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LAW

providing that until the Tribunal is constituted under the Companies Act, 1956, appeals under the LLP Act, 2008 may be made before the Company Law Board.

COMPETITION COMMISSION REGULATIONS 92 SCL 52

The Competition Commission of India has issued Notification No. R- 40007/6/REG-EXPERT/NOTI/04-CCI dated 15.05.2009 notifying the Competition Commission of India (CCI) (Engagement of Experts and Professionals) Regulations, 2009 to provide for engagement of experts and professionals by the CCI from different disciplines to discharge such functions as the CCI may direct to assist the CCI.

Contributed by CA. Jayesh Thakur

GUJARAT VAT

Annual Return: A) Forms Substituted:

Vide Notification dated 10th June, 2009, New Forms of Annual Return, Form No. 205 & 205-A have been notified, replacing the old forms, mainly to incorporate necessary changes consequent upon new levy of Additional Tax with effect from 01-04-2008.

B)

Extension of Time Limit: -

Vide Public Circular No. GUJKA/ VAT/ 15/ 2009-10/ OTW. 79/ 71 Dt. 18th June, 2009, time limit for filling annual return for F.Y.2008-09 has been extended from 30th June, 2009 to 31st July, 2009.

Statutory Forms :

Vide Public Circular No. GUJKA/ VAT/6/ 2009-10/ OTW. 78/ 70 Dt. 01st June, 2009, List of Statutory forms ‘C’, ‘E1’, ‘E2’, ‘F’, received & Pending to be received for F.Y. 2007-08 is to be submitted by 30th June, 2009.

Contributed by CA. Kishor R. Gheewala

CENTRAL EXCISE

Notifications:

No levy of Excise duty on Agriculture grade Zinc Sulphate during the period 01.01.2007 to 08.10.2007

A practice was followed by the trade to not pay excise duty on Agriculture grade Zinc Sulphate during the aforesaid period. In this

Western India Chartered Accountants Newsletter |July 2009

regard, the Central government has notified that no excise duty will be levied during the aforesaid period, provided the manufacturer does not avail credit of inputs/input services used in or in relation to manufacture of the said goods.

(Notification No. 13/2009 C.E (NT) dated 03.06.2009)

AMENDMENT IN CENTRAL EXCISE (REMOVAL OF GOODS AT CONCESSIONAL RATE OF DUTY FOR MANUFACTURE OF EXCISABLE GOODS) RULES, 2001

Rule 6 of the aforesaid rule pertaining to recovery of duty in case where subject goods are used for intended purpose by the manufacturer has been amended to provide that Assistant Commissioner / Deputy Commissioner will ensure that manufacturer uses the goods for intended purpose and when goods are not used for intended purpose, the manufacturer shall be liable to penalty. Further, Annexure II has been amended to include the column pertaining to nature of goods manufactured. (Notification No. 14/2009 – C.E (NT) dated 10.06.2009)

TIGHTENING CONTROL OVER DEFAULTERS

Deferent actions like temporary withdrawal of facility of paying duty through Cenvat credit, etc have been extended to the persons who have removed inputs as such without paying an amount equal to Cenvat credit availed on such inputs. Moreover, defaulters have also been required to maintain certain records of the principal inputs on which Cenvat credit has not been taken and intimate to Superintendent of Central Excise regarding the receipt of principal inputs. (Notification No. 32/2006 C.E (NT) dated 30.12.2006 amended) (Notification No. 15/2009 – C.E (N.T) dated 10.06.2009)

Circular: Classification of coconut oil packed in small containers:

CBEC has clarified that coconut oil packed in containers upto 200 ml to be considered as generally used as hair oil and therefore the same may not be treated as edible.

As a result of coconut oil packed in small containers upto 200 ml will attract Excise Duty as applicable to hair oil (8 %) which is higher than the duty applicable on edible oil (Nil).

(Circular No. 890/10/2009 CX dated 03.06.2009) Contributed by CA. Jayesh Gogri

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