Daily Archives: February 10, 2017

6% concessional excise/CV duty on machinery required for setting of fuel cell for generation of power

By | February 10, 2017

Seeks to prescribe 6% concessional excise/CV duty on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen. NOTIFICATION NO.5/2017-C.E., DATED 2-2-2017 In exercise of the powers conferred… Read More »

Cenvat Credit available on input services even if depreciation is also claimed on it

By | February 10, 2017

CESTAT, MUMBAI BENCH Shree Pandurang SSK Ltd. v. Commissioner of Central Excise, Pune-III RAMESH NAIR, MEMBER, (J.) APPEAL NO. E/592 OF 2012 ORDER NO. A/85139/17/SMB DECEMBER  7, 2016 Sanjay Hasija, Superintendent (AR) for the Respondent. ORDER Ramesh Nair, Member (J.) – The issue involved in the present case is that appellant availed Cenvat credit in… Read More »

Direct Tax and Indirect Tax Collection upto January 2017

By | February 10, 2017

Tax Collection Figures up to January 2017 show consistent trend of healthy growth; During January 2017, the Net Indirect Tax grew at the rate of 16.9% compared to corresponding month last year with growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively January,… Read More »

Service receiver has locus standi to claim refund under Service tax laws

By | February 10, 2017

CESTAT, NEW DELHI BENCH Chambal Fertilisers & Chemical Ltd. v. Commissioner of Central Excise & Service Tax, Indore S.K. MOHANTY, JUDICIAL MEMBER AND ASHOK K. ARYA, TECHNICAL MEMBER FINAL ORDER NOS. 50025-50026/2017 ST/CROSS/4594/2012 SERVICE TAX APPEAL NOS. ST/1805 & 3853/2012 – CU (DB) JANUARY  2, 2017 B.L Narasimhan, Adv. for the Appellant. Govind Dixit, DR… Read More »

Time limit to carry forward MAT and AMT credit w.e.f AY 2018-19

By | February 10, 2017

Time limit to carry forward MAT and AMT credit Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax and Alternate Minimum Tax by Finance Bill 2017 Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB. Currently,… Read More »