CBDT's circular on reopening of assessments due to retro law in Finance Act, 2012

0 comments Thursday, May 31, 2012

The Finance Minister had stated earlier that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened.  

 Now CBDT has issued a letter confirming statement of Finance Minister. The Letter is as follows:

Letter [F.No.500/111/2009-FTD-1(Pt.)], dated 29-5-2012
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Service tax (settlement of cases) rules, 2012

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Service tax (settlement of cases) rules, 2012
NOTIFICATION NO. 16/2012-ST, DATED 29-5-2012
In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as “the Act”), read with sections 31, 32 and 32A to 32P of the Central Excise Act, 1944 (1 of 1944) made applicable to service tax vide section 83 of the Act, 1994, the Central Government hereby makes the following rules, namely:-
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Service Tax- Compounding of offences Rules, 2012

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NOTIFICATION NO. 17/2012-ST, dated 29-5-2012

In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994)(hereinafter referred to as “the Act”) read with sub-section (2) of section 9A of the Central Excise Act, 1944 (1 of 1944), made applicable to service tax vide section 83 of the Act, the Central Government hereby makes the following rules, namely :

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