29 September 2010

BUDGET MANUAL


Finance Minister Releases the First Budget Manual of Union Government

 

Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of India's democratic processes in shaping its economy, and has emerged as a crucial tool for Public Finance Management. He said that this Manual is an attempt to bring together the entire Budget related activities and procedures etc. which were hitherto available in a dispersed manner in the form of executive instructions and guidelines . The Manual has been prepared by the Budget Division of the Department of Economic Affairs. Finance Minister Shri Mukherjee congratulated the Division for taking this initiative.



The Finance Minister said Budget Manual is a comprehensive document explaining in detail the procedures and activities connected with the preparation of Budget. Mr Mukherjee said that Budget Manual will serve as a guidance document to the officials involved in Budget making in the Finance Ministry as well as in other Ministries/Departments. He said that it is also expected to act as a good reference document for interested readers and stakeholders. He said that this document is an effort in the direction of fostering greater transparency and better understanding about procedures and systems relating to making of Union Budget. 



At the outset, the Manual brings out the Constitutional provisions related to the Budget. It describes the contents of various Budget documents. The Finance Minister said that the Manual also deals with the Organizational aspects, roles and responsibilities of the Parliament, Parliamentary Committees and the responsibilities of various wings of the Executive in the Budget making process. The Union Government's accounting and classification systems have also been explained apart from the working of the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India, the Finance Minister added. 



Minister of State for Finance, Shri Namo Narain Meena alongwith the Secretaries of different departments of the Ministry of finance including Finance Secretary, Shri Ashok Chawla, Revenue Secretary, Shri Sunil Mitra, Expenditure Secretary, Smt. Sushma Nath, Secretary, Financial Services, Shri R. Gopalan, Secretary, Disinvestment, Shri Sumit Bose and Chief Economic Advisor, Dr. Kaushik Basu were also present on this occasion among others. 


The core sections of the Manual explain the entire chain of activities related to Budget preparation right from the issue of Budget Circular in September to the Budget Day in February, including the processes of estimation of receipts and expenditure, their firming-up and finalization through the Pre-Budget Meetings and their compilation. The comprehensive calendar of Budget related activities, their timelines, details of the related duties and responsibilities of the officers and staff together with the Security and 'Lock-in' procedures have also been brought out. Finally the Manual deals with the Implementation and Reporting of various Budget announcements. There are also a series of Annexes which provide a holistic perspective on the related subjects. An attempt has been made to incorporate all the Budget related issues in the Manual so as to make it a self contained and one stop guidance document. 



Text of the Finance Minister's address on the occasion is given below:



"I am pleased to participate in this function to release the Budget Manual for the Union Government. The Budget process of our country predates the Independence and has evolved over the past six decades to reflect the strength of our democratic processes in shaping our economy. It has emerged as a crucial tool for public finance management. 



Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48. After Independence, India's first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947. 


Toni Morrison, the famous author and winner of the Pulitzer and Nobel Prize for literature, had once stated, I quote- 



"If there's a book you really want to read but it hasn't been written yet, then you must write it".



~Toni Morrison



The Union Government Budget Manual is one such book, the need for which has been felt for long. I am happy to note that the Budget Division has brought out this Manual. Large areas of the Budget making procedures and processes have not been in public domain, leading at times to some misinterpretations and conjectures. The Budget Manual will shed such misconceptions. I am sure this Manual will bring about greater transparency and better understanding about the Union Government Budget making procedures and systems. 



The Manual attempts to outline the entire chain of events leading to the Union Budget. The purpose of this Budget Manual is to provide guidance and a training tool for the officers and staff engaged in the Budget preparation, not only in the Finance Ministry but in other Ministries/Departments as well. 



Finally, I would also like to express my appreciation to the officials of the Finance Ministry for taking this initiative and completing the task of preparing the Union Government Budget Manual. 



With these words I would now like to release the Budget Manual for the Union Government.

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
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28 September 2010

CENVAT- SPARES-DUMPERS-VEHICLES

Please note that CENVAT CREDIT is available on Components, Spares and Accessories of Motor Vehicles, DUMPERS & TIPPERS as per CBEC Notification No.29/2010 dt.24-09-2010.

Cenvat Credit (Fifth Amendment) Rules, 2010 - Amendment in rule 2

 

 

Notification No. 29/2010-Central Excise (N.T), dated 24-9-2010

 

 

In exercise of the powers conferred by section 37 of the Central Excise act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : –

 

1.       (1) These rules may be called the CENVAT Credit (Fifth Amendment) Rules, 2010.

          (2) They shall come into force on the date of their publication in the Official Gazette.

 

2.       In the CENVAT Credit Rules, 2004, in rule 2, in clause (a), after sub-clause (C), the following sub-clause shall be inserted, namely : –

 

"(D)           components, spares and accessories of motor vehicles, dumpers or tippers, as the case may be, used to provide taxable services as specified in sub-clauses (B) and (C);"

 

 




--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
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Johnny and Service Tax Refund [Series- II] Part 1: `INVOICE'

Johnny and Service Tax Refund [Series- II]

Part 1: `INVOICE'

 

                                                                        Prepared By: -                       

CA. Pradeep Jain

Mayank Palgauta

 

We have already written one complete series of articles for the refund of service tax to exporters under notification no. 41/2007-ST. The litigation on the same is still going on. The Government has come up with the new notification no. 17/2009-ST dated 7th July, 2009 to make the scheme simple so that the refund is available to the exporters conveniently. But there is no sign of relief for the exporters. They are still struggling to get the refund from the department. With this second series of the articles, an effort has been made to bring out the misery of exporters. This also brings out the present situation existing in the refund structure mechanism under Service tax. This state of affair also is elaborated with the means of poems and conversation between Johnny (an assessee) and his father.

 

Johnny and Jill went up the hill, to get the refund order
Johnny came back with a lack
And Jill came hopeless after.

 

Today, in the present scenario also, the poor exporter is still facing enormous difficulty in getting refund orders as stated in the lines above. There is no radical change has taken place even after the change of total scheme by the Government. The refund claims are the Right of the exporters but the department is rejecting these claims on various grounds which are of trivial importance. This resulted in frustration and skepticism among exporters as regards the Refund mechanism. The one of the conditions relating to INVOICE on which the department is rejecting the refund claim on various services mentioned in the Notification No. 17/2009-ST dated 7th July, 2009 (herein after referred to as said notification) are highlighted here by means of poetic conversation: -

 

Johnny-Johnny!  Yes papa!

Got the refund?

No Papa,

Telling lies?

 No Papa,

What's the reason?

This papa: -

 

Johnny says:  I went to department to get the refund on various invoices issued by service providers under said notification but department said: -

Johnny-Johnny go away,
Come again another day.
Your refund order has following Flay: -

 

In relation to refund claim filed by the exporters, they require the original invoices. It is told to them that the original invoices are required by various departments. Hence the same cannot be given to you. But the department is saying that it is condition of the notification and it cannot be relaxed. We said that we can show the same to you and you compare the same with Xerox copies given by us to you along with refund claim. Then give the same back to us per bearer. But they did not agree. They say that the condition has been imposed so that the double refund claim is not taken by you on the same invoice. We have told that you can put a seal on these original invoices saying that the refund is claimed, not to be used again. But they did not agree and told that it is condition precedent for claiming the refund that the original invoices should be submitted with us. We were helpless and submitted the original invoices. We were hopeful of getting the refund thereafter. But we were not aware of the fact that we are dealing with revenue department who can collect the crores of rupees but cannot give small refund claim. The second objection was raised by them

Johnny-Johnny!  Yes papa!

Got the refund?

No Papa,

Telling lies?

 No Papa,

What's the reason?

This papa: -

 

Johnny says:  I went to department to get the refund on various invoices issued by service providers under said notification but department said: -

Johnny-Johnny go away,
Come again another day.
Your refund order has following Flay: -

 

All the original Invoices issued by a service providers like Custom House Agent for CHA services or by a Cleaning and Forwarding Agent for cleaning and forwarding services should have certificate as mentioned the notification 17/2009. In this endorsement the assessee has to certify that the services mentioned in the invoices have issued to the assessee; the service tax has been paid thereon by the assessee and said services have been utilized in export of goods under the particular shipping bill no. and its date. We have told them that we have made a rubber stamp of this certificate and put it on Xerox copy of the invoice. But they said that the same should be put on the original invoice. We have told that the original invoice is required by many department and auditors. Hence, we will use them for various purposes after the same is returned to us. But they did not agree and told that the same should be put on the original invoice. We have no option but to agree their demand. After the seal was put on original invoice, we asked for the refund. But the department came with the next arrow. He has told that you have written in rubber stamp the category of service, shipping bill number and date is as per table annexed to refund claim. But the shipping bill number, category of service should be mentioned on the invoice only. We have learnt from past experience that we have no option before the department but to abide by the things as told to us. Hence, we followed their instructions and corrected all the invoices in the hope of service tax refund claim. The assessee submits that the reference of all the Shipping Bills and its date has already given in tabular form with refund claim application. Thus the demand of mentioning the reference of the same in each and every invoice of the service providers has ridiculous point.

  

Johnny says:  I went to the department next day again with the corrections but department rejected saying: -

Johnny-Johnny go away,

You won't get refund anyway.
It has following more flay: -

The invoices of various service providers have not prepared under Rule 4A of Service Tax Rules, 1994 as many of invoices are not serially numbered; some invoices do not have the Service tax Registration no. of service providers and some of them are not having the description of service provided during the course of Export of goods. Even the same is not mentioned in the table annexed to the refund claim. Furthermore, the same is not mentioned in certificate endorsed on the face of invoice. We pleaded that when the service provider has not mentioned the above details in his invoices then how we can know the above information like under which category the service provider is providing the services. Further, we argued that since these mistakes have not done on our part, the refund should not be denied on these ridiculous grounds which are beyond the control of the assessee.

 

Unrewarding again & again;

Johnny now in grief and pain!

`Refund Order' now a dream;

His efforts have downstream!

 

Johnny's contention:-

To fulfillment of the condition of submitting ORIGINAL INVOICES to the department, we have produced all the ORIGINAL invoices of all the service providers at the time of refund but these have not come back to the our custody as the department contending that they will keep them for the purpose of refund claim. They contend that even after the refund is sanctioned or rejected then the file will go for audit and the department has to send the original invoices to audit wing or review wing. Thereafter, if the appeal is filed then they will keep the invoices with them. 

 

Seeing these erroneous interruptions, obstacles and arguments taken by the department, the exporter-assessee wants to say one sentence to the Government that "HATHI KE DANTH KHAANE KE AUR, DIKHAANE KE AUR" because on one point the Board is issuing the exemption notifications for promoting the Export of goods outside India and on the other side Revenue department is not happy to sanction the refund claim.

 

At the end all the exporters, whose refund claim is under evolution from extensive time period, raise one question that why the Finance Minister is not exempting the exporters from payment of service tax itself in order to remove these types of silly troubles which became a big barrier thereafter. They require straight forward exemption rather than exemption by way of refund.

 

By this humorous and poetic article above we conclude that the physical condition and mental state of assesses claiming refunds against export of goods is similar to that of Johnny in the poem. Every time the assessee is approaching the department his refund claims are being rejected on some or the other flaws. He has to return fruitless, hopeless with his futile efforts thinking whether he will be getting the refund or not. 

 

There are a number of services on which the refund is allowed. The assessee is facing difficulty in almost all of those services due to attached conditions with each service. Due to the large number of conditions we were not able to cover all the conditions in this article and hence we will be bringing further articles on the different conditions covered therein.

 

Keep visiting for the next article……..

27 September 2010

Due Date of Return extended

Due date for filing returns for AY 2010-11 extended from 30/9/2010 to 15/10/2010

Order [F.NO. 225/72/2010/ITA.II], dated 27-9-2010

On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of filing of returns of income for the Assessment Year 2010-11 from 30-09-2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s 44AB of the Income Tax Act is also extended to 15th October 2010.

Profile of Banks-2009-10

Date : 23 Sep 2010
A Profile of Banks 2009-10

The Reserve Bank of India has, today, placed on its website "A Profile of Banks 2009-10". The publication, "A Profile of Banks 2009-10",the  sixth volume in the series, provides a  bank-wise and bank group-wise information on important performance indicators of all scheduled commercial banks, excluding regional rural banks, for the period 2005-06 to 2009-10. The publication covers about 18 important indicators; e.g return on assets, CRAR and business per employee.  To facilitate comparison the publication also provides aggregates at bank group level and at all banks level for 2009-10.

Highlights

• Employee productivity has been improving as both the productivity indicators, namely, business per employee and profit per employee at aggregate level, are increasing since 2005-06.

• Number of employees of all banks increased during 2009-10.

• Return on assets of all scheduled commercial banks at aggregate level declined during 2009-10. At bank group level, return on assets of all the bank groups with the exception of private sector banks witnessed a decline during 2009-10. The improvement in return on assets of private sector banks is mainly on account of new private sector banks.

• CRAR of all banks at aggregate level increased during 2009-10, exhibiting the strong capital base of Indian banking sector. Net NPA ratio of private sector banks at bank group level declined during 2009-10.

Copies of the publication can be obtained from the Director, Division of Reports, Reviews and Publications (Sales Section), Department of Economic Analysis and Policy, Reserve Bank of India, Amar Building, Ground Floor, P. M. Road, P. B. No.1036, Fort, Mumbai 400 001. This publication is also available at the Reserve Bank's website on the Internet at (www.rbi.org.in).

Alpana Killawala
Chief General Manager

Press Release : 2010-2011/417



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
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23 September 2010

J & K -IT RETURN DATE EXTENDED

I-T Returns Filing Date Extended to 30th November in J
The Central Board of Direct Taxes (CBDT) has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu & Kashmir to 30th November 2010. The decision was taken by the CBDT in exercise of powers conferred under section 119 of the Income Tax Act, 1961, considering the reports of disturbance of general life, caused due to the law and order problem in the State.

Accordingly, the date for obtaining and furnishing Tax Audit report u/s 44AB of the Income Tax Act is also extended to 30th November 2010.

DSM/BY
(Release ID :65947


--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

22 September 2010

IndianCAs: Tax Cuts: This is how the cookie crumbles

 

Tax Cuts: This is how the cookie crumbles:

Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh $7.
The eighth $12.
The ninth $18.
The tenth man (the richest) would pay $59.
So, that's what they decided to do.
The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20."
So, now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes.
So, the first four men were unaffected. They would still eat for free. But what about the other six, the paying customers? How could they divvy up the $20 windfall so that everyone would get his 'fair share'?

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being 'PAID' to eat their meal. So, the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33% savings).
The seventh now paid $5 instead of $7 (28% savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).
Each of the six was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings.

"I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man "but he got $10!" "Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too.

It's unfair that he got ten times more than me!" "That's true!!" shouted the seventh man. "Why should he get $10 back when I got only $2? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore..........and there are l
ots of good 
 
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21 September 2010

Non-resident signatories of foreign companies are not required to have a PAN-encrypted Digital Signature Certificate

Ramana Kumar B
Senior Manager,

"To be conscious that you are ignorant is a great step to knowledge"


 

 

Dear All,

Today, the Central Board of Direct Taxes has clarified that the requirement of encrypted PAN on Digital Signature Certificate (DSC) for non-resident signatories of foreign companies has been relaxed. The signatory may register with DSC without PAN encryption from the Chief Certifying Authority (CCA), India and use the same DSC while uploading the return.

 

However, it is important to note that this facility is available only for all foreign companies under the jurisdiction of respective International Taxation wards or circles of the Income Tax Department.

Foreign companies still facing any difficulty may send an email to efiling@incometaxindia.gov.in or efiling.administrator@incometaxindia.gov.in giving their name, PAN and jurisdiction.

Source: https://incometaxindiaefiling.gov.in/portal/index.do

Regards

 

Tax Knowledge & Solutions Team



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

18 September 2010

Repo- Reverse Repo Rates - Duty Draw Back Rates

FMD.MOAG. No. 50/01.01.01/2010-11

Dated: September 16, 2010

Liquidity Adjustment Facility – Repo and Reverse Repo Rates

As announced today in the Mid-Quarter Policy Review, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.75 per cent to 6.00 per cent and the reverse repo rate by 50 basis points from 4.50 per cent to 5.00 per cent with immediate effect.

2. All other terms and conditions of the current LAF Scheme will remain unchanged.

3. Please acknowledge receipt.

RBI/2010-2011/204

(P. Krishnamurthy)
Chief General Manager

REF.No.MPD.BC. 336 /07.01.279/2010-11

 
DUTY DRAW BACK RATES- SEE ATTACHMENT
 
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
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17 September 2010

Budget Circular-2011-12

BUDGET CIRCULAR ISSUED BY MINISTRY OF FINANCE, GOI FOR THE YEAR 2011-12 IS ATTACHED

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

14 September 2010

Adjudication Powers-Service Tax

Section 83A of the Finance Act, 1994 – Power of adjudication – Notified officers – Amendment in Notification No. 30/2005-ST, dated 10-8-2005

 

Notification No. 48/2010 – Service Tax, dated 8-9-2010

 

In exercise of the powers conferred by Section 83A of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 30/2005 – Service Tax, dated 10th August 2005, published vide No. G.S.R. 527(E), dated the 10th August, 2005, namely:-

In the said notification, for the Table, the following Table shall be substituted, namely:-

 

Table

 

Sr. No.

Central Excise Officer

Amount of service tax or CENVAT credit specified in a notice for the purpose of adjudication under Section 83A

(1)

(2)

(3)

(1)

Superintendent of Central Excise 

Not exceeding Rs. one lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation.)

(2)

Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise

Not exceeding Rs. five lakhs (except cases where Superintendents are empowered to adjudicate.)

(3)

Joint Commissioner of Central Excise

Above Rs. five lakhs but not exceeding Rs. fifty lakhs

(4)

Additional Commissioner of Central Excise

Above Rs. twenty lakhs but not exceeding Rs. fifty lakhs

(5)

Commissioner of Central Excise

Without limit.

 



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

Adjudication Powers-Service Tax

Section 83A of the Finance Act, 1994 – Power of adjudication – Notified officers – Amendment in Notification No. 30/2005-ST, dated 10-8-2005

 

Notification No. 48/2010 – Service Tax, dated 8-9-2010

 

In exercise of the powers conferred by Section 83A of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 30/2005 – Service Tax, dated 10th August 2005, published vide No. G.S.R. 527(E), dated the 10th August, 2005, namely:-

In the said notification, for the Table, the following Table shall be substituted, namely:-

 

Table

 

Sr. No.

Central Excise Officer

Amount of service tax or CENVAT credit specified in a notice for the purpose of adjudication under Section 83A

(1)

(2)

(3)

(1)

Superintendent of Central Excise 

Not exceeding Rs. one lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation.)

(2)

Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise

Not exceeding Rs. five lakhs (except cases where Superintendents are empowered to adjudicate.)

(3)

Joint Commissioner of Central Excise

Above Rs. five lakhs but not exceeding Rs. fifty lakhs

(4)

Additional Commissioner of Central Excise

Above Rs. twenty lakhs but not exceeding Rs. fifty lakhs

(5)

Commissioner of Central Excise

Without limit.

 



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Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
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http://pdicai.org/MyPage/203038.aspx

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