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Delhi HC orders DGCA to deregister GO First’s aircraftIndia successfully tests SMART anti-submarine missile-assisted torpedo systemKiller heatwave kills hundreds of thousands of fish in Southern VietnamHong Kong struck by close to 1000 lightningColumbia Univ campus turns into ‘American Gaza’ - Pro-Palestinian students & counter-protesters clashViksit Bharat @2047: Taxes form the BedrockGST - April month collections go past Rs 2 lakh crore threshold - peak to Rs 2.1 lakh croreCX - Alleged clandestine removal - Not replying to SCN on the ground that letter is not furnished by department is only a ruse as reliance is not placed on the same by the respondent authority for adjudicating the SCNs: SCGST - Proper officer observes that the reply filed is not satisfactory and since the assessee has nothing more to say, demand is confirmed - Officer has not applied his mind - Matter remitted: HCGST - Petitioner had no opportunity to even object to the retrospective cancellation of registration - Petitioner does not seek to continue his business and has sought cancellation of registration - Order modified accordingly: HCGST - Seizing the outward movement of funds from petitioner's bank account - Life of an order of provisional attachment u/s 83(2) is only one year - HDFC Bank, henceforth, cannot restrain operation of bank account: HCTax - on Death and ContemplationDelhi, Noida schools receive bomb threats; Children sent back homeI-T- Writ court is not required to interfere with assessment order, where assessee also has available option of statutory appeal: HCED seizes Rs 90 Cr stored in crypto in Gaming App scamI-T-Transfer of assessment is sustained, where assessee does not reply to any notice issued in this regard & where valid reasons exist for transferring assessment: HCHM appeals Naxalism will be erased in 2 yrs if Modi voted back to powerAmerica softens offence related to use of marijuanaI-T - Rule 11UA does not mentions pre-condition of approval of balance sheet by Annual General Meeting: ITATAfter US & UK India comes third in terms of 79 mn cyber attacks in 2023: StudyCBIC revises tariff value of gold, silver & edible oils

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Don't let ONGC Petro additions Ltd. turn into a failure


Selecting the right combination of schemes

Sir,
I read your insightful article. If the authorities have agreed in-principle to convert its status from SEZ unit to one in DTA, the option to convert to EPCG may again impose newer obligation to export. In this scenario, i am inclined to suggest MOOWR scheme (right away) and get freedom from obligations to export output. A MOOWR unit stands to loose AIR (of drawback) if the Company has been enjoying on exports. The option to exercise EPCG on certain capital installations, if finally by the DGFT, can still be exercised anticipating the extent of foreseeable exports. MOOWR scheme works mostly under the Customs procedures and can co-run EPCG, Advance authorization (for inputs) etc. from same premises.

-rajesh ingale

Raveendra Pethe 03/09/2023

 

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