Latest updates related to service tax, DVAT,Companies Law, Central Excise and income tax

• Service Tax – Seeks to amend Notification No. 25/2012- Service Tax dated 20.06.2012  (b) services by way of renting of immovable property.”.

1. (a) services specified in sub-clauses (i),(ii) and (iii) of clause (a) of section 66D of the Finance Act, 1994;
2. “Explanation:- For the purposes of this entry, it is hereby clarified that the provisions of this entry shall not be applicable to the following services, namely:-
3. In the said notification, in Entry 48, the following Explanation shall be inserted, namely:-

Notification No. 26/28o`016 ST Dated: 20-5-2016

• DVAT: – Filing of Form DS-I for providing information by regd. dealers in r/o movement of petroleum products , Tobacco and Gutka

1. in exercise of the power conferred under section 70 of the Delhi Value Added Tax Act, 2004, the commissioner of Value Added Tax, Government of National Capital Territory of Delhi, hereby, direct that the details in respect of any commodities/goods to be moved from Delhi to any place outside the territory of Delhi on account of sale, stock transfer or due to whatsoever reason, shall be submitted online, in Form Delhi Sugam-1 (DS1),by all the registered dealers of Delhi before the actual movement of such goods occurs.

Notification No. F3(671)/Policy/VAT/2016/251-63 Dated: 19-5-2016

1. Companies Law: Establishment of Special Courts for the purposes of trial of offences punishable under the sub-section (1) of section 435 of Companies Act, 2013.

In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, after obtaining the concurrence of the respective Chief Justices of the High Courts, designates the Courts mentioned in the Table as Special Courts for the purposes of trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more in terms of section 435 of the Companies Act, 2013.

Notification No. S.O. 1796 (E) Dated: 18-5-2016

• DGFT: Amendment in export policy of edible oils.      

2. Notification No. 8/2015-2020 Dated: 18-5-2016
3. “Export of edible oils (other than those mentioned in Para 3 of  the said Notification) is permitted in    branded consumer packs of upto 5 Kgs with a Minimum  Export Price of USD 900 per MT.”
4. (ii)   Entry at Para 4 of the said Notification is amended to read as:
5.         “Rice Bran oil in bulk, irrespective of any pack size.”
6. (i)    Entry at Para 3(g) of the Notification No 17/2015-20 dated 06.08.2015 is amended to read as:
7. The Central Government, hereby, makes the following amendments, with immediate effect, to the Notification No17/2015-20 dated 06.08.2015 relating to SI. No. 92 of Schedule 2 of ITC (HS) Classification of Export & Import Items:

• Central Excise: Seeks to further amend notification No. 12/2012-Central Excise dated 17.03.2012 – Effective rate of duty of excise.

1. In the said notification,–

1. in the opening paragraph after the second proviso the following provisos shall be inserted, namely:–Provided also that nothing contained in this notification shall apply to the goods specified against serial number 113,113B of the Table after the 31st day of March, 2017.Provided also that this notification shall apply to the goods specified against serial number 113C,113D of the Table with effect from the 1st day of April, 2017.Notification No. 23/2016 CE Dated: 17-5-2016

1. DVAT: – Extension of the date for filing CR-II upto 16/06/2016.

In exercise of the powers conferred on under section 27 of Delhi Value Added Tax Act, 2004 and in partial modification to the notification number F.3(628)/Policy/VAT/2016/1424-36 dated 11th Februrary,  2016 and subsequent even numbered notifications, Government of NCT of Delhi, do hereby direct that the returns in Form CR-II for all the four quarters of the financial year 2015-16 are required to be filed by 16th June, 2016.

Notification No. F3(628)/Policy/VAT/2016/238-50  new Dated: 19-5-2016

• DVAT: – Filing of online return for fourth quarter of 2015-16 extension of period thereof.

In partial modification to this department’s Circular No. 05 of 2016-17 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, the Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures to 27/05/2016.

Circular No. 07 of 2016-17 Dated: – 23-5-2016

• Income Tax: – Additional Depreciation u/s 32(1)(iia) of the Income Tax Act, 1961.

An assessee, engaged in the business of manufacture or production of an article or thing, is eligible to claim additional depreciation under clause (iia) of sub-section (1) of section 32 of the Income-tax Act, 1961 (hereinafter referred to as the Act) in addition to the depreciation allowance under sub-section (1) of section 32 of the Act.

The Hon’ble Kerala High Court in the case of Mathrubhoomi Printing & Publishing Co. vide its judgment (2015-LL-0216-3 NJRS) dated 16.2.2015 in ITA No 23 of 2015 relied upon the Hon’ble Delhi High Court judgement dated 31.5.2013 in ITA No 49 of 1996 in the case of Delhi Press Patra Prakashan Ltd. (2013-LL-0531-176 NJRS) and held that printing and publishing activity is a manufacturing activity and therefore, assessee is eligible for grant of additional depreciation u/s 32(1)(iia).

Circular No. 15/2016 Dated: – 19-5-2016.

• News and Press Release: – India signs loan agreement with world bank for IBRD loan of US$ 100 million for ‘Karnataka Urban Water Supply Modernization project’.The objective of the project is to provide city-wide access to a continuous piped water supply in the eligible cities in the State of Karnataka and to strengthen the service delivery arrangements at the city level. KUIDFC is the implementing agency for the project.The project would have four broad components: (i) Capital Investment Program; (ii) Institution Building; (iii) Technical Assistance for Sector Development; and (iv) Project Management.Dated 24rth May, 2016.

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