Competition Act 2002, Monopolies and Restrictive Trade Practices Act, 1969, Anti Competitive Agreement, Abuse of Dominant Position, Combination, Competition Commission of India
The FEMA (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA)
FEMA came into act on the 1st day of June,2000
49 sections in the Act.
Competition Act 2002, Monopolies and Restrictive Trade Practices Act, 1969, Anti Competitive Agreement, Abuse of Dominant Position, Combination, Competition Commission of India
The FEMA (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA)
FEMA came into act on the 1st day of June,2000
49 sections in the Act.
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
Provisions Regarding Baggage, Goods Imported or Exported by Post, Courier and...DVSResearchFoundatio
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. In this webinar we will learn the provisions related to baggage, goods imported or exported by post, courier and stores.
PPT in Company competition in India.
6th semester B.com program,
Shaheed Bhagat singh College (University of Delhi)
It is totally in Indian ACT" company's.
Introduction
Definition of baggage
General prohibition
Statutory provision
Baggage Rules
Article mentioned in annex
Baggage rules
Types of Passenger
General free allowence
Provisional return to India
Jewelry
Tourist
Transfer of residence
Problems on baggage
Problem
Solution
Remark
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
Provisions Regarding Baggage, Goods Imported or Exported by Post, Courier and...DVSResearchFoundatio
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. In this webinar we will learn the provisions related to baggage, goods imported or exported by post, courier and stores.
PPT in Company competition in India.
6th semester B.com program,
Shaheed Bhagat singh College (University of Delhi)
It is totally in Indian ACT" company's.
Introduction
Definition of baggage
General prohibition
Statutory provision
Baggage Rules
Article mentioned in annex
Baggage rules
Types of Passenger
General free allowence
Provisional return to India
Jewelry
Tourist
Transfer of residence
Problems on baggage
Problem
Solution
Remark
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
It provides an understanding into various transitional provisions under GST. It contains provisions connected with credits lying in balance, goods in stock, etc.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
2. INTRODUCTION
Cenvat Credit is a scheme where the manufacturers or the output service providers
are allowed a set off of the taxes paid on the inputs or the input services that are
used while manufacturing the final products or providing the output service. A
manufacturer or service provider is expected to pay certain basic duties in the
execution of his/her work, with a number of steps involved in each stage of
manufacture.
CENVAT ensures that there is a smooth flow of duties, with no additional drain on
any one segment, be it a manufacturer or a customer, eliminating double taxation
and keeping the entire chain simple and clean
Credit is not allowed if the final products are exempted or the output service is
exempted.(Nil rate of duty applicable)
For example : -
In the manufacture of product X, if raw material A and raw material B are used,
the manufacturer is allowed to take credit of the Central Excise duty paid on the
raw materials A and B used in the manufacture of the final product X. He is allowed
to use this credit while paying duty on the final product, X
3. Cenvat Credit Rules, 2004
• CENVAT Credit Rules 2004 (CCR) was introduced wef 10th Sept.2004
vide notification No.23 /2004 – Central Excise (N.T) date 10th Sept.
2004.
• The same is in supersession of CENVAT Credit Rules, 2002 (CCR 02)
and Service Tax Credit Rules, 2002 (STCR). CENVAT Credit Rules 2004
applies to the whole of India. However, it would not apply, to the
extent it relates to availment and utilization of credit to the State of
Jammu & Kashmir.
• Common for Excise & Service Tax - Input Credit Mechanism under
both legislation is governed by these rules.
4. Basic objectives of Cenvat Credit Mechanism
A manufacturer or service provider is expected to pay certain basic duties in the execution
of his/her work, with a number of steps involved in each stage of manufacture. CENVAT
ensures that there is a smooth flow of duties, with no additional drain on any one
segment, be it a manufacturer or a customer.
• To avoid the cascading effects of indirect taxes.
• To minimize tax incidence on ultimate consumer of goods / services.
• To ensure levy of tax on value addition by respective assesse.
• To eliminate or minimize the possibility of double taxation.
• The basic philosophy underlying cenvat scheme is that of a mutual trust. The revenue
authorities normally rely on the records of the assesse, hence it is necessary for the
assesse to be very cautious and conservative while availing cenvat benefit.
5. Rule 3 – Eligible Duties for availing Cenvat Credit
• Basic Excise Duty (BED) levied on Excisable Goods, and
Additional Duty equivalent to BED levied on imported goods.
• Special Excise Duty (SED) levied on Excisable Goods and
additional Duty equal to SED levied on imported goods.
• Additional duty of Excise levied on goods of special
importance like Sugar and Tobacco.
• National Calamity Contingent Duty (NCCD) on certain
excisable goods and imported goods
• Education Cess levied on Excisable and Imported Goods
6. CONTD.
• Education Cess leviable on Taxable Services Section 91/95 of Finance
• Additional Duty Leviable on specified goods Section 3 of Customs
Tariff Act
• Secondary and Higher Education Cess leviable on Excisable Goods
Sections 136 / 138 of Finance Act, 2007
• Additional Duty of Excise on Pan Masala & Certain tobacco products
• Service Tax leviable on Taxable Services
7. Rule 4 – Conditions for allowing CENVAT CREDIT
• The cenvat credit in respect of inputs may be taken immediately on the
date of receipt of inputs. CENVAT Credit can be taken any time- even after
three four years- (SAIL vs. CCE 2000RLT CEGAT), (Super Cassette vs. CCE
2004 ELT 280 ( CESTAT))
• The cenvat credit in respect of capital goods to be availed within a period
of 2 years i.e.
a) 50% immediately when capital goods are received and
b) balance 50% in the next financial year.
• Credit allowed to a manufacturer even if capital goods are acquired by him
on lease, hire purchase or loan agreement.
• Credit is allowed even if any inputs or capital goods are sent to job worker
place for further processing, but goods must be received back within 180
days. ( Fiat India v. CCE 2006ELT 439[ CESTAT ])
8. CONTD.
• Cenvat credit is allowed even in respect of jigs, fixtures, moulds and
dies. (Pricol Ltd vs. CCE [2010] 251 ELT 289[ CESTAT])
• Cenvat credit is not allowed on the goods used for office use.
• Cenvat credit will not be allowed on that part of capital goods that
represents depreciation.
• CENVAT can be availed when the goods were directly delivered to job
worker (Diamond Cables V. CCE) and (Bharat Heavy Electrical v. CCE)
• The CENVAT credit in respect of input service shall be allowed, on or
after the day which payment is made of the value of input service and
the service tax paid or payable as is indicated in invoice, bill or, as the
case may be, challan referred to in rule 9.( Time limit extended from
1 year to 6 months for availment of credit with effect Notification
no. 21/2014- Central Excise dated 11.07.2014 )
9. Rule 9 -Documents required for taking credit
Documents and Accounts The Cenvat Credit shall be taken on the basis
of any of following duty paying documents.
1. Invoice issued by
a) A manufacturer
b) By an importer
c) A first stage dealer
d) A consignment agent
2. A supplementary invoice issued by a manufacturer or importer
3. A bill of entry
4. A certificate issued by an appraiser of custom
5. A Challan evidencing the payment of service tax
6. An invoice, bill or Challan issued by a provider of input service.
10. CENVAT Availment Procedure
Main procedure for CENVAT availment is as follows :
1. Maintaining proper records of input and capital goods.
2. Maintaining records of credit received and utilized.
3. Submit proper returns in forms ER-1 to ER 8.
4. Returns by Dealers / Service Provider / Input Service Providers.
5. All to be filed online at the Icegate platform Of CBEC
Records of Input Services / Capital Goods : Records should contain
information regarding Value, duty paid, CENVAT credit taken & utilized,
person from whom input or capital goods are procured. Here, burden of
proof regarding admissibility of CENVAT Credit is on manufacturer or
provider of output service taking credit. [ Rule 9(5) of CENVAT Credit Rules]
11. CONTD.
• Records of Input Services : Records should contain information
regarding Value of input services, Tax Paid, CENVAT Credit taken and
utilised, person from whom input services are procured. The burden
of proof regarding admissibility of CENVAT credit lies with the
person taking credit [ Rule 9(6) of CENVAT Credit Rules]
• CENVAT Credit Record : This is just an account of Cenvat credit
received, credit utilised and credit balance. This gives details of credit
availed against each input / capital goods, Credit utilised against each
clearances of final products or removal of input as such or after
processing or removal of capital goods as such and the Balance Credit
available
12. Rule 14 - Recovery of CENVAT credit wrongly taken
or erroneously refunded
Where the CENVAT credit has been taken or utilized wrongly or has
been erroneously refunded, the same along with interest shall be
recovered from the manufacturer or the provider of the output service
• the provisions of sections 11A and 11AB of the Central Excise Act
1944 or
• sections 73 and 75 of the Finance Act 1994 (service tax)
shall apply mutatis mutandis for effecting such recoveries.
Along with Penalty under Rule 15 of Cenvat Credit Rules 2004, and
section 11AC of Central Excise Act 1944
13. CASES
M/s BHARTI AIRTEL LTD. V CCE, PUNE (2014 (3) ECS 25)
• All capital goods are not eligible for credit and only those relatable to the output
services would be eligible for credit. The towers are immovable property and
non-excisable and hence can neither be regarded as 'capital goods' nor can be
categorized as 'inputs.
M/s. CEMENT MANUFACTURING COMPANY LIMITED Vs. CCE & ST,
SHILLONG (2014 (1) ECS (178))
• The Assesse availed Cenvat credit on invoices issued by head office which was not
registered as an input service distributor. Hence, such invoices not valid/ correct
documents for availing Cenvat credit.
14. CASES
UPPER GANGES SUGAR & INDUSTRIES LTD. Vs CCE, MEERUT (2014 (1)
ECS (27) ALLAHABAD HIGH COURT)
• Items used neither for production nor for processing of any goods or bringing
about any change in any substance for manufacture of final products are not
capital goods.
M/s Castrol India Ltd Versus CCE, Vapi (2013 (2) ECS 52)
• Definition of input service in Rule 2 (1) of Cenvat Credit Rules, 1994 is quite
comprehensive. However, every assesse taking cenvat credit of input service has
to establish that such services are utilized in relation to manufacturing activity.
15. Highlights of Cenvat Scheme
Cenvat Credit on receipt of inputs
Credit of duty on receipt of invoice in case of input services provided payment
is made within 90 days from date of invoice. There is no time limit prescribed.
But it is advisable to take credit in a reasonable time which was held to be
one year by CESTAT in a recent case.
Cenvat Credit shall not be allowed after six months of the date of document
(Invoice Date / Challan Date (w.e.f. 01.09.2014)
Where entire service tax is payable by service recipient, Cenvat Credit can be
availed after the service tax is paid.
Where service recipient is liable to pay part service tax, Cenvat Credit can be
taken on/ after payment is made of the value of input service and the service
tax paid or payable as indicated in invoice,