Special Meeting and Awareness Session on latest changes in Central Excise and Service Tax Laws

Friday, January 2, 2015

Special Meeting and Awareness Session on latest changes in Central Excise and Service Tax Laws

All Entrepreneurs and Professionals may please note that there are many changes in Central Excise, Service Tax, Company Act that are New, Very Stringent.
There are severe provisions of arrest, including non-bailable arrest for defaulters and those accountable under the law.
Central Excise and Service Tax Commissionerate highlighted this in the recently held meeting of Public Grievances Committee on 18th September.
We requested the Commissioner to offer a 15 day period to the assessees. Some of these are large assessees.
We advise such assessees to take necessary remedial action so as to avoid more complications.

We also find that MOST OF THE ENTREPRENEURS are NOT aware of many such changes and stringent laws passed this year.
We are starting a Special drive to make entrepreneurs aware of these changes and provisions. 
We call it Financial Literacy and Compliances Series.
We'll conduct this series covering two aspects which are MUST for each Entrepreneur:
1. Financial Literacy: Right knowledge of Balance Sheets, Financial Statements, Banking, Finance, Credit & Fund raising, collaterals, mergers & acquisitions
2. Compliances: Central Excise, Service Tax, Companies Act, Income Tax, Customs and other compliances.

Upon our request, The Commissioner Central Excise agreed to conduct the first program as follows:
Topic: Central Excise & Service Tax related changes and compliances issues
Date: 4th October, 2013, Friday
Time: 10.30am-1.00pm
Venue: Shall be informed to participants
Followed by Lunch
Seats are LIMITED due to space constraints.

We also had a meeting with Commissioner Income Tax last week and she is willing to interact with our entrepreneurs to disseminate information on compliances related to Income Tax. We'll announce this program soon.

The new Companies Act also has several provisions for non-bailable offenses. The Act treats certain offences at par with criminal ones, thereby identifying them as cognizable and non-bailable. It becomes imperative on the part of promoters, directors, officers or any other person of the company to know.

Section 212(6) of the Act now recognizes some offenses to be cognizable where a police officer may arrest without a warrant, and non-bailable.

Imposing such a condition equates these offences with offences that are punishable with death, life imprisonment or imprisonment for seven years or more, where bail may be granted subject to hearing of the public prosecutor and court.

Directors, Chartered Accountant, Cost Accountant or Company Secretary and are also liable for action under the various offenses.

We have prepared a list of such offenses and also who may face action. Members can ask us for this list.

In case you wish to join the first Programme under the Compliances Series on 4th October, please write to:

Entrepreneurs Facilitation Centre- IamSMEofIndia
C/o. Faridabad Small Industries Association 
FSIA Park, Opp. Plot No. 23, Sector 24, Faridabad- 121005
info@iamsmeofindia.com ; fsiaindia@gmail.com 

www.iamsmeofindia.com