Circular No. 208/42/96-CX I am directed to say that with the introduction of the Section 11AA in the year 1995-96 in the Central Excise and Salt Act, 1944, and with the issuance of Notification No. 21/95- Central Excise (Non – Tariff) (F.No. 268/29/95-CX.8) dated 29.5.1995, a doubt has arisen about the rate of interest to be charged on delayed payments of Central Excise dues. After consideration of the matter,
Notification No. S.O.323(E)-Income Tax In exercise of the powers conferred by sub-section (1) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby makes the following partial modification in the notification bearing S. O. No. 644(E), dated 19th July, 1995, issued by the Ministry of Finance (Department of Revenue) of the Government of India
Circular No. 742-Income Tax A number of representations have been received from foreign telecasting companies regarding their taxability and the extent of income that could be said to accrue or arise to them from their operations in India.
Circular No. 207/11/96-CX It has been represented that the assesses often face problems when the goods consigned by the manufacturer are not accepted by the customer in whose favour the invoice in made out on account of certain changes in the consuming pattern or other problems at the customer”s end.
Circular No. 206/40/96-CX The Board has been receiving representations on the issue relating to availment of MODVAT credit on material which is not received directly inside the manufacturer”s premises and the same is required to be stored outside the factory premises and subsequently transshipped to the manufacturer”s factory.
Circular No. 205/39/96-CX Board has received representations from Indian Food Industries “Association and other s seeking clarification as regards the classification of various Indian traditional convenience food mixes, masalas, spices and condiments such as puliyogare powder, vangibath mix, instant samber mix, vangibath powder, sambar powder, instantbisibe lebath, rasam powder, bisibelebath masala, mix spiced chutney powder, cury powder, pickle masala, garam masala etc.
Although the Stock Exchanges have been sending D.O. letters to SEBI more or less on a regular basis, it is observed that the required information is not furnished by them on a uniform basis. Each stock exchange has devised its own format for reporting monthly developments.
SEBI is required to send a monthly report on the share price movements, turnover and delivery etc., at the major Stock Exchanges to the Ministry of Finance.
Circular No. 204/38/96-CX Representations have been received from the Trade and various Chambers of Commerce that invoice issues under rule 57G against Gate – passes are not being recognised as duty paying document for availing credit.
Circular No. 203/37/96-CX Certain doubts have been raised in respect of “Value” of export goods for Central Excise purposes, viz.-a) whether Free on Board (FOB) Value mentioned in the shipping bill should necessarily be the same as the value mentioned on AR 4 and the invoice issued under Rule 52A
