The term ‘small company’ is defined under Section 2(85) of the Companies Act, 2013. Under the earlier norms, a company (other than a public company) meeting only one of the following condition would have qualified as a small company: Paid-up capital of which does not exceed fifty lakh rupees; or Turnover not more than rupees … Continue reading New norms are more stringent for businesses to be classified as small companies
Month: February 2015
DISCRETIONARY POWER OF TRIBUNAL TO ADMIT APPEAL OR OTHERWISE BASED ON QUANTUM OF DUTY OR PENALTY IS NOT APPLICABLE TO APPEALS FILED AGAINST ORDER PASSED BY COMMISSIONER OF CUSTOMS AS ADJUDICATING AUTHORITY: CESTAT
BRIEF FACTS: The appellant challenged the penalty of Rs 5000 imposed against him before the CESTAT by preferring an appeal. The said appeal was listed for admission in view of clause (iii) of second proviso to Section 129A of Customs Act, 1962 which provides that if the amount is less than Rs.2 lakhs, the Appellate Tribunal … Continue reading DISCRETIONARY POWER OF TRIBUNAL TO ADMIT APPEAL OR OTHERWISE BASED ON QUANTUM OF DUTY OR PENALTY IS NOT APPLICABLE TO APPEALS FILED AGAINST ORDER PASSED BY COMMISSIONER OF CUSTOMS AS ADJUDICATING AUTHORITY: CESTAT
No certificate of commencement of business required for private companies
Private companies will no longer have to wait for a certificate of commencement to start business operations. The government has done away with this requirement, taking another step to ease doing business in India. Promoters will only have to inform the Registrar of Companies online, a measure to ensure that starting a business in India … Continue reading No certificate of commencement of business required for private companies
Petroleum products under GST, however, levy deferred
The states had some objection in respect of previous amendment bill as the states did not want Petroleum, Petroleum Products and Alcohol to be brought within the ambit of GST. The Centre has accepted the demand on Alcohol by keeping it outside the ambit of GST, however, the issue pertaining to petroleum and petroleum products … Continue reading Petroleum products under GST, however, levy deferred
Capital goods brought to the factory for R&D work would be eligible for CENVAT Credit, their use in the factory of manufacture for any purpose whether in or in relation to manufacture or for any other purpose including R&D would be enough for permitting the Cenvat Credit.
The Learned Commissioner vide Order dated 17.12.2013 holding that since the capital goods for R&D work cannot be treated having been used in or in relation to manufacture of the final product, has denied the Capital Goods Cenvat Credit amounting to Rs. 9,97,38,882/- confirmed its demand along with interest thereon under section 11AB and has … Continue reading Capital goods brought to the factory for R&D work would be eligible for CENVAT Credit, their use in the factory of manufacture for any purpose whether in or in relation to manufacture or for any other purpose including R&D would be enough for permitting the Cenvat Credit.
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