 Hi All
May Day (1st May) known as Labour Day . It is only natural that I place on record my sincere thanks to and appreciation of my team which has labored diligently to bring to you this newsletter every fortnight since 2009. When sometime back we were faced with a “do-it-by-yourself” situation, they rose to the occasion and learntthe technical aspect of publication too to ensure that even with minimal external help, the initiative continues. I can see the love, passion and commitment that they have put in the “doing”.
This issue contains a number of circulars and notifications relating to Service tax which have been grouped appropriately for ease of reading and reference. You can find all the earlier issues of Lexspeak under Resource Centre in our website sharadasc.com
To read the earlier issues and articles Click Here
Sincerely
S.C.Sharada |
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Service of Documents by
e-mode instead of Under Posting Certificate |
| MCA has taken a “Green Initiative in Corporate Governance by allowing paperless compliances by Companies after the discontinuance of Certificate of Posting by Indian Post. Documents served via e-mode are deemed to be in compliance with Section 53 of the Companies Act, 1956. |
Download Circular >
Read relevant IT Act sections> |
Appointment of Cost
Auditor by the Companies |
| Audit Committee of the Board / Board of Directors of companies can now appoint a Cost Auditor without seeking prior approval from the Central Govt. However, post-appointment intimation within 90 days of appointment is required. |
| Download Circular > |
Coins of 25 paise
below – withdrawal from circulation |
| 25 paise coin will become history soon. The Govt. of India has decided to withdraw coins of denomination of 25 paise and below from circulation w.e.f. 30th June, 2011. The said coins would be exchanged at the banks maintaining small coins depots till 29th June, 2011. |
| Download Circular > |
“Declaration of
Intent” on EOU Shipping Bills for claiming Chapter 3
benefits |
| DGFT has clarified that shipments made by EOUs for the period 01.04.2008 till 31.03.2010 would not require “Declaration of Intent” for claiming Chapter 3 benefits. However, w.e.f. 01.01.2011 all types of S/Bs including EOU S/Bs must contain the said “Declaration of Intent”. |
| Download Circular |
Labeling of goods in
bond prior to Ex-bond clearance |
| Imported goods can now be labelled in Bonded Warehouses subject to certain procedural conditions. CBEC has extended this facility to remove the difficulties faced by importers on account of space constraints at CFSs/Port/ICDs and nature of goods. |
| Download Circular |
Implementation of
”Self-Assessment” in Customs |
| Bill of Entry (Electronic Declaration) Regulations, 2011 & Shipping Bill (Electronic Declaration) Regulations, 2011 which provide for ‘Self-Assessment’ of Customs Duty by the importer/exporter will become effective with the enactment of Finance Bill, 2011. |
| Download Circular > |
Amendment to the
Drawback Rules, 1995 |
| The Duty Drawback Rules provide for recovery of DBK amount in case of non-realisation of exports by the exporter. Vide the amendment to the Rules, however, no recovery will be made if the non-realised amount has been compensated by ECGC, written off by RBI and a certificate from the respective Foreign Mission of India is obtained. |
| Download Circular > |
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Service Tax 
