Corporate Updates 10 March 2014


Partial reverse charge mechanism has been introduced w.e.f. July 1, 2012 wherein both service provider and service receiver are required to pay a specified portion of service tax liability in terms of Notification No.30/2012-ST dated June 20, 2012. The Central Board of Excise & Customs vide Notification has now provided the procedure for filling refund application by service provider, of unutilized Cenvat credit availed on inputs and input services received on and after July 1, 2012 for providing the specified services. For the full procedure, safeguards, conditions and limitations, please Click Here.


RBI permits e-transfer of inward foreign remittances directly into beneficiaries accounts under Money Transfer Service Scheme – ‘Direct To Account’ Facility. To facilitate receipt of foreign inward remittances directly into bank account of the beneficiary, it has been decided to allow foreign inward remittances received under MTSS to be transferred to the KYC compliant beneficiary bank account through electronic mode, such as NEFT, IMPS etc. A detailed prescribed procedure is required to be followed for the said purpose. To download & view the notification , please Click Here.

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