New Updates

News Updates dated 15th June, 2016

• ·   The Ministry of Finance has released the “Model GST Law” yesterday after getting basic in principle approval from Empowered Committee of State FMs.
  
  
  ·  CBEC vide Notification No. 85/2016-CUSTOMS (N. T.) dated 14^th June, 2016 notified regarding fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Gold and Sliver.
  
  
  ·    CBEC vide Circular No. 28/2016- Cus dated 14^th June, 2016 has simplified the procedure in SWIFT for clearance of consignments related to drugs & cosmetics under Indian Custom Single Window Project.
  
  
  ·      CBEC vide Circular No. 1031/19/2016-CX dated 14^th June, 2016  notified regarding the scope of the levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more in this year’s Budget.
  
  
  ·     Registration of a trust cannot be cancelled merely because receipts from commercial activities exceed Rs.25Lakhs unless there is change in the nature of its activities or its activities are not genuine: Bombay High Court.
  
  
  ·    No public interest served in disclosure of assets and liabilities of SEBI Chairman as such disclosure is likely to cause unwarranted invasion of privacy of the individual under section 8(1)(j) of the RTI Act: CIC
  
  
  ·   The special court for Prevention of Money Laundering Act (PMLA) on Tuesday declared industrialist Vijay Mallya, a proclaimed offender under Section 82 of the criminal procedure code (CPC).

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