Key Highlights of Companies Bill,2012

https://docs.google.com/document/d/1bGrZRD4Fv_cZmf55uzj4km0FG7Bt6v0dO15WBN0XSvI/edit?usp=sharing

DUE DATE FOR FILING OF RETURN EXTENDED TO AUGUST 5, 2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCUDFmeGhyUEhYSGs/edit?usp=sharing

Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14

Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14 announced by Union Commerce and Industry Minister Mr. Anand Sharma, on 18th April, 2013:

Highlights:

• Measures to revive investors’ interest in SEZs
• Zero Duty Export Promotion Capital Goods (EPCG) Scheme to cover all sectors
• Widening of Interest Subvention Scheme
• Widening the Scope of Utilization of Duty Credit Scrip
• Market and Product Diversification
• Incremental Exports Incentivisation Scheme extended for the year 2013-14
• Facility to close cases of default in Export Obligation
• Served from India Scheme (SFIS), duty credit scrips shall now be calculated on the basis of net free foreign exchange earned
• VKGUY (Vishesh Krishi Gramin Udyog Yojana) Scheme has been amended
• Status Holder Incentive Scheme (SHIS) not available for the year 2013-14
• Utilization of recredited 4% SAD scrips shall be allowed upto 30.09.13
• Duty free Import Authorization Scheme (DFIA) Amended Import of Cars/ Vehicles allowed at CAD Faridabad and Ennore Port (TN)
• Improvement in quality and timeliness of Foreign Trade Data
• Electronic Data Interchange Initiatives
• Ease of Documentation and procedural simplification
• Widening of items eligible for import for Handloom/ Made ups and Sports Goods

https://docs.google.com/file/d/0B3dVi3eBp2ZCTkk3Y0o2TmpJVGc/edit?usp=sharing


Source: http://commerce.nic.in/pressrelease/pressrelease_detail.asp?id=3011

Service Tax return filing date extended

ST-3 Return filing date once again extended, order no.02/2013-Service Tax, dated 12th April, 2013.
The date of submission of the  Form ST-3  for the period from 1st July 2012 to 30th September 2012, has been extended from 15th April, 2013 to  30th  April, 2013.

Service Tax Rules Amended

Service Tax Rules have been amended, the rules may be called the Service Tax (Second Amendment) Rules, 2013. They shall come into force on and from the 1st day of June, 2013. The amendment is with respect to Form No. S.T.-5, S.T.-6 and S.T.-7.

https://docs.google.com/file/d/0B3dVi3eBp2ZCZjZsX0lFSHJzaFE/edit?usp=sharing

Last date for filing ST-3 extended

• Central Board of Excise & Customs hereby extends the date of submission of the Form  ST-3 for the period from 1^st July 2012 to 30^th September 2012, from 25^th March, 2013 to 15^th April, 2013.

• The Form ST-3 is expected to be available on ACES around 20^th March, 2013.

FINANCE BILL 2013

A BILL to give effect to the financial proposals of the Central Government for the financial year 2013-2014.

SERVICE TAX (AMENDMENT) RULES, 2013 - AMENDMENT IN RULE 7 AND SUBSTITUTION OF FORM ST-3

A new ST- 3 form has been substituted vide notification no. 01/2013-ST, Dt. 22-2-2013, but care has not been taken to amend www.aces.gov.in, neither the online version of ST- 3 return is available nor is the Excel utility on the website to file the return.

When the Budget 2012 was announced, government had proposed a single return for Central Excise and Service Tax and that proposed return was supposed to be a small 2 page simple return. However the new ST- 3 is more than 10 pages and it is more complex than the previous ST- 3.

In this new return assessee is required to categorize the service under which taxable values are received.The confusion for classification is on the assessee. If the service provider chooses not to classify its service and submits entire data under only ‘other than negative list’ then the department can create issue at the service receiver’s end and may deny the credit altogether.

Assessee is liable to pay service tax and identify that payment is done in what capacity. As a –

(i)    Service Provider

(ii)   Service Receiver under Section 68(2),

(iii)  Service Provider under partial reverse charge under proviso to Section 68(2),

(iv)   A Service Receiver under partial reverse charge under proviso to Section 68(2),

(v)  If covered by (iii) above, then the percentage of service tax Payable as provider of service, 

(vi) If covered by (iv) above, then the percentage of service tax Payable as recipient of service.

If any payment is made for Research and Development Cess, the same should be shown in the Service Tax Return.

If Service Tax payable on account of tax payment on receipt basis, which is applicable to individuals and partnership firms whose aggregate value of taxable services during previous financial year was less than or equal to rupees 50 Lakhs as per third proviso to Rule 6(1) of Service Tax Rules, 1994, it has to be shown in separately.




HIGHLIGHTS OF "NOTIFICATION NO. 01/2013-ST, DATED 22-2-2013"

• A new ST-3 form with the existing form; and
• The Form ST- 3 for the period between the 1st day of July 2012 to the 30th day of September 2012, shall be submitted by the 25th day of March, 2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCWDJqc0FGb29kVDA/edit?usp=sharing

RECOVERY OF CONFIRMED DEMAND DURING PENDENCY OF STAY APPLICATION

CIRCULAR NO. 967/01/ 2013 - CX [F. NO. 208/36/2012-CX.6], DATED 1-1-2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCMlRGOWpFWk9VM2M/edit?usp=sharing

ARTICLE- Does section 206AA overrides section 90(2)

Payment made to non-resident for the "fees for technical services" (FTS) and withholding of Income Tax at the rate of 20%.
https://docs.google.com/file/d/0B3dVi3eBp2ZCUmhxaTltQmpvQTA/edit?usp=sharing

• SECTION 10A, READ WITH SECTIONS 10AA & 10B OF THE INCOME-TAX ACT, 1961 - FREE TRADE ZONE - DIRECT TAX BENEFITS - CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE

CIRCULAR NO. 1/2013 [F. NO. 178/84/2012-ITA.I], DATED 17-1-2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCbFVlak0yTG9Gc0E/edit

• CLARIFICATION REGARDING ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE- DIRECT TAX INCENTIVES

PRESS RELEASE, DATED 17-1-2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCTWlfVmxMWndOdE0/edit

CENTRALISED PROCESSING OF STATEMENTS OF TAX DEDUCTED AT SOURCE SCHEME, 2013

NOTIFICATION NO. 3/2013[F.NO.142/39/2012-SO(TPL)], DATED 15-1-2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCUEh5c255ek54M3c/edit