additional board committees, internal audit, vigilance mechanisms, registered valuers, fraud investigation powers, and strengthened regulation of accounting and auditing standards create layered oversight. (AI Summary)