FILING OF ONLINE RETURN FOR 3rd QUARTER OF 2012-13

CIRCULAR No.27 OF 2012-13

Dated: 23-01-2013

The last date of online filing of DVAT/CST return for the 3^rd quarter of 2012-1 3 is extended upto 01.02.2013.The last date of filing of hard copy of the return for the above return period is also extended upto 05-02-2013.

However, the tax due for the above mentioned period shall be deposited as per the provisions of Section 3(4) of the DVAT Act, 2004. Penalty and interest on late deposit of tax due shall be imposed as applicable.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in 

INCREASE IN CUSTOM DUTY ON GOLD

Notification No.: 1 /2013-Customs 
Date: 21^st January, 2013

The standard rate on Gold has been increased from 4% to 6% and Additional duty has been increased from 2% to 4%.
The standard rate on Platinum has also been increased from 4% to 6%.                        

INCREASE IN EXCISE DUTY ON GOLD

Notification No.:1 /2013-Central Excise

Date: 21st January, 2013

Central Government has increases the rate of excise duty on gold from 3% to 5%.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY – REPAYMENT OF RUPEE LOANS AND/OR FRESH RUPEE CAPITAL EXPENDITURE – USD 10 BILLION SCHEME

Notification No.RBI/2012-13/387

Date: 22^nd January, 2013

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 134 dated June 25, 2012 and A.P. (DIR Series) Circular No. 26 dated September 11, 2012.

As per the extant guidelines, Indian companies in the manufacturing and infrastructure sector (as defined under the extant ECB policy), which are consistent foreign exchange earners, are allowed to avail of ECBs for repayment of outstanding Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure.

On a review, it has been decided to include Indian companies in the hotel sector (with a total project cost of INR 250 crore or more), irrespective of geographical location as eligible borrowers under this scheme. AD may certify the project cost at the time of forwarding the ECB application to the Reserve Bank.

All other aspects of the scheme shall remain unchanged and the amended ECB policy will come into force with immediate effect and is subject to review based on the experience gained in this regard.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

REPORTING OF ATM TRANSACTIONS

Notification No.: RBI/2012-13/382
DPSS.CO.PD.No.1207/02.10.002/2012-2013

Date: January 17, 2013

In reference to circular DPSS. No. 101/02.10.02/2009-2010, dated July 17, 2009 on the subject in terms of which banks are required to place a quarterly review of ATM transactions to its Board of Directors, indicating, inter alia, the quantum of penalties paid, reasons thereof and the action taken to avoid recurrence of such instances.

Now , in addition to the above, banks are advised to simultaneously place a quarterly review of ATM transactions to its Board of Directors, indicating, inter alia, the denial of services to the customers at ATM sites , reasons thereof and the action taken to avoid recurrence of such instances.

Banks are also advised to forward a copy of the report along with the observations of the Board to the Chief General Manager, Reserve Bank of India, Department of Payment & Settlement Systems, Mumbai.

The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007). Non-adherence to the provisions of this circular shall attract penalty as prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

LAST DATE FOR PHYSICAL SUBMISSION OF AUDIT REPORT IN FORM 704 FOR F. Y. 2011-2012

Trade Cir. No 2T of 2013

Date: 15th January, 2013

With reference to following:

• Government Notification No. VAT/ AMD -1009/1B/Adm-6 dated 26th August, 2009.

• Government Notification No. VAT/ AMD -1009/1B/Adm-6 dated 26th August, 2009.

• Trade Circular No 16T of 2011 dated 11th November, 2011.

• Government Notification No: VAT-1512/C R- 139/Taxation- I dated 21st November 2012.

• Trade Circular No 19T of 2012 dated 9th November, 2012

The dealers, who are required to file audit report u/s 61 of MVAT Act, 2002 for the financial year 2011-2012, besides filing the audit report, should also furnish following documents:

i. A statement of submission of Audit Report in the format given in      the circular 27 T of 2009

ii. A duly signed copy of Acknowledgement generated after    uploading of Audit Report in Form-704

iii. A copy of Part-I of the Form-704 along with certification duly signed by the Auditor.

The aforesaid documents shall be submitted:-

A.  In case of Mumbai

                      i.        to the concerned LTU officer, if the dealer is Large Tax Payer,

                     ii.        to the 704 Cell at Vikrikar Bhavan, mazgaon, Mumbai if the dealer is not a Large Tax Payer.

B. In case of rest of the State

                     i.        to the concerned LTU officer, if the dealer is Large Tax    Payer,

                    ii.         to the Joint Commissioner of Sales Tax, VAT (ADM), if  the dealer is not a Large Tax Payer

The last date for submission these documents, for the financial year 2011-2012, is 28th January, 2013.

The circular can’t be made use of for legal interpretation of Provision of law, as it is classificatory in nature. If any member of the trade has any doubt he may refer the matter to this office for further clarification.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

EXEMPTION FROM ELECTRONIC MODE OF PAYMENT

NOTIFICATION: No.: F. 7(400)/policy/VAT/2011/1127-40

Date: 16th January, 2013

In exercise of powers conferred, Commissioner, Value Added Tax, do hereby partially modify the:

Notifications No.F.7 (239)/P-I/VAT/2011/1006-1018 dated 28.12.20 11.

Notification NoF.7 (239)/P-I/VAT /2011/1275-1287 dated 21.02.2012,

Notification No.F.7 (400)/Policy/VAT/2011/47-60 dated 30.04.2012,

Notification No.F.7 (239/P-I/VAT /2011/378-391 dated 26.07.2012,

Notification No.F.7 (239)/P-I/VAT /2011/507 -519 dated 24.08.2012

Notification No.F.7 (239)/P-I/VAT/2011/687-700 dated 28.09.2012,

To the extent  that  the contractees (TAN holders), who are  the Ministries / Department / Public Undertakings / Autonomous Bodies / Local Bodies/ Corporations of the Central Government, Union Territories or State Governments, stands  exempted  from the compulsion of making payment of their tax, interest, penalty or any  other amount due under Delhi Value Added Tax Act,2004, through electronic mode of payment.

Branch of Punjab & Sind Bank at Vyapar "Bhawan, New Delhi authorize for  acceptance of TDS cheques from these contractees (TAN Holders), who chooses to pay through off –line  mode .

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

LAUNCH DATE FOR E-FILING OF VAT 15 AND LAST DATE OF SUBMITTING TAX

Government of Punjab

Public Notice: Excise and Taxation Department

This is to inform all concerned that the e-Filing of VAT 15 for 3rd quarter of Financial Year 2012-13 is likely to start from 23rd January 2013.

Time of 1 month would be provided to e-file VAT 15 for the above mentioned quarter.

However, the last date for submitting due tax has not been changed and remains as 20th January 2013 for payments through Cheque and 30th January 2013 for Cash Payments.

Further, any delay in submission of tax would result in appropriate action as prescribed under the Punjab VAT Act, 2005 and Punjab VAT Rules.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

CBEC DETERMINER THE CONVERSION RATE OF FOREIGN CURRENCY FOR IMPORT & EXPORT VALUATION

Notification No. 05/2013-Customs (N.T.)

DATE: 17^th January, 2013

In Super session of the notification No.1/2013-CUSTOMS (N.T.), dated the 3rd January, 2013, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 18^th January, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, relating to imported and export goods.

SCHEDULE-I

S.No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)		(b)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	58.55	57.10
2.	Bahrain Dinar	149.50	141.10
3.	Canadian Dollar	56.35	54.80
4.	Danish Kroner	9.90	9.60
5.	EURO	73.60	71.75
6.	Hong Kong Dollar	7.15	7.00
7.	Kenya Shilling	65.00	61.30
8.	Kuwait Dinar	200.45	188.55
9.	New Zealand Dollar	46.70	45.45
10.	Norwegian Kroner	10.00	9.65
11.	Pound Sterling	89.05	86.95
12.	Singapore Dollar	45.30	44.10
13.	South African Rand	6.40	6.00
14.	Saudi Arabian Riyal	15.05	14.20
15.	Swedish Kroner	8.55	8.30
16.	Swiss Franc	59.55	58.05
17.	UAE Dirham	15.35	14.50
18.	US Dollar	55.25	54.25

 SCHEDULE-II

                       

S.No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)		(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	63.00	61.30

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769