CBEC
CBEC has exempted the requirement of enclosing photocopies of Railway Receipts (RR) with the 'Service Tax for transportation of goods by rail' (STTG) Certificate for availing CENVAT Credit. The Board has prescribed a fresh procedure for availing CENVAT Credit of service tax paid on transportation of goods by rail. Instead of providing copies of railway receipts, the details of RRs shall form part of the STTG certificate in a tabular format provided as an annexure to the circular. The circular also provides for the format of STTG Certificate. Rule 9 of CENVAT Credit Rules, 2004 provides for the documents on the basis of which CENVAT credit shall be taken by the manufacturer or the provider of output service or input service distributor, as the case may be.
SEBI
SEBI allowed Commodity Exchanges to modify Futures Contract specifications pertaining to quality parameters. The exchanges are permitted to modify futures contract specifications related to ticker symbol, maximum order size, trading unit, delivery unit, quotation base value, tick size, delivery centres, issue related to premium /discount, quality parameters and its relevant aspects such as quantity variation and tolerance limit. The norms would come into effect immediately. Further, SEBI has asked exchanges not to change the contract specification and the launch calendar of contracts without prior SEBI approval. The exchanges are required to inform SEBI if they decide not to launch a fresh contract even after getting the approval for continuous trading.
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