The deadline to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations at banks, has been extended to December 31, 2015. The earlier deadline was June 30.This is the second time the RBI has extended the deadline. Seeking cooperation for withdrawing pre-2005 currency notes from circulation, the RBI had asked the public … Continue reading RBI extends deadline for exchanging pre-2005 currency notes by six months

The Hon’ble Apex Court in the matter of Commissioner, Customs and Central Excise, Aurangabad v. Roofit Industries Ltd (Civil Appeal No. 5541 of 2004) has held that the freight and other costs to be included in the valuation of the goods for the purpose of excise duty where the place of removal of finished goods … Continue reading Freight and other costs is included in value of goods

Finance Act, 2015 As we all know the Hon’ble President has given his assent to the Finance Bill, 2015 on May 14, 2015 and consequently, the Finance Act, 2015 (No. 20 of 2015) has been notified in the official gazette. New Rate of Service Tax The Central Government vide Notification No. 14/2015-ST dated May 19, … Continue reading New Rate of Service Tax_Effective from June 01, 2015