Quarterly Revision of Interest Rates for Small Savings Schemes

Quarterly Revision of Interest Rates for Small Savings Schemes

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:

Builder/developer failed to deliver peaceful possession liable for compensation and Interest

Builder/developer, entered into registered agreement with the complainant on 13-9-2012 for sale of flat of the project developed by him. No date of possession was mentioned in clause 50 of the said registered agreement. Complainant has paid the entire consideration except the amount required to be paid at the time of handing over possession. The opponent failed to deliver peaceful and vacant possession of the subject flat even though opponent were in position to obtain occupation certificate from competent authorities on 12-8-2013. Consumer complaint has been filed praying for handing over possession of the subject flat and claiming monetary relief of Rs. 30,90,817/- for the deficiency of service on the part of the opponent.

The Hon’ble State Consumers Disputes Redressal Commission observed and held that failure on the part of opponent resulted into consumer dispute and the complainant was unnecessarily dragged to knock the doors of the State Commission subjecting to mental agony for his no fault. Therefore, suitable compensation on account of the avoidable delay to hand over the possession would meet the ends of justice.

Read Full Story

Self-Adjustment of excess service tax paid by Assessee

The hon’ble CESTAT NEW DELHI, in case of  'M/S PUNJAB NATIONAL BANK VERSUS C.C.E. & S.T.CHANDIGARH' held that Self adjustment of excess service tax paid can be done against the service tax liabilities for subsequent period.

Audit can be done by only Auditor- Delhi High court decision

The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.

The court held that audit is a specialized function and cannot be delegated to service tax department or Excise department. It has been a general practice of the service tax department to conduct Audit of Service tax assesses for the last 5 years by deputing own officers of the rank of inspectors and Superintendents. Service tax department also seeks voluminous details and seek information in self- specified formats/ annexures. Now this judgement made it clear that the officers of the department have no power to conduct Audit at all. The honorable High Court has also held that the CAG officers have no power to conduct audit of assessee's records.

Buy 1 get 1 free’ deals to come under GST

Free samples and gifts offered with purchases as well as popular ‘buy-one-get-one-free’ deals may attract the proposed Goods and Services Tax (GST) levy which government plans to roll out from April 2017.
Read full story