Rupee plunges to record low of 55.47 against Dollar Justice VS Sirpurkar is Chairman of Competition Appellate Tribunal AK Pandey appointed as High Commissioner to New Zealand Facebook shares drop below issue price FM okays transfer & posting orders of Commissioners of Customs & Excise-A dozen Commissioners posted in NCR in transfer list-Commissioner Gurgaon & Ghaziabad also in the list according to North Block sources Government tables White Paper on Black Money in Parliament India's first Interactive Online Course on Service Tax launched-Click on the link-Service Tax Online Certification Course-for full details and registration-Course begins on 22nd May 167 IRS(Customs & Excise) Probationers get postings- A dozen Probationers posted in Delhi Central Excise Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

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Miscellaneous

Clause 69 seeks to amend,-

(a) section 9 of the Indian Stamp Act, 1899 with a view to delegate the powers of composition or consolidation of stamp duties to the State Government even in respect of instruments referred to in the Union list of the Seventh Schedule to the Constitution;

(b) section 35 of the said Act with a view to specify for validation of all sorts of instruments on payment of due stamp duty alongwith penalty.

Clause 70 seeks to repeal the Promisory Notes (Stamp) Act, 1926, as the same has lost its utility.

Clause 71 seeks to amend the Central Sales Tax Act, 1956, with a view to include the liquefied petroleum gas for domestic use in the list of ‘declared goods’ so as to keep the tax rates on the same at reasonable level.

Clause 72 of the Bill seeks to amend the First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act, 1957, to harmonise the same with the First Schedule to the Customs Tariff Act.

Clause 73 seeks to amend the Schedule to the Oil Industry (Development) Act, 1974, so as to increase the cess levied on crude oil.

Clause 74 seeks to amend the Schedule to the Additional Duties of Excise (Textiles and Textiles Articles) Act, 1978, to harmonise the same with the First Schedule to the Customs Tariff Act.

Clause 75 seeks to amend the Seventh Schedule to the Finance Act, 2001, to harmonise the same with the First Schedule to the Customs Tariff Act.

Clause 76 of the Bill seeks to amend Chapter VII of the Finance (No.2) Act, 2004 relating to Securities Transaction Tax.

Sub-clause (a) seeks to amend section 97 of the said Act relating to definitions in respect of Securities Transaction Tax.

Under the existing provisions contained in section 98 of the said Act, sale or purchase of units of an equity oriented fund is liable to securities transaction tax at the rates specified under that section. Clause (5) of section 97 of the aforesaid Act, inter alia, defines the equity-oriented fund to mean a fund where the investible funds are invested by way of equity shares in domestic companies to the extent of more than fifty per cent. of the total proceeds of such fund.

It is proposed to amend the said clause so as to increase the investible funds from fifty per cent. to sixty-five per cent. of the total proceeds of such fund.

This amendment will take effect from 1st June, 2006.

Sub-clause (b) seeks to amend section 98 of the said Act relating to charge of securities transaction tax.

It is proposed to amend the table below the said section which specifies the rates at which the securities transaction tax shall be charged.

It is proposed to enhance the rates of securities transaction tax from 0.1 per cent. to 0.125 per cent. in respect of the taxable securities transactions of the equity shares or units of equity oriented fund of the nature referred to in column (2) of the said Table against serial numbers 1 and 2 thereof.

It is further proposed to enhance the rate of securities transaction tax from 0.02 per cent. to 0.025 per cent. in respect of the taxable securities transactions of the equity shares or units of equity oriented fund of the nature referred to in column (2) against serial number 3.

It is also proposed to enhance the rate of securities transaction tax from 0.0133 per cent. to 0.017 per cent. in respect of the taxable securities transactions of derivatives of the nature referred to in column (2) against serial number 4.

It is also proposed to enhance the rate of securities transaction tax from 0.02 per cent. to 0.25 per cent. in respect of the taxable securities transactions of the units of equity oriented fund of the nature referred to in column (2) against serial number 5.

This amendment will take effect from 1st June, 2006.