PWC may go Arthur Anderson way in India if Satyam's investors decide to sue PWC-employees of PWC and Satyam float their CVs        AED or SAED levied on motor spirit and high speed diesel under the respective sections of the Finance Acts and NCCD on goods leviable to it, are not required to be paid for goods exported under bond from a manufacturing unit located in a Special Economic Zone. Similarly, a manufacturer located in a SEZ would be entitled to avail of the facility of export under claim for rebate in terms of rule 18 of the Central Excise Rules in respect of these duties-Central Excise Circular No.881    Under the various incentive schemes under Foreign Trade Policy, the computation of entitlement is to be done on the FOB value of exports inclusive of commissions and discounts, if any-DGFT Policy Circular No.51     Requirement of NOC before clearance of Ozone Depleting Substance (ODS) against Advance Authorizations-DGFT Policy Circular No.52      Bad News for PWC which audited Satyam Computers-Raju admits accounting fraud in company-Raju says it was like riding a tiger not knowing how to get off without being eaten     Raju may be arrested and prosecuted      Anti-dumping duty imposed on imports of Float Glass of thickness 2 mm to 12 mm (both inclusive) of clear as well as tinted variety (other than green glass) but not including processed glass meant for decorative, industrial or automotive purposes , originating in, or exported from, the Peoples' Republic of China and Indonesia-Customs Tariff Notification No.4     Anti-dumping duty imposed on import of  Mulberry raw silk (not thrown), 2A grade and below, originating in, or exported from China-Customs Tariff Notification No.5     Full Bench of HC Ruling-High Court is empowered to condone the delay in filing the Appeals under Section 35G of the Central Excise Act, 1944 which are filed beyond the prescribed period of 180 days-Section 5 of Limitation Act will be applicable to Appeals filed under Section 35G of the Central Excise Act, 1944-AIT-2009-05-HC   Co-relation of inputs with the export product under DFIA Scheme-DGFT Policy Circular No.50   Export of Stone Aggregate and River Sand to Maldives for the year 2009-2010-DGFT Notification No.75    Income-tax (First Amendment) Rules, 2009-Rule 40E- Prescribed conditions for the purposes of sub-clause (iii) of clause (B) of sub-section (2) of section 115WB-Income Tax Notification No.1   Income-tax (2nd Amendment) Rules, 2009 –Rule 5D & 5E amended-Income Tax Notification No.2   Government specifies the National Housing Bank (Tax Saving) Term Deposit Scheme, 2008 for the purposes of clause clause (xv) of sub-section (2) of section 80C of the Income-tax Act, 1961-Income Tax Notification No.3  Truckers demand duty free import of radial tyres and lowering of service tax    As per provision of Section 47(iv) of Income Tax Act whether the transfer of capital asset by a company to its wholly subsidiary company could be regarded as transfer and therefore capital gains tax could be levied on such transfer-AIT-2008-04-HC     Government grants full service tax exemption on taxable services provided to a Goods Transport Agency by their sub-contractors-Service Tax Notification No.1        DEPB Notification No.89/2005-Customs amended to provide benefits on clearances to SEZ- Customs Tariff Notification No. 3     Amendments made in DEPB Rates vide Public Notice No. 102 dated 05.11.2008 in respect of products where DEPB rates were reduced, stand withdrawn w.e.f. 5.11.2008 itself, thereby restoring the DEPB Rates notified prior to 5.11.2008, for the said items-DGFT PN 124     Government releases Rs. 600 crore to regional authorities of DGFT for payment of pending claims of Terminal Excise Duty and Duty Drawback under deemed export scheme-Government also releases Rs. 200 crore to the Development Commissioners of SEZs for payment towards pending claims of CST in respect of supplies made to 100% EOUs     Anti-dumping duty on import of acrylonitrile butadiene rubber (NBR) originating in, or exported from, Korea RP -Customs Tariff Notification No.1      Changes in Customs duty on specified goods-Customs Tariff Notification No.2    New Drawback Rates for Boots/half boots/shoes/sandals of leather-cum synthetic/textile materials-Customs Non-Tariff Notification No.1     Drawback Rates on several products hiked-Customs Non-Tariff Notification No.2      Government announces Second Economic Stimulus Package to boost recession hit Sectors-Exemptions from CVD on TMT bars and structurals, and from CVD and Special CVD on cement, withdrawn-Full exemption from basic customs duty on zinc and ferro alloys, withdrawn-Duty drawback benefits on certain items including knitted fabrics, bicycles, agricultural hand tools and specified categories of yarn  enhanced  retrospectively from 1st September 2008-Accelerated depreciation of 50% provided for commercial vehicles to be purchased on or after 1.1.2009 upto 31.03.09-Click on the link below for details     CENVAT Credit of service tax paid on all input services up to the Port allowed to Exporters-Click on the link below for details     As demanded by AIT; FinMin finally amends CENVAT Credit Rules to allow benefit of non-reversal of Credit on clearances to SEZ Developers-Central Excise Non-Tariff Notification No.50-Click on the lik below for details     Anti-dumping duty on import of Flexible Slabstock Polyol, originating in, or exported from, the People's Republic of China, Republic of Korea, Chinese Taipei and Brazil continued till 23rd July, 2009-Customs Tariff Notification No.138     Tariff Value for import of Brass Scrap is 3252 and for Poppy Seeds 4238-Customs Non-Tariff Notification No. 141            Import of new vehicles having an FOB value of US $ 40,000 or more and engine capacity of more than 3000cc for petrol run vehicle and more than 2500cc for diesel run vehicles exempted from policy provision of Import Licensing Note No. 2-DGFT Notification No.74    CBEC clarifies the classification of 'Combined refrigerator freezer with separate external doors' would be under sub- heading 8418 10 and not under 8418 21-Customs Circular No.23    Procedure relating to sanction and pre-audit of refund claims-Customs Circular No.22       Anti-dumping duty imposed on imports of Sodium Hydroxide(Caustic Soda)originating in, or exported from, Korea ROK and the People's Republic of China-Customs Tariff Notification No.137    Abatement from MRP for payment of excise duty lowered by 3 per cent on most of the products-Abatement on Auto Parts lowered to 30 per cent-Central Excise Non-Tariff Notification No. 49     excise duty of 300 PMT notified on cement clinkers-Central Excise Tariff Notification No.64     10% ethanol blended petrol exempted from excise duty    Duty free import of capital goods and spare parts under EPCG-Customs Tariff Notification No.136  Anti-dumping duty on import of phenol-Customs Tariff Notification No.135    Authority for Advance Ruling rules looking at the nature of activities carried on or to be carried on by the liaison office of Ikea Trading (Hong Kong) Ltd. in India, no  income would accrue or arise or deemed to accrue or arise in India in terms of section 5(2)(b) of Income Tax Act, 1961-AIT-2008-482-AAR      Authority for Advance Ruling rules the swapping premium is profit derived from the business of providing long-term finance (computed under the head 'Profits & Gains of Business or Profession' before making any deduction under this clause) in terms of section 36(1)(viii) of the Income Tax Act, 1961-specified percentage thereof is eligible for deduction u/s 36(1)(viii) of the Income Tax Act in view of the fulfillment of condition for carrying this sum to the special reserve-AIT-2008-483-AAR   Definition of 'Charitable purpose' under section 2(15) of the Income-tax Act-Income Tax Circular No.11      Import of Trucks/Tippers/Dumpers and spares thereof, under EPCG Scheme by any other sector except for the mining sector is not permitted-DGFT Circular No. 48    transitional arrangements in respect of items whose import has been restricted, shall continue-DGFT Circular No.49    SION norms for export of Shea Stearine notified-DGFT PN 118    The appellant an international firm of solicitors resident in UK, has no office or fixed base in India-the income of the assessee is charged on hourly basis in India and utilised in India shall only be chargeable to Income-Tax Act as disclosed in the return of Income-AIT-2008-480-HC       CBDT clarifies that any return of income for the assessment year 2008-09 filed electronically on 30th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008, shall be treated as having been filed within the due date, i.e. 30th September 2008     Export of cement freely allowed from all Ports-DGFT Notification No. 73    Bombay HC rules it is only after enactment of Section 66-A w.e.f. 18.4.2006 that taxable services received from abroad by a person belonging to India are taxed in the hands of the Indian residents- In such cases, the Indian recipient of the taxable services is deemed to be a service provider-Before enactment of Section 66-A, there was no such provision in the Act and therefore, Union of India had no authority to levy service tax-Click on the link below for details        Import of all pre-packaged commodities subjected to compliance of all the provisions of the Standards of Weights and Measures (Packaged Commodities) Rules, 1977-Customs Circular No.21      Larger Bench of CESTAT rules in the case of provisional assessment under the Central Excise Rules, 2002 interest is required to be paid from the first day of the month succeeding the month for which such amount is determined-Interest is required to be paid even if the differential amount is paid before the order, under the Rule 7(3) of the said Rules, is issued finalizing the assessment-AIT-2008-473-CESTAT  
 
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DGFT CIRCULARS 2007-2008

Circular No

Subject

01/2007-08

Guidelines for import of Rough Marble Blocks/Slabs for the year 2007-08

02/2007-08

Guidelines for import of Rough Marble Blocks/Slabs for the year 2007-08

03/2007-08

Methodology for distinguishing Artistic Work

04/2007-08

Transitional Arrangements under Para 1.5 of Foreign Trade Policy, 2004-2009

05/2007-08

Guidelines for import of Rough Marble Blocks/Slabs for the year 2007-08

06/2007-08

Clarification on export documentation and entitlement

07/2007-08

Guidelines for import of Rough Marble Blocks/ Slabs for the year 2007-08. 

08/2007-08

Procedure to be followed for deciding eligibility and level of cut in entitlement on applications filed beyond the due date subsequent to Public Notice No. 16 dated 10.7.2007. 

09/2007-08

Councils authorised to issue Registration-cum-Membership Certificate(RCMC) Certificate

10/2007-08

Clarification regarding issue of Export House Status Certificate by Regional Offices of DGFT 

11/2007-08

One time approval for import of Soyabean oil obtained from Round-up-Ready Soyabean 

12/2007-08

Clarification  on the facility of Export Promotion Schemes administered by DGFT. 

13/2007-08

Clarification on the availability of benefit of DFIA scheme for physical exports to RPA countries.

14/2007-08

Duty free import of fuel under Advance Authorisation Scheme- Clarification regarding

15/2007-08

Ban on export of non-basmati rice - clarification regarding 

16/2007-08

Issuance of End Use (No Objection) Certificate for import of Boric Acid – Clarification regarding  

17/2007-08

Exports of Cashew ,Cashew Nuts & Kernel, Pepper & Chilly, Cardamoms, Sesamum Seeds, Sesamum Indicum shall be entitled for Vishesh Krishi Upaj Yojana benefits in respect of exports made between 1.4.2004 to 31.8.2004

18/2007-08

DGFT issues clarification on procedure to be followed for destruction of drugs imported from unregistered sources under Advance Authorisation Scheme

19/2007-08

Applicability of Public Notice No. 36 in respect of pending claims for TED refunds as per amended Para 8.3.1(iii) of HBP Volume 1 

20/2007-08

Norms Committee-Para 4.7 cases Guidelines 

21/2007-08

Import of vehicles used in off-highway operations such as mining, industrial undertakings, irrigation, general construction etc. 

22/2007-08

Import Policy of 1-Bromo-3-Chloro Propane 

23/2007-08

Import of Sandal Wood 

24/2007-08

Criteria on Mergers & Acquisition of Companies and consequential grant of benefits under DFGE for Status Holders Scheme and under Target Plus Scheme

25/2007-08

Services not originating from India would not be entitled for Served From India Scheme benefits

26/2007-08

Export of restricted / prohibited items, clarification regarding eligibility under Schemes under Chapter 3 of FTP 2004-09 

27/2007-08

Validity of Registration-cum-Membership Certificate(RCMC) and Councils authorized to issue RCMC 

28/2007-08

Explanatory note to Public Noitice No.99 ( RE-2007) 2004-09 dated 08.01.2008

29/2007-08

As long as imported inputs (for which clubbing has been sought) are same, the facility of clubbing would be available for closure of the authorisations irrespective of the fact that the export products are different 

30/2007-08

 benefits under Focus Product Scheme for Export of Handloom Products

31/2007-08

 return of original TR – 6 Chalan evidencing payment of Customs Duty for the excess raw material imported against Advance Authorisation Scheme

32/2007-08

 Import of Sandalwood – cut off date for filing applications

33/2007-08

 extension of Block of years for fulfillment of export obligation by Regional

34/2007-08

 Issuance of Ad-Hoc Advance Authorisations under Para 4.7 for Readymade Garments of Textiles, Leather and Para 3.9.1 of Policy Circular No. 20

35/2007-08

 
 
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