[aaykarbhavan] Fw: Weekly News Letter

----- Forwarded Message -----
From: Pradeep Jain <pradeep@capradeepjain.com>
To: djshah1944@yahoo.com
Sent: Saturday, 29 September 2012 10:00 PM
Subject: Weekly News Letter

Respected Dipak Shah, In this newsletter, we summarize the important amendments, Case laws and current issues in the field of indirect taxes of the past week. We hope this newsletter help you to abreast of all the latest happening in the indirect tax discipline and information needs. We look forward for your feedback at pradeep@capradeepjain.com. Publish Date:29/09/2012 PJ/Weekly Newsletter/2012-13/026 Tickers Subject News • Simplify laws for easy tax collection: CVC  • Govt hopeful of meeting tax targets • FM abolishes import, excise duties on non-subsidised LPG cylinders • India's $360 bn export target unlikely as demand weakens • State govt reluctant to ban gutkha, may tell HC as much • Are by-products and waste products excisable? • Man held with 8kg of gold at Sanganer airport  • Pending cases for clubbing of advance authorizations of prior to 31.3.12 disposed of [See policy circular no. 05(RE-2012)/2009-14] • Meeting tax revenue projections through self-assessment  • IRDA moots tax sops for life insurers • Goods & Services Tax 'bigger than second generation reforms'  • Value still the basis for Customs duty, even if material expands in volume • Steel imports grow 40% to 3.35 mt in April - August • Anti-dumping duty imposed on Paracetamol [See Notification No. 42/2012-Cus(ADD)] • Anti dumping duty imposed on resin & other organic substances if imported from China, Indonesia, Mal aysia & Shrilanka [See Notification no. 43/2012-Cus(ADD)] • Anti-dumping duty on paracetamol imports from China extended by 1 more year • Anti-dumping duty on paracetamol imports from China extended by 1 more year • GST is More Effective and Efficient Substitute for Plethora of Indirect Taxes: FM • New Credit Card Services Available to Tax Preparation Service Providers  • Conduct study on perception of corruption: CVC to IT, Excise • Service tax on AC and first class rail fares from Oct.1 • Chidambaram sharpens tax axe for the big fish • Kingfisher owes Rs 60 Cr. in service tax outstanding: Tax dept • Refund of taxes on farm machinery raw materials • The anti-d umping duty on imports of Presensitised Positive offset aluminium Plates/PS plates from China PR extended upto 23.09.2013 [See Notification no. 44/2012-cus(ADD)] • Chief commissioner will have jurisdiction over an order passed by an officer subordinate to Commissioner (Appeals) [See Notification no. 85/2012-cus] • Adjudicating authority appointed [See Notification no. 86/2012-cus(NT)] • Adjudicating authority appointed [See Notification no. 87/2012-cus(NT)] • Adjudicating authority appointed [See Notification no. 88/2012-cus(NT)] • Adjudicating authority appointed [See Notification no. 89/2012-cus(NT)] • Importers shall be able to import various items under ISFTA from all EDI ports [See Notification no. 16/(RE-2012)/2009-14] • Service tax refund may pose a problem to rail passengers • No service tax on rail tickets before Oct. 1 • Refund procedures for service tax simplified • Bring down excise, service tax to 8%, Kelkar panel recommends • Chidambaram abolishes duty on non-subsidised LPG cylinders • Condonation of delay of 730 days is also allowed when there was bonafide belief that there will be common appeal by firm and partner {See PJ/Case Laws/2012-13/1236 in what's new} • Whether the pick up and drop facility of employees by bus is liable to service tax {See PJ/Case Laws/2012-13/1237 in what's new} • Whether appellate commissioner order sanctioning refund should be deemed to be order passed under Sub-Section (2) of Section 11B {See PJ/Case Laws/2012-13/1238 in what's new} • Whether Modvat credit on rejected goods is admissible on party's own invoice {See PJ/Case Laws/2012-13/1239 in what's new} • Is manufacturer eligible to take Cenvat credit on Insurance premium paid by labour Contractor {See PJ/Case Laws/2012-13/1240 in what's new} &# 8226; No amount can be retained by department without confirmed demand- refund allowed {See PJ/Case Laws/2012-13/1241 in what's new} • Whether Service Tax on treatment and recycling of effluents and solid waste by club or association only is exempted{See PJ/Case Laws/2012-13/1242 in what's new} • Interest is payable on taking of credit. There is no requirement of mesa rea for imposition of Penalty under Rule 15 of CCR, 2004 {See PJ/Case Laws/2012-13/1243 in what's new} • Whether the assessee as a builder i s liable for the service tax on Construction of Residential Complexes when there is no intermediary in between {See PJ/Case Laws/2012-13/1244 in what's new} • On success of the appeal of the appellant, whether the appellant could take suo moto credit of pre-deposit {See PJ/Case Laws/2012-13/1245 in what's new} Budget News • Gogoi visiting Japan on GST-study • Power tariff for industries set to be revised soon  • Cartelisation: CCI to probe oil PSUs over petrol pricing • Defiant govt notifies FDI • IRDA chief to discuss taxation issues with Chidambaram • Govt aims at import timeline for advance license to 12 months • Foreign retailers may get government nod to sell imported food in single-brand stores • Coal scam: CBI to probe all allocations since 1993 • GST is unlikely to come in a hurry • Punjab terms SRB circular an intrusion in its tax rights • Government hik es DA by 7%; clears Rs 2300 crore proposal for ex-servicemen • India catching up with global emission standards: Study • India seeks Canadian expertise on GST reform Index Amendments • DGFT • Custom • Service Tax Case Laws • PJ/Case Laws/2012-13/1236 • PJ/Case Laws/2012-13/1237 • PJ/Case Laws/2012-13/1238 • PJ/Case Laws/2012-13/1239 • PJ/Case Laws/2012-13/1240 • PJ/Case Laws/2012-13/1241 • PJ/Case Laws/2012-13/1242 • PJ/Case Laws/2012-13/1243 • PJ/Case Laws/2012-13/1244 • PJ/Case Laws/2012-13/1245 Case Study • PJ/CASE STUDY/ 2012-13/25 Queries • Sir, As per our contract, the client will deduct 10% amount from our RA Bill and release it after successfully completed of JOB. My Quaries are: 1. Whether the Service tax Will be charged on Gross Amount of Bill or After Deducting Retention amount? Regards, CMA Utpal Kumar Saha • Sir, Whether curing of coffe beans on job work charges will attract Service Tax in the new Service Tax regime in view of the fact that plantation is also included as agriculture produce tks krishnas • Is service tax payable by the authorised service centres on the commission earned on the insurance offered to the their customers. • when we sold capital golds where we have show excise duty of the capital goods in ER-1 Return. Please advice • Hello, Kindly let me know the service tax rate applicable for sole proprietorship or for women entrepreneur Regards, Anu Event Calendar • 30/09/2012 - Submission of Proof of Export for the month of August-2012   Form: Annexure-19   Provision: Rule 19 Amendments DGFT   CIRCULAR   • 05(RE-2012)/2009-14, Dated: 21/09/2012   In Public Notice No. 79(RE-2010)/2009-14 dated 13.10.2011clubbing of the Authorisations issued during Exim Policy period 1992-1997 & 1997-2002 i.e., 1st April 1992 to 31st March, 2002 allowed. This facility was available only till  Read More     NOTIFICATION   • 16(RE-2012)/2009-14, Dated: 26/09/2012   Import Licensing Note (4) at the end of Chapter 25 and Import Licensing Note at serial no. (2) of Chapter 68 of ITC (HS) Classifications of Export and Import Items has been deleted by which Import of items under ITC (HS) Codes 25151100 Read More   Custom   TARIFF NOTIFICATION   • 42/2012-Cus(ADD), Dated: 19/09/2012   By Notificat ion No. 99/2007-Customs, dated the 03.09.2007, anti-dumping duty was imposed on 'Paracetamol', falling under heading 2922 originating in, or imported from, the People's Republic of China. Now, therefore, it is notified t Read More     • 43/2012-Cus(ADD), Dated: 21/09/2012   Anti dumping duty has been imposed on resin or other organic substances bonded wood or ligneous fibre boards originating in, or exported from, China PR, Indonesia, Malaysia and Sri Lanka Read More     • 44/2012-Cus(ADD), Dated: 25/09/2012   Anti Dumping Duty on Pre-sensitized Positive Offset Aluminum Plates originating in, or exported from, China PR and some other countries as mentioned in notification was imposed by Notification No. 108/2007-Cus Dated 25.09.2007. This notific Read More     • 45/2012-Cus(ADD), Dated: 25/09/2012   By Notification No. 17/2008, anti-dumping on imports of 'phosphoric acid, technical or food grade (includin g industrial grade)', falling under sub heading 280920 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originat Read More     NON TARIFF NOTIFICATION   • 85/2012-Cus(N.T.), Dated: 26/09/2012   By Notification No.16/2002-Customs (N.T.) dated the 7.03.2002 the Jurisdiction of Customs Appellate Commissioners has been notified. Now this notification is superseded and jurisdiction of Chief Commissioners of Customs has been notified with re Read More     • 86/2012-Cus(N.T.), Dated: 26/09/2012   Joint Commissioner or Additional Commissioner of Customs, Custom House, Navrangpura, Ahmedabad, will be adjudicating authority over the Show Cause Notice relating to M/s Aries Dye-Chem Industries, C-1/260, Phase-II, GIDC Vatva, Ahmedab Read More     • 87/2012-Cus(N.T.), Dated: 26/09/2012   Joint Commissioner or Additional Commissioner of Customs (Imports), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra, will be adjudicating authority over the Show Cause Notice pertaining to M/s Jojojem Int Read More     • 88/2012-Cus(N.T.), Dated: 26/09/2012   Joint Commissioner or Additional Commissioner of Customs (Preventive), Sarda House, Bedi Bunder Road, Jamnagar, will be adjudicating authority over the Show Cause Notice pertaining to M/s Faizco, Crossway Complex, 4th&nb Read More     • 89/2012-Cus(N.T.), Dated: 26/09/2012   Joint Commissioner or Additional Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra, will be adjudicating authority over the Show Cause Notice relating to M/s PR Agro Nutri (Pvt.) Ltd Read More     • 90/2012-Cus(N.T.), Dated: 28/09/2012   The Tariff Value of Gold, in any form, in respect of which the benefit of entries at serial numb er 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 has now been increased from US$ 563.50 per 10 grams to US$ 573 per 10 grams a Read More   Service Tax   NOTIFICATION   • 47/2012-ST, Dated: 28/09/2012   The Service tax Rules, 1994 has been further amended. It has been notified that every assessee shall submit the Form 'ST-3' by the 25th day of October, 2012 and provided that the same shall cover the period between 1st April&nbs Read More     Case Laws • PJ/Case Laws/2012-13/1236   Case:-   M/S NEW ERA METALS VS COMMISSIONER OF CENTRAL EXCISE, VAPI   Citation: - 2012-TIOL-1232-CESTAT-AHM   Issue: -Condonation of delay of 730 days is also allowed when there was bonafide belief that there will be common appeal by firm and partner. Read More • PJ/Case Laws/2012-13/1237       Case:-   M/S PEARL TRAVELS VS COMMISSIONER OF CENTRAL EXCISE, DAMAN Citation: - 2012-TIOL-1195-CESTAT-AHM Issue: - Whether the pick up and drop facility of employees by bus is liable to service tax? Read More • PJ/Case Laws/2012-13/1238       Case:-   COMMISSIONER OF CENTRAL EXCISE & CUSTOMS, HYDERABAD VS M/S SHANTI AUTO (P) Citation: - 2012-TIOL-1192-CESTAT-BANG Issue: - 1) Whether appellate commissioner order sanctioning refund should be deemed to be order passed under Sub-Section (2) of Section 11B? 2). whether revenue is liable for payment of interest on account of delay in sanction of refund? Read More • PJ/Case Laws/2012-13/1239     Case: - COMMISSIONER OF C. EX., MEERUT-II VERSUS POLYPLEX CORPORATION LTD. Citation: - 2008 (224) E.L.T. 46 (UTTARAKHAND) Issue: - Whether Modvat credit on rejected goods is admissible on party's own invoice?  Read More • PJ/Case Laws/2012-13/1240     Case:-2012 (279) E. L.T. 423 (Tri. – Bang)   Citation:-Commissioner of Central Excise, Tirupati versus India Cements Ltd.   Issue:-Is manufacturer eligible to take Cenvat credit on Insurance premium paid by labour Contractor? Read More • PJ/Case Laws/2012-13/1241   Case:-Commissioner of Central Excise., Chandigarh versus Shiv Saraswati Steel Industries   Citation:- 2012 (279) E.L.T. 415 (Tri- Del)   Issue:- No amount can be retained by department without confirmed demand- refund allowed. Read More • PJ/Case Laws/2012-13/1242   Case:- VAPI WASTE & EFFLUENT MANAGEMENT CO vs CCE, DAMAN   Citation:-2012-TIOL-1104-CESTAT-AHM   Issue:-Whether Service Tax on treatment and recycling of effluents and solid waste by club or association only is exempted Read More • PJ/Case Laws/2012-13/1243   Case:- Commissioner of Central Excise, Jaipur-I versus Videocon Industries Ltd.   Citation:- 2012(279) E.L.T. 438 (Tri-Del)   Issue:- Interest is payable on taking of credit. There is no requirement of mesa rea for imposition of Penalty under Rule 15 of CCR,2004. Read More • PJ/Case Laws/2012-13/1244   Case: - SKYLINE CONSTRUCTION AND HOUSING PVT LTD. Vs COMMISSIONER OF CENTRAL EXCISE, BANGLORE   Citation: -2012-TIOL-1078-CESTAT-BANG   Issue:-Whether the assessee as a builder is liable for the service tax on Construction of Residential Complexes when there is no intermediary in between. Read More • PJ/Case Laws/2012-13/1245       Case:-M/S SHARDA FORGING AND STAMPING P LTD V/S COMMISSIONER OF CENTRAL EXCISE, GHAZIABAD   Citation: - 2012-TIOL-1216-CESTAT-DEL   Issue:- On success of the appeal of the appellant, Whether the appellant could take suo moto credit of pre-deposit?  Read More Case Study • PJ/CASE STUDY/ 2012-13/25   There was big dispute on this count between the department and hotel industry. The rooms are booked along with Mandap in the hotel. The department says that room rent is part and parcel of Mandap and the service tax is payable on complete amount. But the Hotel industry says that there was no service tax on rooms at the relevant time and no function takes place in the rooms. Hence, it cannot be treated as Mandap. The CBEC clarified by its circular that Mandap means Halls, rooms etc. let out by Hotels, restaurants for consideration for organizing social, official or business functions are covered within the scope of "mandap", and such hotels and restaurants are covered within the scope of "mand ap keeper".  The department relies on the same but the service provider interoperates that circular clearly says that the rooms should be used for organizing functions but no function takes place in the rooms. This is the dispute under current case study. Read More Queries • Sir, As per our contract, the client will deduct 10% amount from our RA Bill and release it after successfully completed of JOB. My Quaries are: 1. Whether the Service tax Will be charged on Gross Amount of Bill or After Deducting Retention amount? Regards, CMA Utpal Kumar Saha   Service tax will be leviable on gross amount charged i.e. including retention charges because retention charges is also part of value of service. Morever, service tax is payable on invoice raised or payment received whichever is earlier. We have to pay the tax on complete invoice amount. Read More • Sir, Whether curing of coffe beans on job work charges will attract Service Tax in the new Service Tax regime in view of the fact that plantation is also included as agriculture produce tks krishnas   The services relating to agriculture or agricultural produce that are specified in the Sl. No. (d) in the negative list are services relating to – • agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing; • supply of farm labour; • processes carried out at the agricultural farm including tending, pruning, cutting, harvesting, drying cleaning, trimming, sun drying, fumigating, curing, sorting, grading, cooling or bulk packaging and such like operations which do not alter essential characteristics of agricultural produce but makes it only marketable for the primary market; • renting of agro machinery or vacant land with or without a structure incidental to its use; • loading, unloading, packing, storage and warehousing of agricultural produce; • agricultural extension services; • services provided by any Agricultural Produce Marketing Committee or Board or services provided by commission agent for sale or purchase of agricultural produce; The activity 'curing' is covered under the 3rd sl. No. of above exemption but the essential character of this exemption is that "operations which do not alter essential characteristics of agricultural produce but makes it only marketable for the primary market". If the process undertaken by you falls under above category (i.e. essential character of agriculture produce will not change), the service tax will not be applicable. Read More • Is service tax payable by the authorised service centres on the commission earned on the insurance offered to the their customers.   Under new concept of negative list, service tax will be leviable when an activity is covered under definition of 'service' and not covered under the negative list and mega exemption notification. 'Service' has been defined in clause (44) of the new section 65B and means – "any activity carried out by a person for another for consideration and includes a declared service." Hence the above mentioned activity in query covers under the definition of Service. Further your activity is neither covered under Negative list nor under Mega exemption Notification 25/2012-ST therefore will service tax be leviable. Read More • when we sold capital golds where we have show excise duty of the capital goods in ER-1 Return. Please advice   When Capital goods are sold, it is treated as "as such removed" so its duty should be reversed. In ER-1 under point no. 5 (Details o Cenvat Credit taken and utilized) it is to be shown in column of "credit utilized when capital goods are removed as such. Read More • Hello, Kindly let me know the service tax rate applicable for sole proprietorship or for women entrepreneur Regards, Anu   In terms of the charging provisions contained in Section 66B, service tax is levied @ 12.36% on the value of taxable services. Irrelevant of the nature of concern or owner's identity (whether male/female) rate of service tax applicable will be same for all. However there are some services which cover under the definition of 'Service' but are exempt from payment of service tax but that depend upon the nature of service provided. Read More Event Calendar • 30/09/2012 - Submission of Proof of Export for the month of August-2012   Form: Annexure-19   Provision: Rule 19 www.capradeepjain.com If you wish to unsubscribe this newsletter click here Disclaimer: This newsletter exists for informational purposes only. It is authored and published independently from www.capradeepjain.com. The purpose and intent of this newsletter is not and should not be construed as legal or tax advice. Use of the information and data contained in this News letter is at your sole risk. The information and data herein is provided without warranty of any kind and is subject to change without any prior notice and/or intimation. www.capradeepjain.com disclaims all liabilities arising out of material contained on this News letter and on its associated/linked web Pages.

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Investor's Eye: Update - PTC India (Price target revised to Rs82, maintain Buy), Automobiles (Skidding industry pins festive hopes)

 

Investor's Eye [October 01, 2012] Sharekhan www.sharekhan.com

Summary of Contents   STOCK UPDATE PTC India Cluster: Apple Green Recommendation: Buy Price target: Rs82 Current market price: Rs70 Price target revised to Rs82, maintain Buy  Key points SEB reforms ease payment delay concerns: PTC India (PTC) witnessed a severe downgrade in valuation multiples in the last one year on account of delay in payment from its major state electricity board (SEB) clients-Tamil Nadu and Uttar Pradesh SEBs-which stretched its working capital (WC) cycle. However, the recent debt restructuring reforms of the SEBs should augur well for the company, as around Rs1,900 crore worth of payments are due from the above two SEBs. The management has indicated that the company is likely to receive the due amount of Rs450 crore from Tamil Nadu government by Q3FY2013 while Uttar Pradesh government is in the process of hiking the power tariffs.  Improving outlook in power sector augurs well for its investments/subsidiaries: We continue to believe that PTC remains a direct player in the power sector because its strong free cash flows have also been invested in the power sector via investment/subsidiaries (PTC India Financial Services [PFS]). With investment sentiments improving in the power sector, we feel that PTC could be looking at more profitable exits from many of its investments in the power sector. The company has also started selling power under the power tolling agreement in Q1FY2013 and has made an operating profit of Rs12.5 crore (approximately Rs1/unit) from the power tolling business.  Volume and margins also likely to improve: As the company stopped supplying power to few of its major SEB clients, the short-term-traded power units have severely suffered in recent times (fell by 15% in FY2012 on a yearly basis). Improving financials of the SEBs would help in resuming the power supply to them. Further, in FY2013, around 750-MW power projects will be commissioned, which would boost its long-term volumes. The trading margins have also fallen from 4.4 paise/unit seen in FY2011 to 4 paise/unit in FY2012. However, the rising contribution from the higher-margin long-term trade volumes would boost the trading margins in the coming quarters.  Better short-term trading volumes to boost revenues and margins: We have updated the annual report details in our projections and have marginally upgraded the short-term volume and margin assumption. Overall, we have upgraded our estimates for FY2013 and FY2014 by ~12% each, albeit on lower base of FY2012. We expect the profit from its core trading business to grow at a compounded annual growth rate of 34% over FY2012-14. We also remain positive on the company's power tolling business where one 200-MW power project has already been commissioned and another 150-MW power project is due to start operation by Q3FY2013. We have upgraded our estimates for PTC Energy Ltd (PEL) and are expecting PEL to earn net profit of Rs58 crore by FY2014. Price target revised to Rs82: While we are positive on the recent developments in the power sector, the payment recovery from the SEBs and the improvement in execution of the power projects remain crucial for keeping PTC's growth story intact. We are now valuing PEL at 4x its FY2014 profit after tax (PAT; earlier we were valuing it on the price to book value basis) because the revenues from the first of its power tolling projects have started flowing from this quarter and revenues from the second one are in the offing. On account of our upgraded estimates for the core power trading business, our sum-of-the-part (SOTP)-based price target is revised upwards to Rs82. In spite of the recent rally in the stock, the current valuations still look attractive at 0.8x FY2014 estimated book value. Hence, we maintain our Buy rating on the stock.     SECTOR UPDATE Automobiles Skidding industry pins festive hopes Broad-based volume decline accentuated by high base effect of corresponding period of last year The automotive volumes are not strictly comparable year on year (YoY) because September 2011 had the benefit of the festive season. While the volume slowdown is due to unfavourable macros, the high base in September 2011 has painted a gloomier picture as we saw a double-digit decline in the volumes. October 2012 would see a reversal of sorts as the festive season spurts the demand. Festive season to support the demand in the near term While the H2FY2013 volume outlook remains subdued, the automobile (auto) companies are hoping to see spurt in October and November numbers due to the festive season. These months would have the benefit of a low base of the last year as the volumes had dropped after increased sales in the festive season.  MHCV and two-wheelers to witness slowdown coupled with increased competition  Our competitive analysis reveals that the medium/heavy commercial vehicle (MHCV) and two-wheelers will be the most vulnerable in the medium term. The MHCV industry is likely to see growth moderation on the back of increased freight rates due to diesel price hikes. Also, the two-wheeler industry would see further slowdown in volumes on account of the increased fuel prices and economic slowdown. Subdued volumes coupled with increased competition (from Honda Motorcycle & Scooter India in case of two-wheelers and from Daimler India in case of MHCV) would increase the incumbents' woes.  Maruti Suzuki and M&M can outperform  With labour woes behind, Maruti Suzuki (Maruti) is all set to reach full production at its Manesar plant. Maruti already has an order backlog for Swift, Dzire and Ertiga. Further, with the launch of new Alto 800 cc, the company could revive sales of the entry-level cars. Mahindra and Mahindra (M&M), on the other hand, is most likely to capture the shift in consumer preference towards utility vehicles (UVs) from sedans and premium hatchbacks. With the launch of Quanto and the expected launch of Rexton, M&M has captured the entire spectrum of UVs.   Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

Regards, The Sharekhan Research Team myaccount@sharekhan.com Manage your newsletter subscriptions

 

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