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IMF in its latest World Economic Outlook has revised downward its growth forecast to 3.3 p.c. for 2014. It suggests that both in advanced as well as emerging markets and developing economies, there is an urgent need for structural reforms to make growth more sustainable.

Back home, the think tank, National Council of Applied Economic Research has lowered its 2014-15 growth forecast for India to 5 p.c. from 5.7 p.c.. It says that ‘The fundamentals of the economy remain weak while uncertainties prevail. The only redeeming feature is the weakening of inflation and FDI inflows’. In the midst of such depressing news, showing signs of recovery, industrial production grew at three-month high of 2.5 p.c. in September, mainly on account of better mining and manufacturing output and larger offtake of capital goods, underpinning the perception that the growth momentum is positive for industry and the economy. is. During the Apr-Sept, IIP rose by 2.8 p.c. as against 0.5 p.c. in same period last year.

Central government has taken up the labour reforms agenda and introduced The Factories (Amendment) Bill, 2014, and the Apprentices (Amendment) Bill, 2014 in the Lok Sabha seeking to revamp archaic labour laws. Once passed, they are expected to make it easier to do business in India. To boost the economy, infrastructure spending has been taken up. The Highways Ministry has showcased revival of 34 projects worth more than ` 26,000 crs in its latest presentation on infrastructure targets to the Prime Minister.

The State Government will be organizing the MSME ‘Synergy Gour Banga’ from November 06-08 at Maldah to speed up entrepreneurship development. It will be followed by the Bengal Leads, the flagship programme which has been kicked-off its first road show from Mumbai for its forthcoming business summit--Bengal Leads 2015 a few days back. We expect great success of this programme in winning investors’ confidence for the state.

Vol. III | No. 1 September-October 2014

FROM THE PRESIDENT’S

DESK

Dear Members,

MCCI Business Delegation to Myanmar

(15-19 September, 2014)MCCI mounted a Business Delegation led by Sanjay Agarwal, President to Myanmar from 15 to 19 September 2014 in collaboration with the Indian Embassy at Myanmar. The Delegation Visited Yangon, Mandalay and Sagaing Regions, had fruitful discussions with the Chief Ministers, Indian Ambassador in Myanmar, Finance Minister of Mandalay, VP of the UMFCCI, an apex Chamber of commerce, Director, Thilawa SEZ, Chairman, Myanmar Industries Association beside others.

“MCCI Team for the year 2014-15”

Arun Kumar Saraf President

Hemant Bangur Sr. Vice President

Ramesh Agarwal Vice President

Arun Kumar Saraf

Hemant Bangur Ramesh Agarwal

Yours Sincerely

Sanjay AgarwalSanjay AgarwalSanjay Agarwal receiving a memento from H. E. E. U. Thar Aye, Chief Minister, Sagaing Region Government.

2 | MCCI NEWS

H. E. U. Ye Myint, Chief Minister of Mandalay discussing a point after he interacted with all the delegates in a meeting along with his senior Cabinet colleagues on 17.9.2014 B2B Session in Progress at Yangon on 16.9.2014

H.E. Gautam Mukhopadhaya, Ambassador of India in Myanmar explaining in detail the historical, cultural, economic and trade relations between the two countries on 15.09.2014

Delegates interacting after a presentation onThilawa Special Economic Zone being developed on 66000 acres of land at Myanmar Investment Commission, Yangon, on 16.9.2014

A memento to Dr. Myo Thet, Vice President of Union of Myanmar Federation of Chambers of Commerce & Industry an apex body on 16.9.2014

Sanjay Agarwal welcoming Dr. Myint Kyu, Minister of Finance, Mandalay Region Government with Uttariyo before B2B meet on 17.9.2014

Delegates interacting with Association of Industries at Yangon on 16.9.2014. Zaw Min Win , Chairman Myanmar Industries Association at the Centre

Delegates looking at the details after attending a presentation on Myotha Industrial Park on 17.9.2014

MCCI NEWS | 3

Mayanmar Maykaung Wood Based Industry Co. Ltd on 17.9.2014. Dr. Nandakumar Nagendran, our Consul General at Mandalay at the centre

SHWEDAGON PAGODA on Sanguttara Hill in Dragon Township,Yangon

U Sein Maung, Hon’ble Minister of Planning and Economic, Sagaing Region delivering inaugural address at the B2B session at Monywa on 18.9.2014

Delegates started the tour at Myanmar with a visit to Shwedagon Pagoda, one of the most famous Pagoda in the world – on 15.9.2014

A view of visitors in the B2B session on 18.9.2014 at MonywaThe Delegation had unique experience when trading was in full session at Commodity Centre, Mandalay on 17.9.2014.

H.E. E.U.Thar Aye, Chief Minister of Sagaing Region Government (6th from left) and some of his senior cabinet Ministers with the delegates. Dr. S.Janakiraman, First Secretary(Commerce), Indian Embassy , Yangon (4th from left) flew from Yangon to attend the meeting with the Chief Minister. He explained the purpose of visit to the CM at Monywa on 18.09.2014

4 | MCCI NEWS

Interactive Session with Kalraj Mishra, Union Minister for Micro, Small and Medium Enterprises on September 20, 2014 at The Park

‘Tourism and Culture of India – The Road Ahead’ with Shripad Yesso

Naik, Union Minister of State (Independent Charge) of Tourism and Culture on October 13,2014The Chamber organised an Interactive Session with Kalraj Mishra,

Hon’ble Minister for Micro, Small and Medium Enterprises, Govt. of India. Rajiva Sinha, IAS, Principal Secretary, Department of MSMEs & Textiles, Govt. of West Bengal also addressed the Session.

An Interactive Session was organized with Shripad Yesso Naik, Union Minister of State (Independent Charge), Tourism and Culture on ‘Tourism and Culture of India – The Road Ahead’

Rajiva Sinha addressing Kalraj Mishra interacting with members members

Rajiva Sinha, Principal Secretary, MSME & Textiles, GoWB, sought Central Assistance to strengthen District Industries Centres which play the actual role of facilitator for MSMEs. He urged to allow MSME Directorate of Industries to act as ‘Project Management Consultant’ while appraising projects.

Kalraj Mishra said that ‘Better Entrepreneurship, Employment and Manufacturing’ are the three focus areas for thrusting MSME Sector at the National Level. A new MSME policy is on the anvil which will focus to push entrepreneurship, encourage start-ups and bring more women entrepreneurs into the MSME sector. Ministry is working on setting up a Credit Guarantee Trust Fund to extend liberal packages to MSMEs and urged the State Governments to contribute to the scheme.

Shripad Yesso Naik interacting with the members. (R-L) Sanjay Agarwal, S.Y Naik, Hemant Bangur & R.K.Sen

Naik said that ‘Government has identified Tourism as one of the five important sectors assigning Rs 600 Crores at the Union Budget 2014,for creating 5 Tourist Circuits and on PRASAD ( National Mission on Piligrimage Rejuvenation and Spiritual Augmentation ) drive which will meet all the demands of the Indian Tourists.‘‘Infrastructure Development’, ‘Publicity’, ‘Promotion & Marketing’, ‘Skill Development’, ’Simplification of Procedures for the Classification/Reclassification of hotel and restaurants’, ‘Development of Niche Tourism Products’, ’Use of Technology for Service Delivery and Market Research’ – are the key initiatives of the Central Government

‘Implementing VISA on Arrival policy within two months’,‘Opening of Indian Culinary Institute at Tirupati’,’Consulting Agreement between National Council for Hotel Management and Catering and Lausanne Hospitality Consultancy (LHC) to upgrade the profile of the graduates from Skill Professional to Business Manager’,’Assistance to West Bengal and North Eastern States to showcase their Tourism Potential’ were some of the significant announcements made by the Minister.

Rishabh Kothari, Chairman, Standing Committee on SMEs, MCCI (left) presenting a Memento to the Union Minister. Arun Kumar Saraf, Sr. VP, MCCI looks on

Sanjay Agarwal presenting a memento to Sripad. Y. Naik, Hemant Bangur, VP, looks on

MCCI NEWS | 5

Interactive Session with R.K. Gupta, General Manager, Eastern

Railway on September 2, 2014

‘India-Zambia Bilateral Trade and Tourism’ on September 15, 2014

‘NSIC – Role in Driving the Growth of MSMEs’ with Ravindra Nath, CMD,

NSIC Ltd. on 31 October 2014

Chamber organized an Interactive Session with R.K. Gupta, General Manager, Eastern Railway. A.K. Jha, Principal Chief Engineer, A.K. Gupta, Chief Operations Manager and P.K. Sinha, Chief Commercial Manager of Eastern Railway also attended the session.

Chamber organised an Interactive Session on ‘India-Zambia Bilateral Trade and Tourism’ with H.E. Brig Gen. (Rtd) Patrick Romedyo Tembo, High Commissioner of Zambia in India. Mukela Mutukwa, First Secretary (Economic/Trade), Lubinda Mwitumwa, Second Secretary (Immigration) of the Zambia High Commission in New Delhi, Arjun De, Hony Consul General of Zambia in Kolkata, were also present

Stable political system; abundant natural resources, investment and trade opportunities; thriving private sector; progressive banking, legal

The Chamber organised an Interactive Session on ‘NSIC – Role in Driving the Growth of MSMEs’ with Ravindra Nath, Chairman and Managing Director, NSIC Ltd.

Sanjay Agarwal presenting a memento to R. K. Guipta, General Manger, Eastern Railway

Speaking on the occasion, Gupta informed that the Eastern Railways made a humble beginning on 15 August, 1853 and now has over one lakh km of railway track,provides 1.31 mn employment, carrying 8.4 bn passengers per year, 20mn of passengers per day, and runs about 2000 passenger trains daily. It has joined the 1bn freight club (fifth country to join the club) globally. For monitoring cleanliness and security, an integrated system of 200 moving CCTVs will be installed in Howrah station (currently there are 64) shortly and sought public cooperation on issues of cleanliness and punctuality.

He said that in this year there were 450 agitations which affected the timeliness of trains. Punctuality is important for both passenger and goods trains in order to support economic growth and public awareness and cooperation are essential to ensure timely service.

S. S. Beriwala Past President, MCCI presenting a memento to H. E. Brig Gen. (Rtd) Patrick Romedyo Tembo. Arjun De, Hony. Consul sitting on his left

and insurance services of international standards; good and supportive culture for working; positive and investor friendly economic environment; unlimited repatriation of profits; investment guarantee and security; duty free access to regions of African, EU and USA market are highlighted as some of the factors that are attractive to investors in Zambia.

Ravindra Nath (second from left) interacting with members. (L-R) Arun Kr. Saraf, Ravindra Nath, Sanjay Agarwal & Rishabh Kothari

Ravindra Nath highlighted on the two buzzwords of the present age viz, ‘Incubation and Entrepreneurship’. He informed that NSIC has set up ‘86 Incubation Centres in public-private partnership’ mode and ‘8 on its own’ for entrepreneur and skilled manpower development. The Corporation had entered into MoU with the West Bengal MSME Department last year, to set up five incubation Centres in the state. The Centres in Bengal are, however, yet to take off as the necessary infrastructure is not in place. He announced the recent launch of business-to-consumer (B-2-C) online platform for the sector by NSIC, in addition to the existing B-2-B portal. The website, www.msmeshopping.com, is meant exclusively for products sourced from Indian MSMEs and will serve as a low-cost marketing medium for them

Sanjay Agarwal, President, MCCI highlighted ‘Inadequate- Tourism and ICT Infrastructure’, ‘Non Dynamic Policy environment for new enterprises,’ ‘Restrictive VISA policy’, ‘Low level of health, hygiene, food standards and human resource base’ as key deterrents to the growth of this sector which demand immediate attention

6 | MCCI NEWS

FORTHCOMING EVENTSSEMINAR ON‘Health & Wellness’ Inauguration by Smt Chandrima Bhattacharya, Hon’ble MOS, Dept. of Health & Family Welfare, GoWB. Panel Speakers:-Dr.Rupali Basu, CRO, Apollo Gleneagles Hospitals,Suyash Borar, CEO, CMRI, Rupak Barua, Grp.CEO, AMRI Hospitals on 24 November 2014 at The Park

INTERACTIVE SESSIONwith Metta Rama Rao, Commissioner of Service Tax, Kolkata-I, on ’Recent Changes in Service Tax Scenario-Prospects & Challenges’ on 25th November 2014.

AN INTERACTIVE SESSIONon ‘Threats to Internal Security – Challenges & New Approach to solve’ with J.N. Choudhury, Director General, National Security Guards on 28 November 2014

INTERACTIVE SESSION With Shankar Agarwal, IAS, Secretary, Union Ministry of Urban Development on ‘Building a Smart India’ 29th November 2014.

Sept factory output up 2.5p.c., inflation down

2.6

0.4

2.7

-1.2 -1.3

0.1

1.1

-2.0

-0.5

3.7

5.0

4.3

0.4 0.5

2.52.8

Jul

Aug

Sep

Oct

Nov

Dec

Jan'

14 Feb

Mar Apr

May Jun

July

Aug

Sep

Apr-S

ep

Growth in Index of Industrial Production

World Bank estimates 5.6% growth for current fiscal

The World Bank has said that India is expected to grow at 5.6 per cent in current fiscal i.e. 2014-15. The growth is expected to accelerate further to 6.4 per cent in 2015-16 and 7 per cent in 2016-17. “India’s long run growth potential remains high due to favourable demographics, relatively high savings and policies and efforts to improve skills and education, facilitate domestic market integration and incentivise manufacturing activities,” the Bank said in a report titled ‘India Development Update’.

Penalty u/s 271(1)(c) should not be levied on the amount which was

voluntarily surrendered by the assessee during survey

It is evident from the record that surrender was made during the course of survey by the assessee and furnished the return of income declaring additional income and paid the tax thereon. Nothing has been brought out on record by the Assessing Officer that the surrender was made when the assessee was cornered by the Assessing Officer. ITO Vs. M/s Indian & Overseas Trading Co. ( ITAT Lucknow),

Service tax on services in relation to inward remittances from abroad

Vide circular No. 163/14/2012–ST, dated 10th July, 2012, on the issue of levy of service tax on the activities involved in the inward remittance it was clarified that there is no service tax per se on the foreign exchange remitted to India from outside for the reason that money does not constitute a service and that conversion charges or fee levied for sending such money would also not be liable to service tax.

Inputs Used In Any Activity Which Is Treated As Having Nexus With

Manufacture Of Final Product Eligible For Cenvat Credit

In the case of Chettinadu Cement Corporation Limited vs.Commissioner of Central Excise & Service Tax, LTU,Chennai, the Hon’ble CESTAT, Chennai held that any activity without which the manufacture of final product, though theoretically possible, is not commercially feasible, would have to be treated as having nexus with the manufacture of final product and the inputs used in such activity would be eligible for CENVAT Credit.

ONSERVICE

TAX

MCCI NEWS | 7

Very few takers for One Person Company (OPC)

The statistics on number of entities such as public companies, private companies, OPC and LLPs registered from 1st April, 2014 to 26th August 2014 revealed that the number of OPCs registered is lower than Private Companies and LLPs. It can be stated that the number of sole proprietorships concerns started within this period of time will definitely outnumber the OPCs. There were mere 430 OPCs registered during this period of 147 days. This will be less than 5% of the sole proprietorships started all over India within the period.Type of entity No. of Entities registered from 01.04.2014 till date (as on 26.08.2014)Public Companies 384Private Companies 19092One Person Companies 430LLPs 3978

(Source: Ministry of Corporate Affairs, Govt. of India)

CBDT Clips AO’s Power To Make Fishing Enquiry In Cass Cases

The CBDT vide Instruction No. 7 of 2014 dated 26th September, 2014 pointed out that in cases selected for scrutiny under Computer Aided Scrutiny Selection (‘CASS’), some AOs routinely call for information which is not relevant for enquiry into the issues to be considered. This has been causing undue harassment to the taxpayers and has also drawn adverse criticism from several quarters. The CBDT has directed that cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of either AIR data or CIB information or for nonreconciliation.

Measures for Revenue Augmentation - calling for returns of income in the

case of non-filers for AY 2014-15 vide Circular - Dated 29-10-2014

CBDT has desired that all the CCsIT should personally monitor the following cases.It has been noticed that 5,09,898 taxpayers who have submitted an e-Return of AY 2011-12, or 2012-13 or 2013-14 (upto 20th October, 2014) with returned income of more than ` 10 lakhs or paid self assessment tax of more than / equal to ` 1 lakh (as per ITR) have not filed their ITR for the AY 2014-15.

Income arising to EOU on sale of scrap generated during manufacture was

eligible for sec. 10B reliefWhen assessee spare parts and exports them in same condition without involving those parts any manufacturing activity, in such a case provisions of section 10B are not attracted.

When assessee undertakes manufacturing or production activity and in process it results in any scrap, since said scrap attracts nexus between profits and gains derived from export business, income arising from sale of it is eligible for benefit of section 10B

Contributions to the Swach Bharat Kosh and Clean Ganga Fund are eligible for

CSR expenditureSchedule Vii Of The Companies Act, 2013 - Amendment In Schedule Vii - Notification No. Gsr 741(E) [F.No.1/18/2013-Cl-V], Dated 24-10-2014

In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to Schedule VII of the said Act, namely:—

(i) In item (i), after the words “and sanitation”, the words “including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation” shall be inserted;

(ii) In item (iv), after the words “and water”, the words “including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga;” shall be inserted.

Service Tax on Educational Institutes : An illustration

The current exemption provided all services provided by educational institutions specified in the negative list to their students, faculty and staff outside of the purview of service tax. Exempted Auxiliary Education Services are now spelt out-:1) Transportation of students, faculty and staff of the eligible educational institution;2) Catering service including any mid-day meals scheme sponsored by the Government;3) Security or cleaning or House-keeping services in such educational institution;4) Services relating to admission to such institution or conduct of examination. Notification is applicable from 01/10/2014. Sr. Particulars of taxability of services in the Taxable (T)/ No. field of education- an example Non Taxable (NT) 1 Private Tuitions. T 2 Courses not recognized by Indian Law or recognized by foreign law. T 3 Courses by National Skill Development Corporation.(w.e.f 01/04/2013) T 4 Room rent/Hostel Fees (Above Rs 1000 per day per student). T 5 Renting of immovable property. 6 Fees for Foreign courses. T 7 Fees for foreign language courses. T 8 Postal coaching. T 9 Online coaching T 10 Vocational courses (other than approved). T 11 Preschool Education. NT 12 Higher Secondary Education. NT 13 Education provided as a part of the curriculum for obtaining a qualification recognized by any law for the time being in force. NT 14 Training or coaching in recreational activities relating to arts, culture or sports. NT

Education provided as a part of the curriculum for

8 | MCCI NEWS

New Kolkata Service Tax Zone(will be effective from 15th October, 2014)

CHIEF COMMISSIONER OF SERVICE TAX

• The jurisdiction of Commissioner of Central Excise, (Appeal-I) and (Appeal-II), Kolkata, will be announced by Chief Commissioner of Service Tax Kolkata Zone.

• The jurisdiction of Commissioner of Central Excise (Audit-I), Audit-II) and Commissioner of Service Tax Audit will also be announced by Chief Commissioner of Service Tax Kolkata Zone.

[Notification No.20/2014-ST and 21/2014-ST both dated 16.09.2014]

Principal Commissioner of Service Tax-I, Kolkata

Jurisdiction

Kolkata Municipal Corporation (KMC) Ward No.1 to 62, the entire District of North 24 Parganas and entire District of Nadia in the State of West Bengal.

Commissioner of Service Tax-II, Kolkata

Jurisdiction

Kolkata Municipal Corporation (KMC) Ward No.63 to 141, entire district of South 24 Parganas and entire District of Howrah except blocks Amta-1, Amta-II, Bagnan-1, Jagatballavpur, Panchla, Udayanarayanpur, Domjur and Uluberia-II of Howrah District and entire District of Hooghly in the State of West Bengal.

Commissioner of Service Tax (Audit), Kolkata

Jurisdiction

Expected to have, Jurisdiction of Principal Commissioner of Service Tax-I, Kolkata and Commissioner of Service Tax-II, Kolkata.

Exact jurisdiction will be announced by Chief Commissioner of Service Tax, Kolkata.

DUE DATE COMPLIANCES15-Nov-14 extended date for filing West Bengal VAT, CST and Entry Tax Return for the quarter ending Sept., 2014

21-Nov-14 Payment of ESI for the month of Oct., 2014

21-Nov-14 West Bengal VAT/CST/ Entry Tax/ Professional Tax Payment for the month of Oct., 2014

25-Nov-14 West Bengal Sales Tax TDS certificate issue for the month of Oct., 2014

30-Nov-14 Tax Audit Report Under Income Tax [Form 3cd/3ca/3cb] And Audit Report U/S 92e [Form 3ceb]

DUE DATE COMPLIANCES30-Nov-14 extended date of itr filing for assessees who are required to furnish tax audit report [ITR 4, 5 & 6]

30-Nov-14 Filing of Wealth Tax Return (Tax Audit Applicable) [Form No. BB]

30-Nov-14 ITR Filing for assesses where Transfer Pricing Provisions are applicable [ITR 4, 5 & 6]

30-Nov-14 Annual Return by units paying duty more than ` 1 crore (CENVAT+PLA) [Form ER-4]

Acknowledgement : Tax Connect, Nov’ 2014

Published by R. K. Sen, Director General, MCC Chamber of Commerce & Industry, 15B, Hemanta Basu Sarani, Kolkata - 700 001 Tel.: 91 33 2248 1502/6329/3123/2262 5070-74, Fax: 91 33 2248 8657, Email: mcciorg@gmail.com, mcciorg@mcciorg.com, Website: mcciorg.com

Board of Editors : R.K. Sen, Director General, M.C. Das, Dy. Director General. Contact Person : S Roy, Asst. Director GeneralPrinted & Designed at : CDC Printers Pvt. Ltd., Tangra Industrial Estate-II, (Bengal Pottery) 45, Radhanath Chowdhury Road, Kolkata - 700 015

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