News Update

Govt clarifies on LTC entitlement for Govt employeesCCEA gives nod for handing over Jaipur & Mysore units of ITDC to State Govts & disinvestment in Donyi Polo Ashok HotelFM says Govt mulling over additional booster dose for economyFar-reaching Amendments made in Chapter-4 of Hand Book of Procedures 2015-2020I-T - No tax liability arises if there is diversion of income at source itself, by overriding title: HCCabinet approves Revamp of Khelo India Programme (See 'TOG News' in 'Taxongo.com')Cabinet approves Dentists (Amendment) Bill, 2017 (See 'TOG News' in 'Taxongo.com')Cabinet okays modernisation of Govt Presses by redeveloping 468 acres of their landCabinet approves extension of time period of Special Industry Initiative for J&KCabinet takes note of achievements of National Health MissionUnion Cabinet decides to merge 17 Govt printing presses to 5 units + nod for revamp of 'Khelo India' for promotion of sportsI-T - When amended provisions of Sec 245HA(3) mandate access to Revenue to all materials furnished by assessee before SETCOM, even HC cannot prevent Revenue from doing so: Gujarat HCM S Dhoni nominated for Padma Bhushan by BCCIGST Council prepones next meeting to Oct 6 from Oct 24Sale of Old & Scrap buses - whether leviable to 28% GST or 18% GST as Ferrous scrap - Petitions premature, dismissed: HCI-T - When basic objective of Mutual Benefit Company is to take deposit & lend loans to its members, mere fact that some members were also holding positions in Company & loans were given to sister company, it does not call for invoking doctrine of ‘piercing of veil’: HCDGFT - RITES is GOI Enterprise and not a hapless individual, who can be taken advantage of; cannot canvas that it had made payments under duress: HCFirst 'Pension Adalat' to be inaugurated todayIGST on Ocean FreightI-T - Interest income earned by co-operative society from keeping surplus funds in banks, will not qualify for deduction u/s 80P: ITATST – VCES, 2013 application could not have been rejected without following the principles of natural justice: High CourtRail Safety Commissioner puts blame on ‘Staff’ for Puri-Haridwar Utkal Express accidentGST - Exporters' organisations meet Revenue Secretary; urge for quick refundCBI nabs private person for accepting bribe of Rs 20 lakh on behalf of Mundra Customs Dy CommissionerKolkata DRI busts gold syndicate operating through Bangladesh border; seizes gold worth Rs 1.21 CroreCBDT proposes to amend Rules and prescribe new Form for advance reporting of advance tax estimates
Untitled Document

CBEC amends Notfn. No. 45/2001 to include INR currency for receiving payment for exports to Bhutan

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS
NEW DELHI

NOTIFICATION NO

25/2017-Central Excise (N.T.), Dated: August 16, 2017

In exercise of the powers conferred by sub-rules (1) and (3) of rule 19 of the Central Excise Rules, 2017, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No.45/2001-Central Excise (N.T.), dated the 26th June, 2001 published in the Gazette of India, Extraordinary vide number G.S.R. 474(E), dated the 26th June, 2001, namely:-

In the said notification,-

(i) in paragraph 1, under the heading, Conditions and Safeguards, against serial number (1) the Explanation shall be re-numbered as 'Explanation I' and after 'Explanation I' so as re-numbered, the following Explanation shall be inserted, namely:-

"Explanation II: For export of goods to Bhutan, payment for the goods may be received in Indian Rupees and such payment shall be deemed to be in freely convertible currency".

(ii) in paragraph 2 under the heading, Procedure, against serial number (3), in item (i) after the words, "alongwith bank certificate evidencing receipt of payment in freely convertible currency," the words, "in case of Bhutan, it is in Indian Rupees," shall be inserted.

[F. No. 201/08/2010-CX.6]

(Shankar Prasad Sarma)
Under Secretary to the Government of India

Note: - The principal notification No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 was published vide G.S.R. 474 (E), dated the 26th June, 2001 and was last amended vide notification No. 03/2016-Central Excise (NT) dated 3rd February, 2016 G.S.R. 143 (E), dated the 3rd February, 2016.

TIOL Tube Latest

GST: एक देश एक कर | गोष्ठी - संस्करण ३