Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit.
Excise – Regarding splitting up of rebate claims to avoid pre-audit
F. No. 206/05/2014-CX.6
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Dt: 03.11.2014
To
The Chief Commissioners of Central Excise (All)
Sub: Splitting up of rebate claims to avoid pre-audit-reg.
Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit.
2. Rebate sanctioning authorities may note that they may order pre-audit by clubbing such claims where such claims are artificially split and there is need for pre-audit. Such exercise of powers shall be discretionary and used more as an exception than rule.
3. Above directions may be brought to the notice of the officers competent to sanction rebate claims in the field. Hindi version will follow. Difficulty, if any, in the implementation of the instruction may be brought to the notice of the Board.
Yours faithfully,
(Rohan)
OSD (CX.6)
Copy to: Members of the Board
The Competition Commission of India(CCI)has imposed a penalty of Rs. 7.68 Lakhs and Rs. 35.16 Thousands(@5% of the average of the turnover for the last 3 financial years)on Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) respectively for contravening the provisions of section 3 of the Competition Act, 2002 ('the Act').
CCI Order Against Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) for Contravening Competition Law
CCI Order Against Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) for Contravening Competition Law
The Competition Commission of India(CCI)has imposed a penalty of Rs. 7.68 Lakhs and Rs. 35.16 Thousands(@5% of the average of the turnover for the last 3 financial years)on Indian Jute Mills Association (IJMA) and Gunny Trade Association (GTA) respectively for contravening the provisions of section 3 of the Competition Act, 2002 ('the Act').
The final order was passed by CCI on 31.10.2014 on an information jointly filed by Indian Sugar Mills Association, National Federation of Co-operative Sugar Factories Ltd. and All India Flat Tape Manufacturers Association alleging anti-competitive agreement by the members of IJMA and GTA in fixation of sale price of jute packaging material by issuing of Daily Price Bulletin (DPB) by GTA for jute bags for the members of IJMA and the GTA to follow.
The Commission found the impugned acts/conduct of IJMA and GTA to be in contravention of the provisions of section 3(3)(a)/ 3(3)(b) read with section 3(1) of the Act.
Apart from issuing a cease and desist order against the associations and imposing penalties upon them, the Commission also imposed penalties on the persons who were members of the Executive Committee of IJMA and the Executive Committee and the DPB Sub-Committee of GTA @ 5% of the average income of the last three financial years.
The Commission also noted in the order the provisions of the Jute Packaging Materials (Compulsory Use in Packaging Commodities) Act, 1987 placing statutory requirement on the sugar mills to undertake sugar packaging using jute bags only, against the principle of competitive neutrality as the entities manufacturing matching products were denied market access. Such a policy was further noted as not only restricting the choice of customers like sugar mills but was also potentially found to be escalating the cost ultimately borne by the end-consumers. Accordingly, the Commission desired the Government of India to re-assess the current market situation for removing the market distortions arising out of such policy.
The order of the Commission was passed in Case No. 38 of 2011and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.
| | The Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014 |
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 3rd November, 2014 G.S. R. ___ In exercise of the powers conferred by section 642 read with sub-section (2) of section 637A of the Companies Act, 1956 (1 of 1956) and the removal of difficulty Orders issued by the Central Government under section 470 of the Companies [
Litigation under service tax starts by issuance a "Show Cause Notice" under the provision of section 73 of the Finance Act, 1994, which could be a resultant of a Audit, ST-3 scrutiny, investigation or pending issues of previous period. This notice would be adjudicated by the Central Excise and Service Tax officer by following the
INSTRUCTION No. 15/2008, DATED 4-11-2008 The present system of review of assessments by the Administrative Commissioner was introduced in 2002 subsequent to the restructuring of the Income tax Department. Under the existing system of Inspection also the Inspecting Officer was required to comment on selected assessment orders. As this was resulting in a duplication of […]
CBDT INSTRUCTION No. 15/2008, DATED 4-11-2008
INSTRUCTION No. 15/2008, DATED 4-11-2008
The present system of review of assessments by the Administrative Commissioner was introduced in 2002 subsequent to the restructuring of the Income tax Department. Under the existing system of Inspection also the Inspecting Officer was required to comment on selected assessment orders. As this was resulting in a duplication of the review function, it has been decided to do away with the requirement to give comments on selected assessment orders as part of the annual Inspections. It was also noticed that centralisation of review work with administrative Commissioners alone was resulting in inordinate workload with these officers, which was in turn affecting the quality of the Review reports. In view of these factors Board has decided to make a clear distinction between the objectives and the contents of the Annual Inspections and Reviews. It has also decided to lay down new guidelines for review of the assessment work of Officers having assessment jurisdiction.
- Review will henceforth form an ongoing function of the supervisory officer for monitoring the quality of assessment work being done during the year by Assessing Officers under their supervisory control. The basic purpose of Reviews will remain unchanged viz. to ensure that all issues arising for consideration in the relevant assessment have been considered, the evidence required to examine these has been collected, rival arguments are analysed in the assessment order and a fair and balanced finding recorded. During these reviews the Reviewing Officer should give specific comments on the overall quality of assessment work of the officer as evident from the assessments done during the quarter and record specific observations on a few select cases. He should also comments on whether relevant Instructions of the Board, such as regarding selection of cases for scrutiny, utilisation of information in audit reports/AIR, etc have been properly followed.
- The existing system of Review is modified to the extent that the reviews of the work of various Assessing Officers will be done by the following Reviewing Officers:
| Review of assessment work of | Reviewing Officer |
| Additional Commissioners / Joint Commissioners, Deputy Commissioners and Assistant Commissioners | Commissioner |
| Income Tax Officers of the Range | Additional/ Joint Commissioner |
- As part of their Review report the Reporting Officer should give overall comments on the assessment work of the Assessing Officer as seen from the assessment orders passed during the preceding quarter and record specific comments on atleast three assessment cases of each officer per quarter, In the review of assessment work of Additional Commissioners/Joint Commissioners this may be restricted to one assessment order per quarter.
5. The Reviewing Officers may plan their work in a manner that review in respect of all concerned officers takes place in every quarter. In the Action Plan for 2008-09 it was stated that targets for inspection and Reviews will be laid down separately. Considering that one half of the year is already over, the Review work for Quarters ending 30th September and 31st December may be completed by 31st March 2009. The progress of the Review work may be reported in the monthly D.O letters in the following format:
Name of the administrative Commissioner
| No. of assessments reviewed during the month | No. of cases in which remedial action was considered necessary on the basis of the Reviews | No. of cases in which remedial action taken |
| 1 | 2 | 3 | 4 |
- Where an officer is holding an additional charge, he will be responsible for the Review work of the additional charge also. The new system of Inspection and Review will replace the existing system with effect from the date of issue of this Instruction. This Instruction may kindly be brought to the notice of all officers working in your Region.
[F. NO. 225/143/2008/ITA.II]
Its December now, that time of the year when everyone looks back their past 12 months trying to visualize and reflect on what all happened and how did they perform or behaved, be it their professional, personal or academic life.
Writing Your Diary/ Journal On A Daily Basis – Why & How
"The new year stands before us, like a chapter in a book, waiting to be written. We can help write that story by setting goals"
(Melody Beattie)
Its December now, that time of the year when everyone looks back their past 12 months trying to visualize and reflect on what all happened and how did they perform or behaved, be it their professional, personal or academic life. The year-end always get you down to this feeling and compels you to think even if for a very small period – what could I have done better to get me closer to my dreams and wishes?
We all make new-year resolutions that are meant to make us happier, achieve our goals and make us productive. Lot of us do achieve our goals but in my experience, majority doesn't. In my previous article "New Year Resolution – Have A Stop Doing List" I discussed how you can achieve your goals much better by preparing a 'stop-doing' list instead of a 'to-do' list. This will give you a chance to list down items that create unnecessary noise in your life without adding anything substantive. The reason we all make resolutions is because we strive to achieve something meaningful in our life by doing things that matter. We are aware that discipline is something we lack and therefore, by writing on a piece of paper the things we want to do, we try and set a disciplined path for success.
The concept of 'writing' has been quite primitive. We have all the sacred learning in the form of Bible, Bhagwad Gita, Quran or Guru Granth Sahib written by noble saints. Upon discovery of ancient civilisations, it has been observed that every aspect of life that was prevent that time was captured in writing and even today writing forms an integral part of our life. My 6-year-old son is asked by his school to write several pages every day so that he learns the alphabets and numbers and memorizes them well. The idea is that writing helps you focus and helps you learn quickly. Anything that you write with your own hands gets registered in your mind quickly and remains with you for a long time.
Writing is one of the most powerful ways to set a discipline in your life. By writing down the things to be done, your goals to be achieved, your precious moments in life, your aspirations and your weaknesses, you tend to make them work in your way. For example, the moment you are writing down your daily things to do list, that period of time you are actually focusing hard and thinking what items you need to finish today. That period of time, you are actually only to your own, talking to yourself and then penning down the items. In fact what you are doing by writing is actually reflecting your own life – past, current and future and trying to make things work in your favour.
In some of my previous articles I have written a lot on the importance of 'journaling', i.e. writing your daily journal or diary. The idea of writing your own personal journal is to write your daily story, which gradually dovetails into your entire life. Its important to remember that:
"Your days are your life in miniature. The way you spend your days, is the way you craft your life"
If you are eager to craft your life the way you want it, that is filled with success, joy, peace and wealth, you then need to start practice living your days more productively and with high level of discipline. And one of the ways to achieve that discipline is 'writing your own personal journal/diary'.
How Should You Write Your Journal/ Diary
I want to share the experience of writing my own personal journal that I maintain on a daily basis. As I mentioned, your journal should capture your day in a way that when put together, all days gets woven into your entire life.
These are some of the items you should try and capture in your journal:
1. Your BIG-5 Goals
Write your top-5 goals for the new-year in a sequential manner. The goals should ideally cover the following aspects:
- Professional goal;
- Personal goal;
- Academic goal (for students);
- Social goal;
- Financial goal; and
- Spiritual/ Physiological goal.
A lot of us are generally not aware of our goals since we have a habit of taking things as they come and appear in front of us. However, all top and great leaders have their goals well identified and planned.
Identify those 5 items/objectives/passions, which, if achieved in the new-year would completely change your life. These are the goals or passions you have been dreaming for but never disciplined yourself to achieve them. Write them down.
2. Write the goals in personal, present and perfect tense
Always write your goals in a manner as if you have already achieved them. For example, if you are 80 kgs in weight and want to loose by 10 kgs and reach 70kgs then your personal goal should be written as follows – 'I have lost weight by 10 kgs and now I am 70kgs'. By writing goals this way, you send signals to your subconscious mind and then the subconscious mind releases all the energy to make your goals come true.
3. Put a date to your goals
Any goal is not worth pursuing when there's no deadline attached. You have to be very clear in your mind about the date by which you would be able to achieve your desired objective or goal. Against each of the above goal write down the time by which you would be able to achieve it. And then make a plan to achieve it before that time.
4. Your Morning 5 and Nightly 3
In addition to writing your BIG-5 goals to be achieved in the new-year, you should, on a daily basis, in the morning write down your 5 goals/activities, which if finished would make your day complete in all respects and make you super productive.
At the end of the day, before you retire for sleep, I would encourage you to write down 3 activities that made you learn something or 3 things that made your day or any 3 good deeds during the day.
5. Gratitude
We, as human beings have an inclination to always criticize what we have and not appreciate the goodness stored in it. Majority of us don't thank with what we have – our body, our friends, our job, our home, our health etc. There are thousands of unfortunate souls in this world who are deprived of the very basics of life including home and food, and that way we are very fortunate and blessed.
So, just thank for whatever you have, thank the day that went by peacefully without any problem, thank for your health and wealth and wise you have got, thank for the movie you watched, thank for the coffee you drank and the food you ate, thank your parents for being with you, thank your friends for being with you and thank God for all good things that have happened and that keep happening to you.
"Gratitude helps you move from the feeling of scarcity to a feeling of abundance".
6. Write an affirmation every day
Affirmations are simple sentences that you narrate to yourself to convince that you would achieve your goals. It's a very well accepted practice that affirmations if narrated 3-4 times during the day send positive signals to the subconscious mind, keeps you focused and consequently, helps you achieve your desired goals.
Few examples of affirmations that can be used:
- Every day and in every way I am getting energy and confidence to manage my studies and office and I am all charged up to give my best in the exams;
- I am asking my subconscious mind to provide me success in my examinations and all the success is actually flowing into me;
- Every day and in every way I am working hard to achieve my BIG-5 goals and I am sure of achieving them soon;
- Day by day I am releasing all the negativity in my mind and I am gradually becoming the most positive person ever.
Similarly, you can create your own affirmations basis your objectives, goals and passions.
7. All activities that made your day
In my journal, I write down all the important things that I did and things that I couldn't complete. By writing them down in my journal I am able to keep a control over my activities, I am able to work on my strengths and weaknesses and write what actions should I take to improve them.
- An Inspirational Quote
I make it a point to write in my journal any good quote or sentence that I read in the morning and then keep reading it several times during the day. It could be any inspirational or motivational quote that I would have liked and would want to implement in my life. I also keep sharing some of the quotes on my Facebook page "Nimish Goel Blog".
Keep the journal with you all the time so that you are able to look at your Daily 5 activities for the day and keep focusing yourself to finish them. Have a plan to achieve those goals and have a plan to execute each and every item on your to-do list so that you end your day much fulfilled, inspired and motivated. The feeling of completing your tasks for the day, doing good deeds and being grateful for all things in your life would start to make you feel like a Champion.
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Authored by Nimish Goel (www.nimishgoel.com), a chartered accountant with more than 12 years of experience and who's passion is to coach and help young chartered accountants and aspiring students achieve the best in their life. Nimish used to work with EY and PwC in India and has also worked with KPMG in Europe. He now runs his own consulting company and runs a blog www.nimishgoel.com. He can be reached for any queries and issues on his blog.
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Writing Your Diary/ Journal On A Daily Basis – Why & How Its December now, that time of the year when everyone looks back their past 12 months trying to visualize and reflect on what all happened and how did the... | |||||||
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to amend the existing Foreign Direct Investment (FDI) policy in the Pharmaceutical Sector to create carve out for medical devices. As per the extant FDI policy for pharmaceuticals sector, FDI up to 100% is permitted subject to specified conditions. While
Review of policy on FDI in Pharmaceutical Sector – carve out for medical devices
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to amend the existing Foreign Direct Investment (FDI) policy in the Pharmaceutical Sector to create carve out for medical devices.
As per the extant FDI policy for pharmaceuticals sector, FDI up to 100% is permitted subject to specified conditions. While FDI for green-field projects is under automatic route, brown-field projects are placed under government route. The Policy on the pharmaceutical sector covers `medical devices` since this area is not separately covered.
Since medical devices are part of the Drugs & Cosmetics Act, 1940 and fall under the Pharmaceutical sector, all the conditions of the FDI policy on the sector, including the condition relating to `non-compete clause`, apply on brownfield investment proposals of medical devices industry. As per National Industrial Classification (NIC) Code 2008, sector code of `Manufacture of pharmaceuticals, medicinal chemical, and botanical products` is 2100 while sector code of `Manufacture of medical and dental instruments and supplies` is 3250. Medical devices will fall under the category of `medical and dental instruments and supplies`. Therefore, drugs and pharmaceuticals and medical devices are two different industrial activities. The condition of `non-compete` was imposed so that the Indian manufacturers can continue manufacturing generic drugs and catering to the needs of the large number of people in the country and in other developing countries who cannot afford branded and patented drugs. This condition is not relevant to `medical devices` industry of the country where the country is substantially import dependent and the sector is adversely impacted because of the lack of adequate capital and required technology.
Therefore, the Cabinet approved the following proposal to amend the relevant paragraphs of the extant FDI policy as contained in the Consolidated FDI Policy Circular 2014 as follows:
i. FDI up to 100%, under the automatic route is permitted for manufacturing of medical devices. The abovementioned conditions will, therefore, not be applicable to greenfield as well as brownfield projects of this industry.
ii. Medical device means-
a. "any instrument, apparatus, appliance, implant, material or other article, whether used alone or in combination, including the software intended by its manufacturer to be used specially for human beings or animals for one or more of the specific purposes of-
(aa) diagnosis, prevention, monitoring, treatment or alleviation of any disease or disorder;
(ab) diagnosis, monitoring, treatment, alleviation of, or assistance for, any injury or handicap;
(ac) investigation, replacement or modification or support of the anatomy or of a physiological process;
(ad) supporting or sustaining life;
(ae) disinfection of medical devices;
(af) control of conception,
and which does not achieve its primary intended action in or on the human body or animals by any pharmacological or immunological or metabolic means, but which may be assisted in its intended function by such means;
b. an accessory to such an instrument, apparatus, appliance, material or other article;
c. a device which is reagent, reagent product, calibrator, control material, kit, instrument, apparatus, equipment or system whether used alone or in combination thereof intended to be used for examination and providing information for medical or diagnostic purposes by means of in vitro examination of specimens derived from the human body or animals;
iii The definition of medical device at Note (ii) above would be subject to the amendment in Drugs and Cosmetics Act.
India has achieved an eminent global position in pharma sector. However, same has not been replicated in the medical devices industry. The country has huge pool of scientists and engineers who have potential to take medical device industry to a very high level. Domestic capital market is not able to provide much needed investment in the sector. Easing of norms for medical devices industry by creating special carve out in the extant FDI policy on pharma sector will encourage FDI inflows in this area. Source- PIB
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