Circular No. 202/36/96-CX Representations have been received from the Trade that the Modvat Credit is being denied on rule 57G invoice wherein the said invoices have not been pre-printed as original, duplicate, triplicate and quadruplicate in terms of Board”s Circular No. 96/7/95-CX dated 13.02.1995.
Circular No. 201/35/96-CX It may be recalled that notification No. 35/95-CE dated 16.3.95 was amended vide Notification No. 84/95-CE dated 18.5.95 Notification No. 35/95-CE grants exemption to yarn (other than sewing thread) doubled or multifold falling under Chapters 51,52,54 and 55 subject to certain conditions.
I am directed to say that doubts have been raised regarding the classification of uninterruptible power supply system (UPSS) under First Schedule CTA ’75 (the Custom Tariff) in the wake of the decision of the Hon’ble CEGAT in the matter of J.K. Synthetic Ltd. v/s. Collector of Customs, Jaipur [1995 (80) ELT 208 (Tribunal)], holding that UPSS are classifiable under heading 8443.80 ibid
Circular No. 200/34/96-CX Doubts have been raised regarding the classification of plug in type relays for use as a part of signalling equipments. A plug in rely in an assembly consisting of two parts – (a) a relay, (b) a plug board into which a relay in plugged. These are used in Railway signaling circuits where alternating current at industrial frequency may be present in the circuit. The doubt is whether they are to be classified under heading No. 85.30 as electrical signalling equipments for Railways or under heading 85.36
Circular No. 199/33/96-CX Notification No. 28/95-CE (NT) dated 29.6.95 was issued whereby Rule 57G was amended providing that the manufacturer is allowed to take credit of duty paid on inputs within six months of the date of issuance of any of the duty paying documents as prescribed under Rule 57G of the Central Excise Rules.
Attention is invited to Ministry’s Circular No. 131/95 dated the 20th December, 1995 clarifying the scope of certain amendments to notifications issued under DEEC and EPCG Scheme particularly for discharge waiver of Bond to be executed with the Customs Authority. The DGFT have observed that the Circular militates
Directorate General, Foreign Trade had permitted conversion of S/ Bills filed under Duty Exemption Scheme to Pass Book Scheme subject to conditions specified in their Circular No. 21/95 dated 4th October, 1995. The said circular permits conversion of only those Shipping Bills which were filed on or after 30th May, 1995, the date on which Customs
Circular No. 198/32/96-CX It has been brought to the notice the Board that some commissionerates are not allowing exemption to double or multiple-fold yarn, if used in the manufacture of embroidered fabrics in terms of Sl. No. 1 of Notification No. 35/95 dated 16.3.95 on the ground that such embroidery yarn is not being used in “the manufacture of fabrics”.
Circular No. 741-Income Tax Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under section 193 of the Income-tax Act on the payment of income by way of interest on securities in case of provident funds established under a scheme framed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
Circular : No. 740 Taxability of interest remitted by branches of banks to the head office situated abroad, under the Foreign Currency Packing Credit Scheme of Reserve Bank of India 1. The Reserve Bank of India has introduced a Foreign Currency Packing Credit Scheme (FCPCS) for Indian exporters. Under this scheme, the Authorised Dealers in India can arrange for lines of credit from abroad for providing preshipment credit
