• Ministry of Finance

Service Tax

Notification No. 25/2012-ST Dated 20.06.2012 CBEC exempts specified taxable services from service tax leviable

CBEC has notified a list of taxable services exempted from whole of the service tax leviable thereon under section 66B of the Finance Act, 1994. 

Notification No. 26/2012-ST Dated 20.06.2012 Exemption to specified taxable services from service tax leviable in excess of percentage specified

CBEC has notified a list of taxable services exempted from so much of the service tax leviable thereon under section 66B of the Finance Act, 1994, as is in excess of the specified percentage of service tax calculated, subject to the relevant conditions provided therein. 

Notification No. 27/2012-ST Dated 20.06.2012 Service Tax Exemption to taxable services provided to a foreign diplomatic for specified purposes

CBEC has exempted the taxable services provided by any person, for the official use of a foreign diplomatic mission or consular post in India, or for personal use or for the use of the family members of diplomatic agents or career consular officers posted therein from whole of the service tax leviable U/s.66B. 

Notification No. 28/2012-ST Dated 20.06.2012 Place of Provision of Services Rules, 2012: Service Tax

Central Government has released the Provision of Services Rules, 2012 for the purpose of determination of the place of provision of services in supersession of the notification number 9/2005-ST, dated the 3rd March, 2005. The rule so issued shall come into force on 1st day of July, 2012. 

Notification No. 29/2012-ST Dated 20.06.2012 Exemption to taxable service of renting of an immovable property from service tax leviable

Exemption to the taxable service of renting of an immovable property, from so much of the service tax leviable thereon u/s.66B of Finance Act, 1994, as is in excess of service tax calculated on a value which is equivalent to gross amount charged for renting of such immovable property less taxes on such property, namely property tax levied and collected by local bodies. 

Notification No. 30/2012-ST Dated 20.06.2012 CBEC notifies specified services under section 68(2) of the Finance Act, 1994

Central Government has notified a list of taxable services and the extent of service tax payable thereon by the person liable to pay service tax for the purposes of the sub-section (2) of section 68 of the Finance Act, 1994. 

Notification No. 31/2012-ST Dated 20.06.2012 Exemption to specified services from the whole of the service tax leviable

CBEC has exempted the taxable service received by an exporter of goods and used for export of specified goods from the whole of the service tax leviable thereon under section 66B of the Finance Act, 1994, subject to the conditions provided therein. 

Notification No. 32/2012-ST Dated 20.06.2012 Exemption to services provided by Technology Business Incubator or Science & Technology Entrepreneurship Park

CBEC has exempted the taxable services provided by a Technology Business Incubator (TBI) or a Science & Technology Entrepreneurship Park (STEP) recognized by National Science & Technology Entrepreneurship Development Board of the Department of Science and Technology, from the whole of the service tax leviable thereon u/s.66B. 

Notification No. 33/2012-ST Dated 20.06.2012 Exemption to specified services from the whole of the service tax leviable

CBEC has exempted the taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under section 66B of the Finance Act, 1994, subject to the conditions provided therein. 

Notification No. 34/2012-ST Dated 20.06.2012 Service Tax: CBEC has rescinded specified notifications

CBEC has rescinded specified notifications in exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994, except as respects things done or omitted to be done before such recession. 

Notification No. 35/2012-ST Dated 20.06.2012 Rescinds Notification notifying Works Contract(Composition Scheme for Payment of Service Tax)Rules,2007

Central Government has rescinds the notification No. 32/ 2007- Service Tax, dated the 22nd May, 2007 notifying Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 with effect from the 1st day of July, 2012. 

Notification No. 36/2012-ST Dated 20.06.2012 Service Tax (Second Amendment) Rules, 2012- W.e.f 01.07.2012

CBEC has released the Service Tax (Second Amendment) Rules, 2012 amending Service Tax Rules, 1994. The said amendment rule has inserted rule 6A relating to Export of services in addition to the various amendment introduced by it. 

Notification No. 37/2012-ST Dated 20.06.2012 Point of Taxation (Amendment) Rules, 2012 - W.e.f 01.07.2012

CBEC has released the Point of Taxation (Amendment) Rules, 2012 to amend to rule 2 stipulating that for the words, "provided or to be provided" wherever they occur, the words "provided or agreed to be provided" shall be substituted. 

Notification No. 38/2012-ST Dated 20.06.2012 Amendment to Notification No. 28/2011 on services to be treated as continuous supply of service

CBEC has amended Notification No. 28/2011 notifying services to be treated as continuous supply of service stipulating that for the words "referred to in clauses (zzq), (zzzh), (zzzx), (zzzu) and (zzzza) of section 65(105) of the Finance Act" the words "of telecommunication service and service portion in execution of a works contract" shall be substituted. 

Notification No. 39/2012-ST Dated 20.06.2012 Directions under rule 6A of the Service Tax Rules, 1994 regarding grant of rebate

CBEC has directed that there shall be granted rebate of whole of the duty paid on excisable inputs or the whole of the service tax and cess paid on all input services used in providing service exported in terms of rule 6A of Service Tax Rules, 1994 to any country other than Nepal and Bhutan. 

Notification No. 40/2012-ST Dated 20.06.2012 Exemption to services received by a unit located in a Special Economic Zone or Developer of SEZ

CBEC has exempted the services on which service tax is leviable u/s. 66B, received by a unit located in a Special Economic Zone or Developer of SEZ and used for the authorised operations, from whole of the service tax, education cess and secondary and higher education cess leviable thereon, subject to the conditions provided thereon. 

CBDT

Circular No. 04/2012 Dated 20.06.2012 Instructions to Subordinate Authorities - Authorization of AOs in specified cases to Rectify/Reconcile Disputed Arrear Demand

CBDT has authorised the Assessing Officers to make appropriate corrections in the figures of such disputed arrear demands after due verification/reconciliation and after examining the same on merits, whether by way of rectification or otherwise, irrespective of the fact that the period of limitation of four years as provided under section 154(7) of the Act has elapsed.

Order from file No. 225/124/2012/ITA.II Dated 20.06.2012 Instructions to Subordinate Authorities regarding extension of due date for filing Form 49C for F.Y. 2011-12

CBDT has decided to extend the due date of filing Form 49C for the financial year 2011-12, up to 30th September, 2012. Further, it has been decided that f or the financial year 2011-12, Form 49C can be filed in 'paper mode' instead of filing it electronically with digital signatures.

CBEC Customs Non Tariff

Notification No. 52/2012 - Customs (N.T.) Dated 21.06.2012 Determines rate of exchange of conversion of specified foreign currency into Indian currency or vice versa

Central Board of Excise and Customs has determined the rate of exchange of conversion of specified foreign currency into Indian currency or vice versa with effect from 22nd June, 2012 for the purpose of the said section, relating to imported and export goods.

CBEC Excise Non-Tariff

Notification No. 28/2012-(N.T.) Dated 20.06.2012 CENVAT Credit (Sixth Amendment) Rules, 2012 w.e.f. 01.07.2012

CBEC has released the CENVAT Credit (Sixth Amendment) Rules, 2012 to amend the specified provisions of CENVAT Credit Rules, 2004, which shall come into force on the 1st day of July, 2012.

•  Ministry of Corporate Affairs

General Circular No. 14/2012 Dated 21.06.2012 Imposition of fees on certain e-forms filed with ROC, RD or MCA(HQ) under MCA-21 where at present no fee is prescribed

MCA has released a list of Forms stipulating the amount of fee applicable thereto after having decided to levy fee on forms where at present no fee is prescribed.

• Press Information Bureau

Dated 28.06.2012 Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961

CBDT has released the draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961 as formulated by Committee constituted under the Chairmanship of the Director General of the Income Tax (International Taxation).

Dated 20.06.2012 Guidance Paper released on service tax: New approach intended to take country and economy a step closer to GST

CBDT has released the Guidance Paper marking the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of services as a part of the Budget exercise. The new approach to taxation of services is intended to take the country and the economy a step closer towards the introduction of Goods and Service Tax (GST).

• RESERVE BANK OF INDIA

A.P. (DIR Series)

Circular No. 137 Dated 28.06.2012 Foreign Investment in India -Sector Specific conditions

In order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulation, RBI has notified the changes in FDI norms.

Circular No. 136 Dated 26.06.2012 External Commercial Borrowings (ECB) - Rationalisation of Form-83

RBI has decided to rationalize the Form-83 submitted to the Reserve Bank for obtaining Loan Registration Number (LRN) to reflect the liberalization and rationalization measures that have been carried out over a period of time. Accordingly, borrowers desirous of obtaining Loan Registration Number (LRN) with effect from July 01, 2012 may submit Form-83 in the revised format provided therein.

Circular No. 135 Dated 25.06.2012 Foreign investment in India by SEBI registered FIIs in Government securities and SEBI registered FIIs and QFIs in infrastructure debt

RBI has reviewed the policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI and modified them while introducing new scheme for ECB borrowings. Further, the limit of USD 15 billion for FII investment in Government securities has been enhanced with immediate effect by USD 5 billion to USD 20 billion in addition to other policy decisions.

Circular No. 134 Dated 25.06.2012 External Commercial Borrowings (Ecb) - Repayment of Rupee Loans

RBI has decided to allow Indian companies to avail of ECBs for repayment of Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure, under the approval route, subject to them satisfying the conditions provided therein.

RBI Press Release

Press Release No. 2011-2012/2057 Dated 25.06.2012 RBI announces Further Liberalisation Measures for Capital Account Transactions

RBI has decided to allow Indian companies in manufacturing and infrastructure sector and having foreign exchange earnings to avail of external commercial borrowing (ECB) for repayment of outstanding Rupee loans towards capital expenditure and/or fresh Rupee capital expenditure under the approval route. The overall ceiling for such ECBs would be USD 10 billion.

• Securities and Exchange Board of India

Press Release No. 67/2012 Date 26.06.2012 SEBI relaxes norms governing offer for sale (OFs) and Institutional Placement Programme (IPP)

SEBI has eased the norms governing offer for sale (OFs) and Institutional Placement programme to help companies smoothly conduct share-sales to achieve the required minimum 25 per cent public shareholding requirement.

Notification No. LAD-NRO/GN/2012-13/07/13546 Dated 20.06.2012 Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012

SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 providing new norms for ownership and governance of stock exchanges to encourage the setting up of the bourses and enable exchanges to get listed.