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About 5300 villages electrified in last six months: PM Banks need deep surgery, says RBI Governor 1982-batch IAS officer Ramesh Abhishek appointed as DIPP Secretary Indian Railways signs MoU with Telangana for JV (See 'Mixed Buzz') Related party import cases - CBEC streamlines procedure for investigation by SVB and also for renewal of SVB orders (See Circulars in 'What's New') Economic empowerment of women a must: SC Frustrating to see order on checking traffic congestion in the city not implemented: Delhi HC Indian stock market not an exception, but better off than other global markets: Shaktikanta Das Harinder Sidhu to be new Australian High Commissioner to India Govt will revise small savings interest rates every quarter, instead of annually: Shaktikanta Das Diminishing Political Commitment & The Undented 'Black'! (See 'The Cob(Web) Column) Export to SEZ units from DTA – Receipt in Indian Rupees (See 'DDT' Column) ST - Notification 12/2005 does not indicate that assessee has to export services on or after 19.04.2005 to avail rebate of CENVAT credit - in absence of specific embargo substantial benefit should not be denied: CESTAT (See 'Breaking News') Immovable Property Returns by babus – 94% IRS officers are defaulters (See 'DDT' Column) Withdrawal of exemption of CVD on import of certain Drugs, Medicines, Diagnostic kits and Life Saving Drugs - An Analysis (See 'Guest Column') SICA & SARFAESI Act - Whether reference pending before Board for Industrial & Financial Reconstruction can be revived once secured creditors of company have initiated steps u/s 13 of SARFAESI Act - NO: SC (See 'Breaking News') Readying for GST - some suggestions (See 'Budget Run-up') Defective Revenue Appeals lying in defect for more than three years dismissed by Delhi High Court (See 'DDT') I-T - Whether sum received at time of retirement can be treated as 'non-compete fee' even if he has continued to serve employer for 9 months after retirement & his age was about 83 at time of retirement - NO: HC (See 'Breaking News') ST on works contract - Is rule laid by CESTAT on issue of free supplies a good law? (See 'ST se GST tak') CX - Quantum of deemed credit revised by amending notifn but appellant availed credit as per earlier notification - credit reversed upon being pointed out - no malafide can be attributed to impose penalty - interest, however, payable: CESTAT (See 'Breaking News') Cus - Classification - 'Paddle Wheel Aerators' used in aqua farming are classifiable as agricultural equipment under CTH 84368090 - aqua farming is an integral part of agricultural activity: CESTAT (See 'Breaking News') When good intentions go bad… (See 'ST se GST tak') Withdrawal of exemption - a lopsided policy decision (See 'Guest Column') CII calls for tax holiday for SEZ units for five years (See 'Mixed Buzz') Ban welcomes proposal for first binding limits on airlines' carbon emissions (See 'Mixed Buzz') Mumbai Airport Customs nabs pax + receiver of smuggled gold worth Rs 74 lakhs + lady employees of ground handling agency assisting them + also seizes gold worth Rs 80 lakhs in another case DGFT clarifies on issues relating to Minimum Import Price on Iron & Steel (See Trade Notice in 'DGFT') Budget should throw fresh light on GAAR and BEPS (See 'Editorial Column') Surplus in indirect tax mop-up to even out deficit in direct taxes: Revenue Secretary (See 'Mixed Buzz') Commerce Ministry hopes for SEZ tax benefits in Budget Govt to provide affordable housing in less than Rs 5 lakh: Gadkari MCA amends CAs Procedures of Meetings of Quality Review Board Rules (See 'TIOL Library') IGI Airport Customs seizes 10 kg gold worth Rs 2.8 Crore from pax coming from Singapore About 5300 villages electrified in last six months: PM Banks need deep surgery, says RBI Governor 1982-batch IAS officer Ramesh Abhishek appointed as DIPP Secretary Indian Railways signs MoU with Telangana for JV (See 'Mixed Buzz') Related party import cases - CBEC streamlines procedure for investigation by SVB and also for renewal of SVB orders (See Circulars in 'What's New') Economic empowerment of women a must: SC Frustrating to see order on checking traffic congestion in the city not implemented: Delhi HC Indian stock market not an exception, but better off than other global markets: Shaktikanta Das Harinder Sidhu to be new Australian High Commissioner to India Govt will revise small savings interest rates every quarter, instead of annually: Shaktikanta Das Diminishing Political Commitment & The Undented 'Black'! (See 'The Cob(Web) Column) Export to SEZ units from DTA – Receipt in Indian Rupees (See 'DDT' Column) ST - Notification 12/2005 does not indicate that assessee has to export services on or after 19.04.2005 to avail rebate of CENVAT credit - in absence of specific embargo substantial benefit should not be denied: CESTAT (See 'Breaking News') Immovable Property Returns by babus – 94% IRS officers are defaulters (See 'DDT' Column) Withdrawal of exemption of CVD on import of certain Drugs, Medicines, Diagnostic kits and Life Saving Drugs - An Analysis (See 'Guest Column') SICA & SARFAESI Act - Whether reference pending before Board for Industrial & Financial Reconstruction can be revived once secured creditors of company have initiated steps u/s 13 of SARFAESI Act - NO: SC (See 'Breaking News') Readying for GST - some suggestions (See 'Budget Run-up') Defective Revenue Appeals lying in defect for more than three years dismissed by Delhi High Court (See 'DDT') I-T - Whether sum received at time of retirement can be treated as 'non-compete fee' even if he has continued to serve employer for 9 months after retirement & his age was about 83 at time of retirement - NO: HC (See 'Breaking News') ST on works contract - Is rule laid by CESTAT on issue of free supplies a good law? (See 'ST se GST tak') CX - Quantum of deemed credit revised by amending notifn but appellant availed credit as per earlier notification - credit reversed upon being pointed out - no malafide can be attributed to impose penalty - interest, however, payable: CESTAT (See 'Breaking News') Cus - Classification - 'Paddle Wheel Aerators' used in aqua farming are classifiable as agricultural equipment under CTH 84368090 - aqua farming is an integral part of agricultural activity: CESTAT (See 'Breaking News') When good intentions go bad… (See 'ST se GST tak') Withdrawal of exemption - a lopsided policy decision (See 'Guest Column') CII calls for tax holiday for SEZ units for five years (See 'Mixed Buzz') Ban welcomes proposal for first binding limits on airlines' carbon emissions (See 'Mixed Buzz') Mumbai Airport Customs nabs pax + receiver of smuggled gold worth Rs 74 lakhs + lady employees of ground handling agency assisting them + also seizes gold worth Rs 80 lakhs in another case DGFT clarifies on issues relating to Minimum Import Price on Iron & Steel (See Trade Notice in 'DGFT') Budget should throw fresh light on GAAR and BEPS (See 'Editorial Column') Surplus in indirect tax mop-up to even out deficit in direct taxes: Revenue Secretary (See 'Mixed Buzz') Commerce Ministry hopes for SEZ tax benefits in Budget Govt to provide affordable housing in less than Rs 5 lakh: Gadkari MCA amends CAs Procedures of Meetings of Quality Review Board Rules (See 'TIOL Library') IGI Airport Customs seizes 10 kg gold worth Rs 2.8 Crore from pax coming from Singapore
 
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DDT is one year old

TIOL- DDT 252
01 12 2005
Thursday


One YEAR of DDTDAILY DOSE OF TAXATION

with Vijay Kumar

It’s not celebration but a reminder that so much is yet to be done! Thank you netizens for your support.


 

EPCG – 25% bank guarantee for custodians

Board has decided that service providers in the port handling sector who are appointed as Custodians by the jurisdictional Customs/Central Excise authorities shall be eligible for 25% Bank Guarantee for importing capital goods under EPCG Scheme. Circular No.58/2004-Cus. dated 21.10.2004 stands modified to this effect.

CIRCULAR NO. 49/2005-Cus, Dated : November 29, 2005

Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR),

The Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR), originating in, or exported from European Union (except Germany), Brazil and Mexico was imposed by Notification No. 53/2005-Customs dated the 7th June, 2005 and was to be valid till 6th day of December, 2005. Now this provisional duty is confirmed and Notification No. 53/2005 is superseded.

NOTIFICATION NO. 100/2005-Cus., Dated: November 29, 2005

Standard Input Output Norms (SION) changes

The DGFT has brought in several changes in the Standard Input Output Norms (SION)

PUBLIC NOTICE NO. 70 (RE:2005)/2004-2009, Dated: November 29, 2005

Import of marble – DGFT clarifies

As per DGFT Circular No. 24/2004-09 dated 30.8.2005,

“Eligibility- Entitlement would be restricted to those applicants who have set up manufacturing / processing units in the country and have made imports of these items in the preceding years when these items were under SIL list.”

Now the DGFT clarifies that

“manufacturing / processing units should have been set up during the years when marble was under SIL List or before. Hence documentary evidence showing establishment of manufacturing / processing units during that period should be produced”.

Similarly the circular prescribed that

The total import of rough marble blocks under Exim Code Nos.25151100, 25151210, 25151220, will be subject to a ceiling of 1.30 lakh MT per licensing year. The entitlement of individual firm will be worked out on the basis of the turnover of the preceding year. The applicant will be required to furnish a Chartered Accountant certificate certifying his turnover.

Now the DGFT clarifies that

the entitlement will be calculated on the basis of the turnover of marble imported under Chapter 25 of the ITC (HS) Classification of Export Import Items 2004-09 only. These companies who have been importing under Chapter 25 may also add their complete turnover for imported marble for the preceding year i.e. 2004-05. For this purpose a revised Chartered Accountant certificates indicating turnover of the preceding year (2004-05) based on above criteria should be filed.

POLICY CIRCULAR. NO 34 (RE-2005)/2004-09, Dated : Nov 30, 2005

Corrupt Customs – a global phenomenon?

Of 10 areas rife with corruption in Vietnam, the field considered top is land management, followed by customs and traffic police, according to a survey by the Central Committee for Internal Affairs.

Most respondents said that corruption is stirred by greed, not by poverty, because it often occurs among figures in authority. Corrupt officials often intentionally cause difficulties for citizens seeking civil services in order to extort money from them. 

From a report in VietNamNet Bridge yesterday.

Until tomorrow with more DDT

Have a nice day.

Mail your comments to vijaywrite@taxindiaonline.com


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: happy b'day

Wishing all the best for the DDT baby! It is really making very good impact among all concerned. Keep it up.

nuts.

Posted by jaikumar seetharaman
 
Sub: Crossing the infant stage

Sir,

Congrats and many wishes for the day. DDT has crossed the infant stage and has become a house hold name among netizens of TIOL In these fast moving days such daily dose is absolutely necesaary to keep oneself updated. DDT means Daily Doubt removing Tree- Best wishes again.
By,
M.RAM KUMAR,
BANGALORE

Posted by ramkumar ramkumar
 
 
 
 
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