Monthly Archives: February 2014

Significant Benefits under the Foreign Trade Policy – Article – February 2014 Series

Significant Benefits Under Foreign Trade Policy

–       IDT Team

 

Advance Authorisation Scheme (AA)

Objective :

  • Advance Authorisation allows duty free import of inputs, which are physically incorporated in export product.
  • Mandatory spares which are required to be exported/supplied with the resultant product can be allowed duty free upto 10% of CIF value of authorization
  • Advance Authorisations are issued for inputs and export items given under Standard Input – Output Norm (SION). These can also be issued under ad hoc norms or self-declareds norms.
  • Advance Authorisation are exempted from payment of basic customs duty, additional customs duty, education cess, anti-dumping duty and safeguard duty

 

Self–Declared Authorisations where SION doesn’t exist

  • RA may also issue Advance Authorisations, where SION are not fixed, based on self-declaration and an undertaking by applicant for a final adjustment as per   Ad Hoc/SION fixed by NC(Norms Committee).However, no AA shall be issued for import of following products:

i.            All  Vegetables/edible oils and all types of oilseeds

ii.            All types of cereals

iii.            All types of fruits/vegetables having a duty  of more  than 30%

iv.            Horn, hoof and any other organ of animal;

v.            Honey

vi.            Rough marble blocks/slabs and;

vii.            Rough granite

  • For export of perfumes, perfumery compounds and various feed ingredients containing vitamins, no authorization shall be issued by RA. Where export or import of biotechnology items are involved, submission of “No Objection Certificate” is required from Department of Biotechnology.

 

Issued to

  1. AA can be issued either to merchant exporter or manufacturer exporter tied to supporting manufacturer(s).
  2. AA shall be issued to:
  • Physical Exports(exports to SEZ)
  • Intermediate supplies
  • Supply
  • Supply of ‘stores’ on board of foreign going vessel/aircraft subject to condition that there is specific SION in respect of item(s) supplied.

 

Minimum Value Addition

  • AA necessitates exports with a minimum value addition of 15%.Exports to SEZ Units/supplies to Developers/Co-developers, irrespective of currency of realization would also be covered
  • For Physical Exports for which payments are not received in freely convertible currency, same shall be subject to value addition.

Value Addition shall be:

VA= (A-B/B)*100, where

A=FOB value of export realized

B=CIF value of inputs covered by authorization, plus value of any other input used on which benefit of DBK is claimed or intended to be claimed

 

Application to be submitted:

  • Where the Standard Input Output Norms (SION) have been published, an application in ANF 4A, along with documents prescribed therein, shall be submitted to the concerned RA
  • In case where norms have not published, an application in ANF  4B along with the prescribed documents, shall be furnished to concerned Norms Committee(NC) at DGFT Headquarters for fixation of norms

 

Documents Required

  • Two copies of the application must b submitted.
  • Each individual page must be signed by the applicant
  • RCMC details need not be given if the same has been already updated in IEC
  • Bank Receipt(in duplicate)/DD/EFT details evidencing payment of application fee
  • In case of issue of AA for Annual requirements

a)      Statement of Exports made in the preceding licensing year duly certified by Chartered Accountant/Cost Accountant/Company Secretary

b)      Self certified copy of manufacturing license of the applicant  firm or his supporting manufacturer

 

Export Obligation

a)      Fulfillment period of Export obligation under AA as well DFIA Scheme shall commence from Authorisation issue date, unless otherwise specified. EO shall be fulfilled within 18 months except in case of supplies to projects/turnkey projects in India/abroad under deemed exports category where EO must be fulfilled within the contracted period

b)      RA may consider a request of AA/DFIA holder for one extension of EO upto six months from the EO expiry date subject to payment of composite fee of 0.5% of the shortfall in EO

c)       Authorisation Holder shall furnish prescribed documents in ANF 4F in support of fulfillment of EO.

 

Indirect Tax Updates – February 2014 Series

Shree Guru Kripa’s Institute of Management

“Gyaan Smriti” – INDIRECT TAX LAW UPDATES – February 2014 Series

Updates in Indirect Tax Law

Notifications for the Month of January 2014

1.    Notification No 1/2014 – Central Excise – Rule 3 of the Cenvat Credit Rules –         

Reversal of duty is required in case the duty is remitted on the Final Product – The Manufacturers are required to reverse the duty on a Pro Rata basis the Credit on the Input Services which is pertaining to final product – The  reversal shall be made on a monthly basis – In rule 5(c), in addition to the words “Production of said goods”, the words “and the CENVAT credit taken on Input Services used in or in relation to the manufacture or production of said goods” shall be inserted.

2.    Notification No 1/2014 – Service Tax –

Service Tax Exemption being extended to Sponsoring of Sporting events organized by National Sports Federation or by any of its affiliated federation where the participating teams or individuals represent any Country as well.

3.    Notification No 2/2014 – Central Excise – Rule 12 of the Cenvat Credit Rules –

Inputs manufactured in factories located in certain North Eastern States, Jammu and Kashmir and State of Sikkim –

4.   Notification No. F 7(400)/Policy/VAT/2011/PF/1207–

 Bank of India denotified for payment of VAT and CST.

 

Updates in Corporate and Allied Law – February 2014 Series

Shree Guru Kripa’s Institute of Management

“Gyaan Smriti” – CORPORATE LAW UPDATES – February 2014 Series

Updates in Corporate and Allied Law

S. No. Act

Particulars

Link

1

Companies Act, 2013

Company Law Board (CLB) is not an appropriate forum to adjudicate on transferor’s right to sell shares to transferee. Amrex Marketing (P.) Ltd. v.  Alcon Resort Holdings Ltd.

2

FERA, 1973

No violation of Law, when two licensed FFMCs exchanged foreign currencies by way of pay orders. Tulip Star Hotels Ltd. v. Special Director of Enforcement

3

Companies Act

CAG can audit the accounts of the private telecom companies only w.r.t  receipts. Association of Unified Telecom Service Providers of India v. Union of India

4

Companies Act, 1956

Provisions u/s 394A for Reconstruction and Amalgamation, taking comments from various regulators while filing reports by Regional Directors (RDs). Circular NO.1/2014[F.NO.2/1/2014]

5

FEMA, 1999

Rollover not to be treated as the fresh financial commitment under the overseas direct investments. Circular NO.83, Dated 3-1-2014

6

FEMA, 1999

Non- convertible bonus Preference shares or Debentures shall be issued to non-resident shareholders and trustees of ADR or GDR deposits. Circular No.84, Dated 6-1-2014

7

FEMA, 1999

Maintenance, repairs and overhaul are also treated as airport infrastructure for external commercial borrowings. Circular no. 85, dated 6-1-2014

8

FEMA, 1999

Optionality clause may be included in the in equity and preference shares issued to a person resident outside India. Circular no. 86, Dated 9-1-2014

9

FEMA, 1999

Joint account with NRI can be maintained on “either or survivor basis. Circular no. 87, Dated 9-1-2014

10

FEMA, 1999

Additional items included under the permitted items of RDAs. Circular no. 88, dated 9-1-2014

11

FEMA, 1999

Line of credit by EXIM Banks to various countries. Circular no. 89,91,98

12

FEMA, 1999

Clarifications of provisions u/s 6(4) of the FEMA, 1999. Circular no.90, dated 9-1-2014

13

FEMA, 1999

Forward contracts with a residual maturity of one year or less can be freely cancelled and rebooked. Circular no. 92, dated 13-1-2014

14

FEMA, 1999

Provision for establishment of a liaison office and conditions applies for entities from Hon Kong & Macau. CIRCULAR NO. 93, DATED 15-1-2014

15

FEMA, 1999

Clarifications on conversion of ECB and lump sum fee royalty into equity. Circular no. 94, dated 16-1-2014

16

FEMA, 1999

Guidelines on merchant trade transactions have been revised and shall come into effect immediately. Circular no. 95, Dated 17-1-2014

17

FEMA, 1999

Foreign investor can remit funds through any bank. Circular no. 96, dated 20-1-2014

18

FEMA, 1999

Board resolution with required details may be submitted to Authorised Money Changers for KYC norms. Circular no. 97, dated 20-1-2014

19

FEMA, 1999

Extension from  USD 5 billion to USD 10 billion for SEBI registered Long term investors in Govt. Dated Securities. Circular no. 99, dated 29-1-2014

 

1.    [2013] 40 taxmann.com 521 (CLB – Mumbai)

Amrex Marketing (P.) Ltd. v.  Alcon Resort Holdings Ltd.

Issue: – Petitioner purchased equity shares of respondent-company from ICICI and sent impugned shares for transfer along with duly executed share transfer form to respondent company. Respondent company, however, refused to register transfer of shares.

Petitioner submitted that respondent was a public limited company and its shares were freely transferable and refusal to transfer was contrary to provisions of section 111A. On other hand respondent submitted that as per share subscription agreement executed between respondent-company and ICICI, it was incumbent upon ICICI to offer respondent right of first purchase.

Decision: – Company Law Board (CLB) is not an appropriate forum to adjudicate on transferor’s right to sell shares to transferee.

2.    [2014] 41 taxmann.com 41 (SC)

Tulip Star Hotels Ltd. v. Special Director of Enforcement

Issue:– Is there a violation of statutory provisions contained in sub-sections (4) and (5) of Section 6, Section 7 and 8 of FERA read with the memorandum of FLM of the RBI.

Decision:– Where a sale and purchase transaction in foreign exchange had taken place between two licensed Full Fledged Money Changers (FFMCs) and said transaction was carried on by exchange of foreign currency by way of payment in form of pay orders, there was no violation of paragraph 3 of Memorandum of FLM, read with section 6 of FERA Act, 1973.

Reasoning:– The only restrictions imposed as per the regulations was that the Indian rupee value of the foreign currency should not be paid by way of cash.

3.     [2014] 41 taxmann.com 1 (Delhi)  

Association of Unified Telecom Service Providers of India v. Union of India

Issue:–  Audit of accounts of private telecom companies by CAG.

Decision:– CAG can audit accounts of private telecom cos. with the caveat that audit shall be of receipts only.

Reasoning:– In view of the obligation of private telecom companies under the license agreement with Central Govt. to pay annually 6% of adjusted gross revenue and to maintain proper accounts of revenues and produce them to Central Govt.,  CAG can audit and  that audit shall be pertaining to receipts only and CAG cannot go into inquiries such as faithfulness, wisdom and economy in expenditures.

 4.    GENERAL CIRCULAR NO.1/2014[F.NO.2/1/2014], DATED 15-1-2014

PROVISIONS FOR FACILITATING RECONSTRUCTION AND AMALGAMATION OF COMPANIES – REPORT UNDER SECTION 394A – TAKING ACCOUNTS OF COMMENTS/INPUTS FROM INCOME-TAX DEPARTMENT AND OTHER SECTORAL REGULATORS WHILE FILING REPORTS BY RDS

  1. The powers of the Central Government have been delegated to the RD (Regional Directors) who also file representations on behalf of the governments.
  2. The Regional Director concerned shall invite specific comments from Income Tax Department within 15 days of receipt of notice before filing his response to the Court. If no response from the Income Tax Department is forthcoming, it may be presumed that the Income Tax Department has no objection.
  3. It is also emphasized that it is not for the RD to decide correctness or otherwise of the objections/views of the Income tax Department or other Regulators.
  4. While ordinarily such views should be projected by the RD in his representation, if there are compelling reasons for doubting the correctness of such views, the Regional Director must make a reference of this Ministry.

5.    A.P. (DIR SERIES 2013-14) CIRCULAR NO.83, DATED 3-1-2014

OVERSEAS DIRECT INVESTMENTS – ROLLOVER OF GUARANTEES

 

It has been decided not to treat/reckon the renewal/rollover of an existing/original guarantee, which is part of the total financial commitment of the Indian party in terms of Regulation 6 of the Notification ibid, as a fresh financial commitment subject to the given conditions.

However if the said conditions are not met, the Indian party shall obtain prior approval of the Reserve Bank for rollover/renewal of the existing guarantee through the designated AD bank.

6.    A.P. (DIR SERIES 2013-14) CIRCULAR NO.84, DATED 6-1-2014

ISSUE OF NON CONVERTIBLE/REDEEMABLE BONUS PREFERENCE SHARES OR DEBENTURES – CLARIFICATIONS

It has been decided that an Indian company may issue non-convertible/redeemable preference shares or debentures to non-resident shareholders, including the depositories that act as trustees for the ADR/GDR holders, by way of distribution as bonus from its general reserves under a Scheme of Arrangement approved by a Court in India under the provisions of the Companies Act, as applicable, subject to no-objection from the Income Tax Authorities.

7.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 85, DATED 6-1-2014

EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY – LIBERALISATION OF DEFINITION OF INFRASTRUCTURE SECTOR

It has been decided that, for the purpose of ECB, ‘Maintenance, Repairs and Overhaul’ (MRO) will also be treated as a part of airport infrastructure. Accordingly, MRO, as distinct from the related services which are other than infrastructure, will be considered as part of the sub-sector of Airport in the Transport Sector of Infrastructure.

8.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 86, DATED 9-1-2014

FDI – PRICING GUIDELINES FOR FDI INSTRUMENTS WITH OPTIONALITY CLAUSES

It has now been decided that optionality clauses may henceforth be allowed in equity shares and compulsorily and mandatorily convertible preference shares/debentures to be issued to a person resident outside India under the Foreign Direct Investment (FDI) Scheme. The optionality clause will oblige the buy-back of securities from the investor at the price prevailing/value determined at the time of exercise of the optionality so as to enable the investor to exit without any assured return. The provisions of the optionality clause shall be subject to the given conditions.

9.     A.P. (DIR SERIES 2013-14) CIRCULAR NO. 87, DATED 9-1-2014

LIBERALIZATION OF RESIDENT BANK ACCOUNT MAINTAINED BY RESIDENTS IN INDIA JOINT HOLDER

 

It has been decided that AD banks may include an NRI close relative (relatives as defined in Section 6 of the Companies Act, 1956) in existing/new resident bank accounts as joint holder with the resident account holder on “Either or Survivor” basis subject to the given conditions.

10. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 88, DATED 9-1-2014

MEMORANDUM OF INSTRUCTIONS FOR OPENING AND MAINTENANCE OF RUPEE/FOREIGN CURRENCY VOSTRO ACCOUNTS OF NON-RESIDENT EXCHANGE HOUSES

 

With a view to expanding the scope of the Rupee Drawing Arrangements (RDAs), it has been decided to include additional items under Permitted Transactions of RDAs. Accordingly, instructions under Part (B) of Annex-I to the respective circular have been amended.

11. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 89 DATED 9-1-2014 & A.P. (DIR SERIES 2013-14) CIRCULAR NO. 91, DATED 13-1-2014 & A.P. (DIR SERIES 2013-14) CIRCULAR NO. 98, DATED 27-1-2014

EXIM BANK’S LINE OF CREDIT OF USD 42.61 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF BENIN & EXIM BANK’S LINE OF CREDIT OF USD 125 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF SUDAN & EXIM BANK’S LINE OF CREDIT OF USD 19.50 MILLION TO THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM

 

The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.

No agency Commission is payable under the above LOC.

12. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 90, DATED 9-1-2014

CLARIFICATIONS ON PROVISIONS UNDER SECTION 6(4) OF FOREIGN EXCHANGE MANAGEMENT ACT, 1999

Nature of Transactions under Sec.6(4) to cover the following:

  1. Foreign currency accounts opened and maintained by such a person when he was resident outside India;
  2. (i) Income earned through employment or business or vocation outside India taken up or commenced while such person was resident outside India, or

(ii) from investments made while such person was resident outside India, or

(iii) from gift or inheritance received while such a person was resident outside India;

  1. Foreign exchange including any income arising therefrom, and conversion or replacement or accrual to the same, held outside India by a person resident in India acquired by way of inheritance from a person resident outside India.
  2. A person resident in India may freely utilize all their eligible assets abroad as well as income on such assets or sale proceeds thereof received after their return to India for making any payments or to make any fresh investments abroad without approval of Reserve Bank, provided the cost therefor are met exclusively out of funds forming part of eligible assets held by them and the transaction is not in contravention to extant FEMA provisions.

13. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 92, DATED 13-1-2014

RISK MANAGEMENT AND INTER BANK DEALINGS

In respect of current and capital account transactions, it has been decided to allow, in case of contracted exposures, forward contracts in respect of all current account transactions as well as capital account transactions with a residual maturity of one year or less to be freely cancelled and rebooked.

As far as the exposure of the FIIs/QFIs/other portfolio investors is concerned, forward contracts booked by these investors, once cancelled, can be rebooked up to the extent of 10 per cent of the value of the contracts cancelled. The forward contracts booked by these investors may, however, be rolled over on or before maturity.

14. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 93, DATED 15-1-2014

CLARIFICATION ON ESTABLISHMENT OF LIAISON OFFICE/ BRANCH OFFICE/ PROJECT OFFICE IN INDIA BY FOREIGN ENTITIES- GENERAL PERMISSION

It is clarified that the provisions of Regulation 4,( i.e. Prior permission form Reserve Bank for establishment of a liaison office  in India)  of Notification No. FEMA 22/2000-RB dated 3rd May 2000, ibid, along with their specified conditions apply for entities from Hong Kong and Macau also.

15. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 94, DATED 16-1-2014

CONVERSION OF EXTERNAL COMMERCIAL BORROWING AND LUMPSUM FEE/ROYALTY INTO EQUITY

It is clarified that where the liability sought to be converted by the company is denominated in foreign currency as in case of ECB, import of capital goods, etc. it will be in order to apply the exchange rate prevailing on the date of the agreement between the parties concerned for such conversion.

Reserve Bank will have no objection if the borrower company wishes to issue equity shares for a rupee amount less than that arrived at as mentioned above by a mutual agreement with the ECB lender.

It may be noted that the fair value of the equity shares to be issued shall be worked out with reference to the date of conversion only.

It is further clarified that the principle of calculation of INR equivalent for a liability denominated in foreign currency as mentioned at paragraph 3 above shall apply, mutatis mutandis, to all cases where any payables/liability by an Indian company such as, lump sum fees/royalties, etc.

16. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 95, DATED 17-1-2014

MERCHANTING TRADE TRANSACTIONS

The existing guidelines for merchanting or intermediary trade transactions have been revised and the same will come into effect immediately.

An irrevocable Letter of Credit (LC) should be opened by the buyer in favour of the merchant.

Advance for the import leg is demanded by the overseas seller, the same should be paid against bank guarantee from an international bank of repute.

17. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 96, DATED 20-1-2014

CLARIFICATION ON FACILITIES FOR PERSONS RESIDENT OUTSIDE INDIA

 

It is clarified that a foreign investor is free to remit funds through any bank of its choice for any transaction permitted under FEMA, 1999 or the Regulations / Directions framed thereunder. The funds thus remitted can be transferred to the designated AD Category -I custodian bank through the banking channel.

Note should, however, be taken that KYC in respect of the remitter, wherever required, is a joint responsibility of the bank that has received the remittance as well as the bank that ultimately receives the proceeds of the remittance.

Besides, the remittance receiving bank is required to issue FIRC to the bank receiving the proceeds to establish the fact the funds had been remitted in foreign currency.

 

18. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 97, DATED 20-1-2014

KNOW YOUR CUSTOMER (KYC) NORMS/ANTI-MONEY LAUNDERING (AML) STANDARDS / COMBATING THE FINANCING OF TERRORISM (CFT) OBLIGATION OF AUTHORISED PERSONS UNDER PREVENTION OF MONEY LAUNDERING ACT, (PMLA), 2002, AS AMENDED BY PREVENTION OF MONEY LAUNDERING (AMENDMENT) ACT, 2009 MONEY CHANGING ACTIVITIES

It has been decided that the requirement of Resolution of the Board of Directors is being done away with and a corporate may now submit to the AMC a list of officials with names and signatures authorized by the Managing Director/Chief Financial Officer of the company to conduct forex transactions on its behalf. The instructions w.r.t to this has also been amended accordingly.

These guidelines are also applicable mutatis mutandis to all agents/ franchisees of Authorised Persons and it will be the sole responsibility of the franchisers to ensure that their agents / franchisees also adhere to these guidelines.

 

19. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 99, DATED 29-1-2014

FOREIGN INVESTMENT IN INDIA BY SEBI REGISTERED LONG TERM INVESTORS IN GOVERNMENT DATED SECURITIES

 

It has now been decided, with immediate effect, the existing sub-limit of USD 5 billion available to long term investors registered with SEBI – Sovereign Wealth Funds (SWFs), Multilateral Agencies, Pension/ Insurance/ Endowment Funds and Foreign Central Banks for investment in Government dated securities to USD 10 billion, within the total limit of USD 30 billion available for foreign investments in Government securities.

Updates of Direct Taxes – February 2014 Series

Shree Guru Kripa’s Institute of Management

“Gyaan Smriti” – DIRECT TAX LAW UPDATES – February 2014 Series

Updates in Direct Tax Law

  1. 1.   [2014] 41 taxmann.com 500 (SC)

Sasi Enterprises. Assistant Commissioner of Income-tax

Issue: Whether an assessee has the liability/duty to file a return under Section 139(1) of the Act within the due date prescribed therein? What is the effect of best judgment assessment under Section 144 of the Act and will it nullify the liability of the assessee to file its return under Section 139(1) of the Act? Whether non-filing of return under Section 139(1) of the Act, as well as non-compliance of the time prescribed under Sections 142 and 148 of the Act are grounds for invocation of the provisions of Section 276CC of the Act? Whether the pendency of the appellate proceedings relating to assessment or non-attaining finality of the assessment proceedings is a bar in initiating prosecution proceedings under Section 276CC due to non-filing of returns? What is the scope of Section 278E of the Act, and at what stage the presumption can be drawn by the Court?

Decision: Pendency of the appellate proceedings is not a relevant factor for not initiating prosecution proceedings under section 276CC of the Act. Section 276CC contemplates that an offence is committed on the non-filing of the return and it is totally unrelated to the pendency of assessment proceedings except for second part of the offence for determination of the sentence of the offence, the department may resort to best judgment assessment or otherwise to past years to determine the extent of the breach. The contention that no prosecution could be initiated till the culmination of assessment proceedings, especially in a case where the appellant had not filed the return as per section 139(1) of the Act or following the notices issued under section 142 or section 148 does not arise. The declaration or statement made in the individual returns by partners that the accounts of the firm are not finalized, hence no return has been filed by the firm, will not absolve the firm in filing the ‘statutory return under section 139(1) of the Act. The firm is independently required to file the return and merely because there has been a best judgment assessment under section 144 would not nullify the liability of the firm to file the return as per section 139(1) of the Act. Appellants’ contention that since they had in their individual returns indicated that the firm’s accounts had not been finalized, hence no returns were filed, would mean that failure to file return was not willful, cannot be accepted.

2.     CIRCULAR NO. 1/2014 [F.NO.275/59/2012-IT(B)], DATED 13-1-2014

Wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/payable without including such service tax component.

3.     NOTIFICATION NO. 05/2014 [F. NO. 142/32/2013-TPL] ,  DATED 15-01-2014

Where an application has not been declared invalid under sub-section (2C) of Section 245D or an application has been allowed to be further proceeded with under subsection 2D of that section, all material and other information produced by the assessee before the Settlement Commission shall be sent to the Commissioner to enable him to furnish the report under sub-section (3) of section 245D. When the proceedings before the Settlement Commission abates, the Commission shall send all the material and other information produced by the assessee before the Commission and the result of any enquiry held or evidence recorded in the course of proceedings before it, to the Commissioner.

Statutory Compliance Chart February – 2014

DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
FEBRUARY 2014
5 EXCISE: PAYMENT OF EXCISE DUTY FOR JAN 2014 GAR 7
SERVICE TAX:  PAYMENT OF SERVICE TAX FOR JAN 2014 BY CORPORATES 
6 EXCISE: E-PAYMENT OF EXCISE DUTY FOR JAN 2014 GAR 7
NOTE: E-PAYMENT IS MANDATORY IF ED PAID>=10 LAKHS IN FY 2012-13
SERVICE TAX:  E-PAYMENT OF SERVICE TAX FOR JAN 2014 BY CORPORATES
NOTE: E-PAYMENT IS MANDATORY IF ST PAID>=1 LAKH IN FY 2012-13
7 INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING JAN 2014 281
10 EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR JAN 2014 ER 1
EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR JAN 2014 ER 2
EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR JAN 2014 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2012-13 BY PLA/CENVAT/BOTH ER 6
12 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JAN 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD FORM 1 / FORM I
14 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JAN 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE FORM 1 / FORM I
15 EPF: PAYMENT OF EPF CONTRIBUTION FOR JAN 2014
EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR JAN 2014 12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN JAN 2014 5/10
20 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JAN 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD FORM 1 / FORM I
21 ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR JAN 2014
22 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JAN 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE FORM 1 / FORM I