"Service Tax Return excel utility for the period of Oct-13 to March-14"

Service Tax Return (ST-3) excel utility for the period of October 2013 to March 2014, i.e. second half of the financial year 2013-14 is now available in ACES for e-filing by the assesses in both offline and online version. The last date of filing the ST-3 return for the said period is 25th April, 2014. The assesses can file return either online or use the offline utility by downloading the latest version from www.acesdownload.nic.in or from 'DOWNLOADS' Section of ACES website.

Excel utility has been updated on 31st March 2014.

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CA SANJAY DEWAN

B.COM (H),FCA

FCMA,LCS,MIMA

NO legal requirement to appoint Company Secretary for Private Limited Companies

 NO  legal requirement to appoint Company Secretary for Private Limited Companies

The Ministry of Corporate Affairs has notified Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 effective April 1, 2014.

These Rules makes it mandatory only for listed and public companies to appoint key managerial personnel (KMP) in case their paid up share capital is Rs 100 Million or more. KMP includes Company Secretaries (CS). Therefore there is no such mandatory requirement for private limited companies.

Thus only such above mentioned companies have to appoint CS. Private companies can voluntarily appoint though there is no legal requirement.

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CA SANJAY DEWAN

B.COM (H),FCA

FCMA,LCS,MIMA

Service Tax Credit allowed even if vendor has charged duty wrongly

Recently, the CESTAT, MUMBAI BENCH in the case of Commissioner of Central Excise, Aurangabad v. Komal Enterprises, (2014) 42taxmann.com 566 (Mumbai - CESTAT) held that buyer is eligible to avail CENVAT Credit of duty charged by supplier irrespective of the fact that activity carried on by supplier does not amount to manufacture of goods.

The assessee in the cited case was engaged in manufacture of springs and press pans for which he procured S.S.Wires from supplier. The supplier has paid duty on such wires and the appellant took credit of the duty paid. Department argued that supplier's process of drawing wire from wire rods did not amount to manufacture and, therefore, no duty was payable by supplier and, accordingly, no credit could be taken by assessee. Honorable Tribunal held that the supplier issued CENVATable invoices and paid duty thus as per rule 9 of CENVAT Credit Rules, 2004, assessee was entitled credit of duty paid.

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CA SANJAY DEWAN

B.COM (H),FCA

FCMA,LCS,MIMA

Disclosure of Corporate Identification Number (CIN) made mandatory

Disclosure of Corporate Identification Number (CIN) made mandatory

In the latest from the Ministry of Corporate Affairs, 183 new Sections of the Companies Act 2013 have been notified to take effect from April 1, 2014.

Though we shall communicate the details of the other changes shortly, immediate attention is drawn to Section 12 of the Act which mandatorily requires every company to mention its CIN along with the name and address of registered office on letterheads, invoices, notices and on all official correspondence and publications. Additionally, contact details, email and website address, if any, must be incorporated in such documents mentioned from April 1, 2014.

In case of any failure to quote the CIN number, penalty of Rs 1,000 per day shall be imposed on the defaulting company and on every officer in default for every day during which the default continues. However, maximum penalty imposable shall not exceed Rs 100,000.

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CA SANJAY DEWAN

B.COM (H),FCA

FCMA,LCS,MIMA