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12 February, 2015

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Updates that Matter (UTM # 20)

Dear All,

We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 20)”,

Ø Company Law – Commencement of Business Certificate done away for private limited companies. Simple Intimation would suffice.

(Source :- ET)

Ø Haryana VAT: - Gurgaon Sales Tax Department shifts to more lavish Wipro Centre. Shifted to Info-city, Sector 34, Gurgaon.

Ø Haryana VAT:- In PVR Cinema ruling, clarification of popcorn taxability at 5% and not 12.5%

Ø Transfer Pricing (IT): - CBDT acts serious on TDS defaults, Issues SOP for prosecution.

Ø DGFT: - Online Import Export License modus effective now fully for 10 notified banks.

(Effective from 1.2.2015)

Ø Transfer Pricing :- Safe Harbour rules amended for Electricity Companies

Ø FEMA :- Transfer or Issue of Security by PROI regulations amended

Ø Bank A/c’s cannot be freezed under Service tax / Excise once appeal filed & pre-deposit made

[ 2015-TIOL-193-CESTAT-MUM

Ø Cenvat credit on input service allowable to Job Worker availing Noti. 214/86 exemption under Central Excise

(Western India Forging Pvt Ltd vs. CCE, Pune - 2014 (36) S.T.R. 637 (Tri. - Mumbai)



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