Lexspeak
Hi Folks
“Books are infinite in number and time is short; therefore the secret of knowledge is to take what is essential” said Swami Vivekananda. This is what we have attempted to do over the last 3 years – bringing you nuggets of essential ‘must-know’ information combined with insights & interesting thoughts of wise men and women against a backdrop of carefully chosen, refreshingly different Lexspeak banner beckoning you to stop by, take a break and reflect!
The underlying objective has been ‘learning and leveraging’ in a collaborative manner.
Have you seen a flock of geese flying ? They never fly alone. You will never see one trailing the other, trying to fly past the other like our own drivers racing past another vehicle. They always fly in groups and in a V shape. Research shows that they increase their flight efficiency by 71% if they fly as a flock rather than alone. If a goose leaves the flock because of the air resistance he finds it difficult to fly. Sooner or later he comes back to join the flock again. He realizes the power of staying together and collaborating to reach the destination. If a goose gets injured or falls sick, the rest of them just don’t keep flying, anxious about reaching. Some of them drop out of the formation, help the sick or injured goose to recoup and either join the original team or form another one to reach the destination. They are birds but they know the power of cooperation, collaboration and coexistence that the Lexspeak team salutes !
Thank you for being there, just being there with us as we complete 3 years in our quest to build each other up.
To read the earlier issues and articles of Lexspeak Click Here

Sincerely
Lex Valorem Team

Guidance Note in Appendix 25B has been amended to provide for execution of Bank Guarantee (BG) by Surety (banker) and Letter of Undertaking (LUT) by the importer / exporter.
Execution of BG LUT under Foreign Trade Policy
Terminal Exicse Duty (TED) refund that is available as a deemed export benefit under the Foreign Trade Policy can now be claimed either by the supplier or recipient of goods with certain disclaimers and documents
TED refund claim
Currently full value of goods and services exported from India must be realized and repatriated into India within 12 months from date of export (increased from earlier 6 months). Such relaxation which was valid until 30th September, 2012 has now been extended until 31st March, 2013.
Export of goods & services under FEMA
Liaison Offices / Branch Offices set up by foreign entities in India are obliged to submit audited financial statements along with the Annual Activity Certificate being submitted to the Director General of Income Tax (International Taxation).
Annual Activity Reporting by LO or BO
Updated list of sectors eligible to qualify as Infrastructure Lending by banks has been notified – includes Transport, water sanitation, Roads, Social Infrastructure & Communication.
Infrastructure Sector eligible for bank lending

About 120 services have been identified and listed for purposes of registration and accounting for payment of service tax. This is intended to aid statistical analysis without disturbing the current Negative list approach under Service Tax. It is likely to bring clarity to tax payers who are at sea trying to figure out which description and code to use.
Restoration of Accounting Codes under Service Tax
An article in Economic Times about Share Application Money throws light on how an accounting entry is being abused by many companies.
Share Application Money
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.

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