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DUTY DRAWBACK - CUSTOMS ACT, 1962 Duty Drawback is governed by a couple of sections in the Customs Act, 1962 namely Sec.74 and Sec.75. The common intention is apparently to refund the import duty borne by the importer on exporting the goods. One (Se
Converged AS 9 (IAS -18) vs. Customs and Excise Valuation - Alignment The new AS 9 or the offspring of IAS-18 comes with a tinge of maturity to the most fundamental concept of Revenue. A comparative analysis between the existing definition as per A
SERVICE TAX ON CONSTRUCTION ACTIVITIES – SOME THOUGHTS TO PORE OVER There are circumstances where the real intentions of the Government cannot be calibrated. It seems that with a mission to create sources of revenue, the decisions of the Gover
ARE THESE STATUTORY DUE DATES REALLY PAINFUL? Our Government’s bonhomie towards taxpayer with respect to Tax compliance is generally felt very less by many of us. There are numerable due dates for reporting and payment of taxes and duties. T
DIRECT TAX CODE – THERE IS STILL ROOM FOR IMPROVEMENT The Implementation of the New Direct tax code based on the Revised Discussion Paper will definitely be a CBM (Confidence Building Measure) from a layman point of view. The new tax rates r
TAX PLANNING FOR EXPATRIATES: The term ‘Expatriate’ is an undefined word in the Income tax act 1961. However, Non residents will become exigible to Income tax on any income accruing or arising or received in India. Expatriates are of thre
CURRENT RATIO: DRESSING UP THE BALANCE SHEET Current Ratio is the function of Current Assets and Current Liabilities. Hence the simple understanding is either increase the Current assets or reduce the Current Liabilities. Neither ways are easier sin
VAT: NO DOUBLE TAXATION, YET DOUBLE REVENUE FOR STATES This small write out is a mere reminiscence of the existing VAT system.All of us know that VAT is a state subject. Just to recollect, the basis for calculation of VAT is as below,Total Assessable
PACKAGED SOFTWARES –ARE THEY COMPLETELY OUT OF SERVICE TAX? After a lot of deliberations and conclusions the Service tax department finally issued a circular (No.17/2010 dt.27.2.2010) exempting the packaged or canned software from Service t
SERVICE TAX ON GTA: GOOD DEAL FOR THE GOVERNMENT? For quite some time until now, the Government has made the Courts and Tribunal extremely preoccupied ever since the levy of Service tax on Goods Transport Agency. The Intention of the Government
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