Updates that Matter (UTM #4)

Dear All,

Please find below the “Updates that Matter (UTM # 4)”,

2013. a)Service tax: – Though the Final figure is not yet officially out, the Government is said to have collected nearly 8000 Crores under the Voluntary Compliance Encouragement Scheme 2013. But you know what their target was? A measly 1050 Crores! The Prime Minister approved the outline of a“Performance Monitoring and Evaluation System (PMES) for Government Departments”. Under PMES, each department is required to prepare a Results-Framework Document (RFD).

Link to RFD

1. b)Central Excise:  As per Rule 3(5C), if duty on final product is remitted under Rule 21 of the Central Excise Rules, 2002, the CENVAT credit on the inputs used in the manufacture of those goods has to be reversed. This sub-rule does not mention the input services used in the manufacture of the goods on which duty remission is granted. This is now rectified. The CENVAT credit taken on input services used in or in relation to the manufacture or production of said goods also has to reverse.

Central Excise Notification

31. c)DVAT: – Due date of Filing AR-1 has been extended to 31.1.2014.

Link to the Notification

The Govt. Of Delhi / NCT has re-iterated its stand on the matter of corrupt practices (if any) resorted by any official of the department. Stringent actions to be taken against such officials. Interestingly, the circular refers to the sting operation by News Channel “Aaj Tak” on 6.1.2014.

Link to the circular

1. d)HVAT: – As promised by Chief Minister of Haryana in his recent rallies and public interactions for providing the procedural relaxations to Haryana Dealers several forms both transit related and others have been abolished. VAT B-3 (It is required to be furnished in case of loss of declaration form D3) indemnity bond has been omitted with effect from 1.1.2014. VAT  C3 (required by unregistered govt. Dealers) has been omitted w.e.f 6.12.2013 while VAT D3 (Challan inward and outward) has been omitted w.e.f 1.1.2014.

Notification

Regards,

CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V

Direct|+9811653975 |011-27356431|011-23642055|

Email| ankit@gravita.in

Indirect taxation | Transfer Pricing | Corporate Laws | Litigation | Assurance

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