SIGN IN SUBSCRIBE

News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
Toothbrushes and parts, components & assemblies of motor vehicles to be costlier in days to come

By TIOL News Service

MUMBAI, March 1, 2006 : ALWAYS read the fine print for they contain what the advertisement doesn’t boast of – this is what marketing is notorious for.

While everyone is going gaga over the reduction in excise duty rates on “smaller cars”, and exemption from duty on “Ice creams” to beat the sultry climes, there are some who take it with a pinch of salt.

This is because the Explanatory Notes (Central Excise) issued by the Ministry refer to some uneasy events that are likely to unfold in the coming months.

We are referring to the following announcement that “from a date to be notified later, MRP based levy is proposed to be extended on parts, components and assemblies of motor vehicles and so also on Toothbrushes (9603 21 00)”.

Obviously, when that auspicious day arrives, you are going to begin the day with a costlier toothbrush (as if the current rate of 50/- or more for premium brands is anything less) and so also pay more when you visit the local garage with your “small car” to carry out any repair which requires replacement of any part or component of your motor vehicle.

No doubt, you also have the easier option of purchasing three toothbrushes of the Chinese make for a tenner for your daily brushing needs. So also, all those units in the capital and other states busy churning out parts and components of motor vehicles and indulging in clandestine activities would be more than happy to meet the increased demand of such spurious spares.

The only answer which one cannot comprehend is why make an announcement so early that the goods would be assessed on the MRP rather than notifying them at once. Wouldn’t this make the manufacturers realign their price structure?

By the way, although “Ice cream” has been exempted from duty (Sr.No. 26 of Notification 3/2006 CE), it finds a mention in the new notification issued [2/2006 CE(NT), dated 01.03.2006, Sr.No. 19] under Section 4A of the CEA’44 with a hyphen suggesting no abatement.

Nah…it is not charged to any duty, but a mere cut and paste error – blame the Microsoft guys who invented Word software.


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Another blunder

Under Explanatory notes,under Chapter 15, it is stated that excise duty exemption on various preparation of animal and vegetable fats and oils is being withdrawn, whereas under Not. No.3/2006 the same are still exempted at sr. no.9 to 11 of the notification.

But no retrospective notifications this time.Does it mean we are now safe?

Posted by rajiv patkar
 

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST