"July, 1997" Archive

SEBI : SMD/POLICY/CA/cir-17/97

SMD/POLICY/CA/cir-17/97 (31/07/1997)

It has been represented to SEBI that a number of members, particularly those doing jobbing and arbitrage business are finding it difficult to maintain the incremental base minimum capital in the form prescribed by SEBI. ...

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Vegetable oils of edible grade incluvegetable oils fit for human consumption – Eligible to duty exemption under Notif. 11/97-Cus.

Circular No. 29/97-Custom Duty (31/07/1997)

In terms of Sr. No. 15 to notification No. 11/ 97-Cus dated 1.3.97 vegetable oils (other than coconut oil. RBD palm kernel oil and palm stearin) of edible grade, in loose or bulk form are liable to concessional duty of customs @ 20% adv. Prior to 1.03.97 these oils were liable to concessional duty in terms of notification No. 8/95-Cus dat...

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National Rayon Corporation Vs. Commissioner of Income Tax (1997) 227 ITR 764 (SC)

National Rayon Corporation Ltd. Vs. The Commissioner Of Income Tax (Supreme Court of India)

SEN, J. The point that falls for determination in this case is whether a sum of Rs. 79 lakhs representing Debenture Redemption Reserve was includible in computing the capital of the assessee Company for the purpose of Companies (Profits) Surtax Act, 1964. The High Court took the view that the amount set apart to redeem the debentures ha...

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Trade Notice No. 58 CE (Service Tax)/97 Dated 29.07.1997

TRADE NOTICE No. 58 CE (Service Tax)/97 (29/07/1997)

The Trade is hereby informed that levy of Service Tax on the services rendered by Outdoor Caterers & Pandal or Shaminan Contractors will come into force from 1.8.97 (Notification No. 28/97-Service Tax dt. 28.7.97). The rate of service tax is 5% in case of both the above services. In the case of services rendered by Outdoor Caterers the...

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DEPB – Import can be made at any of four ports even if registration is at one port under TRA system

Circular No. 28/97-Custom Duty (29/07/1997)

Duty Exemption Pass-Book Scheme (DEPB) allows import and export only from the port of registration. In other words, both import and export have to be made from the same port. This is also provided in para 6 of Board's Circular No. 10/ 97-Cus dated 17.4.1997....

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Circular No. 319/35/97-Central Excise Dated 27/7/1997

Circular No. 319/35/97-Central Excise (27/07/1997)

Circular No. 319/35/97-CX In this regard your attention is invited to Board"s Circular No. 313/29/97-CX dated 6.5.97 issued from F.No. 390/170/97-JC wherein it was stated that Commissioners should send detailed proposals for filing Civil Appeal in those cases where CEGAT orders, relating to rate of duty and valuation for the purpose of a...

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Service Tax on Outdoor Caterers and Pandal or Shamiana operators

B.43/8/97-TRU (25/07/1997)

I am directed to invite your attention to Section 88 of the Finance Act, 1997 which, inter-alia provides for levy of service tax on the services rendered by outdoor caterers and pandal or shamiana contractors. It has been decided to bring the above services under the service tax net with effect from 1st August, 1997. Notification Nos. 28/...

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Service Tax Order No. 5/1/97 Dated 25.07.1997

ORDER NO. 5/1/97 (25/07/1997)

Service Tax - Appointment of Central Excise Officers for the purpose of assessment and collection of service tax - regarding...

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Circular No. 755-Income Tax Dated 25-7-1997

Circular No. 755-Income Tax (25/07/1997)

Circular No. 755-Income Tax The Finance Act, 1997 has introduced a Voluntary Disclosure of Income Scheme, 1997. In regard to the Scheme a number of queries have been received from the public about the scope of the scheme and the procedure to be followed. The Board has considered the same and decided to ...

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Notification No. 35/97-Service Tax, Dated: 25.07.1997

Notification No. 35/97-Service Tax (25/07/1997)

Explanation-For the purposes of this notification, the expression "rural areas" mean the area comprised in any village, and includes the area comprised in any town, the population of which does not exceed twenty thousand or such other figure as the Central Government may specify from time to time....

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Notification No. 34/97-Service Tax, Dated: 25.07.1997

Notification No. 34/97-Service Tax (25/07/1997)

Provided that the said exemption shall apply only in cases where the pandal or shamiana contractor also provides catering services, that is, supply of food and the bill issued for this purpose indicates that it is inclusive of charges for catering service....

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Notification No. 33/97-Service Tax, Dated: 25.07.1997

Notification No. 33/97-Service Tax (25/07/1997)

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts taxable services provided by an outdoor caterer from the service tax leviable on the gross amount charged from the client in relation to cater...

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Notification No. 32/97-Service Tax, Dated: 25.07.1997

Notification No. 32/97-Service Tax (25/07/1997)

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service provided by an outdoor caterer from the service tax leviable on the gross amount charged from the client for services in r...

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Notification No. 31/97-Service Tax, Dated: 25.07.1997

Notification No. 31/97-Service Tax (25/07/1997)

Provided tat the said exemption shall apply only if the outdoor caterer providing catering services is located within the premises of any office, factory or similar establishments and is providing such services only within such premises....

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Notification No. 30/97-Service Tax, Dated: 25.07.1997

Notification No. 30/97-Service Tax (25/07/1997)

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts taxable service provided by an outdoor caterer from so much of the service tax liviable on such caterer, as is in excess of the amount of serv...

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Notification No. 29/97-Service Tax, Dated: 25.07.1997

Notification No. 29/97-Service Tax (25/07/1997)

G.S.R.416(E).-In exercise of the powers conferred by section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely....

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Notification No. 28/97-Service Tax, Dated: 25.07.1997

Notification No. 28/97-Service Tax (25/07/1997)

G.S.R.416(E).-In exercise of the powers conferred by section 88 of the Finance Act, 1997 (26 of 1997), the Central Government hereby appointes the 1st day of August, 1997, as the date on which the service tax on taxable services specified in sub-clause (n) and (o) of clause (41) of section 65 of the Finance Act, 1994 (32 of 1994) shall co...

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Circular No. 326/42/97-Central Excise Dated 25/7/1997

Circular No. 326/42/97-Central Excise (25/07/1997)

Circular No. 326/42/97-CX I am directed to say that it has been decided to invoke the provisions of section 3A of the Central Excise Act, in respect of hot re-rolled products made by re-rollers. Notification No. 23/97-CE (NT), dated 25.7.97 has been issued to notify such products under section 3A....

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Circular No. 325/41/97-Central Excise Dated 25/7/1997

Circular No. 325/41/97-Central Excise (25/07/1997)

Circular No. 325/41/97-CX The Government have decided to notify ingots and billets of non-alloy steel classifiable under sub-heading Nos. 7206.90 and 7207.90 of the Schedule to Central Excise Tariff Act, 1985. These goods have accordingly been specified as "notified goods" under sub-section (1) of section 3A, vide notification No. 23/97-...

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Circular No. 324/40/97-Central Excise Dated 17/7/1997

Circular No. 324/40/97-Central Excise (17/07/1997)

Circular No. 324/40/97-CX I am directed to enclose a copy of notification No. 21/97-CE (NT) dated the 16th July, 19971. The Central Excise (Fifth Amendment) Rules, 1997 has come into enect on the 16th July 1997....

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SEBI : E.Ds/M.Ds. of all Stock Exchanges

SMD/Policy/Cir/97 (17/07/1997)

With regard to the order of the Hon'ble High Court of Delhi dated 13.06.97, we have been provided with a list of 40 CRB Group Companies by the Reserve Bank of India, which are coming within the purview of said order....

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Circular No. 323/39/97-Central Excise Dated 14/7/1997

Circular No. 323/39/97-Central Excise (14/07/1997)

Circular No. 323/39/97-CX I am directed to refer to Board"s circular No. 59/88-CX-8 dated 27.10.88 (F.No. 263/32/88-CX 8) wherein it was clarified that small scale units who have opted for full exemption under notification No. 175/86-CE., could be permitted to avail exemption on goods cleared for home consumption under the said notificat...

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Service Tax Order No. 4/1/97 Dated 11.07.1997

ORDER NO. 4/1/97 (11/07/1997)

In exercise of the powers conferred by Rule 3 of Service Tax rules, 1994, the Central Board Excise and Customs hereby makes the following amendment in Order No. 3/3/94 Service Tax Rules (3) dated the 11th October, 1994: in the opening paragraph, in the Table under the column titled "Assesse", for the sub-clauses (vi) and (iv) against Ser...

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Notification No. 27/97-Service Tax, Dated: 11.07.1997

Notification No. 27/97-Service Tax (11/07/1997)

In relation to services provided by a clearing and forwarding agent, every person who engages a clearing and forwarding agent and by whom remuneration or commission (by whatever name called) is paid for such services to the said agent....

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Notification No. 26/97-Service Tax, Dated: 11.07.1997

Notification No. 26/97-Service Tax (11/07/1997)

In exercise of the powers conferred by section 88 of the Finance Act, 1997 (26 of 1997), the Central Government hereby appoints the 16th day of July, 1997, as the date on which the service tax on taxable service specified in sub-clause (j) and (r) of clause (41) of section 65 of the Finance Act, 1994 (32 of 1994) shall come into force....

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Circular No. 322/38/97-Central Excise Dated 9/7/1997

Circular No. 322/38/97-Central Excise (09/07/1997)

Circular No. 322/38/97-CX I am directed to refer to Board"s Circular No. 285/1/97-CX dated 10.1.1997 under which Central Excise formations were directed to furnish the particulars in the proforma enclosed to the aforesaid Circular to the Commissioners of Customs, to enable them to take necessary action for the violation of VBAL scheme. S...

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Gold etc. import procedure for MMTC/STC/SBI/HHEC for exporters

Circular No. 27/97-Custom Duty (08/07/1997)

Under para 8.19 to 8.37 of the EXIM Policy read with the various relevant customs exemption notification (Nos. 177/ 94-Cus, 3/ 88- Cus, 277/ 90-Cus, 144/ 93-Cus and Circular No. 38/ 96 dated 9.7.96), MMTC/ SBI/ STC/ HHEC and any agency authorised by Reserve Bank of India (hereinafter referred to as the Nominated Agency) are authorised to ...

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Customs clarifications on EXIM Policy provisions covering DTA sales by EOUs/ EPZ units and personal carriage of samples of jewellery /stones

Circular No. 26/97-Custom Duty (08/07/1997)

I am directed to refer to the EXIM Policy 1997-2002 and to say that certain doubts have arisen regarding the implementation of the above said Policy. The issues have been examined and the para-wise clarification is as under....

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EOUs/ EPZ Units – Rough Diamonds re-export up to 5% of import of indigenous procurement permitted

Circular No. 25/97-Custom Duty (08/07/1997)

The revised EXIM Policy 1997- 2002 in Para 8.32 provides for re-export / supply of dead stock or broken stones/ rough diamonds up to 5% of the value of import / indigenously procured such items by holders, (who are EOU/ EPZ units) of valid Replenishment / Diamond Imprest Licence. This means the units who had imported these goods against t...

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Software Tech. Park Units – Use of Computers for Training

Circular No. 24/97-Custom Duty (07/07/1997)

I am directed to say that the Board is in receipt of a reference from the Department of Electronics that commercial training on computers installed in the bonded premises of STP units be allowed. The EXIM Policy as also provides (paragraph 9.15 (f)) that software units will be allowed to use the computers system for training purposes (inc...

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Misuse of Notif. 64/88-Cus for import of hosital/medical equipment-Recovery of customs duty

Circular No. 23/97- Custom Duty (04/07/1997)

I am directed to refer to the ongoing inquiry in the Delhi High Court regarding alleged misuse of notification No. 64/ 88 - Cus. In this regard, your attention is invited to the judgement of the Hon'ble Supreme Court, in the case of M/ s Mediwell Hospital & Health Care Pvt. Ltd. Union of India in CA No. 16735 of 1996, decided on 17.12.199...

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Advance Noting of Bill Entry-Procedure Announced

Circular No. 22/97-Custom Duty (04/07/1997)

Kindly refer to the amended provisions of Sec. 46 (3) of the Customs Act, 1962 which provide that Bill of Entry may be presented even before the delivery of import Manifest, if the vessel or Aircraft by which the goods have been shipped for importation, is expected to arrive within 30 days from the date of such presentation....

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Trade Notice No. 7/97 (Service Tax) Dated 04.07.1997

TRADE NOTICE NO. 7/97 (04/07/1997)

Attention of the Trade/Public and all concerned, is invited to Section 88 of the Finance Act, 1997 which provides, interalia, for charging of service tax on the services rendered by Consulting Engineers and Manpower Recruitment Agency, Levy of Service Tax on these services will come into force from 7.7.97 vide Notification No. 23/97-Servi...

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Trade Notice No. 50 CE ( Service Tax )/97 Dated 04.07.1997

CE-20/41/ST/Trade Notice/97 (04/07/1997)

Trade is hereby informed that in exercise of the powers conferred by sub-section (1) read with sub-section (2) of Section 94 of the Finance Act,1994 (32 of 1994), the Central Government, hereby makes the following rules to further amend the Service Tax Rules, 1994 (hereinafter referred to as the said rules ), mainly:- (i) These rules ma...

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Trade Notice No. 51 CE (Service Tax)/97 Dated 04.07.1997

CE-20/41/ST/Trade Notice/97 (04/07/1997)

The Trade is hereby informed that in exercise of the powers conferred by Section 88 of the Finance Act, 1997 (26 of 1997), the Central Government hereby appoints the 7th day of July, 1997, as the date on which the service tax on taxable services specified in sub-clauses (g) and (k), of clause (41) of section 65 of the Finance Act, 1994 (3...

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Trade Notice No. 52 CE (Service Tax)/97 Dated 04.07.1997

CE-20/41/ST/Trade Notice/97 (04/07/1997)

The Trade is hereby informed that in exercise of the powers conferred by Section 93 of the Finance Act, 1994 (32 of 1994), the Central Government being satisfied that it is necessary in the public interest so to do, hereby fully exempts from the levy of service tax, the value of taxable service rendered by a consulting engineer to a...

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Circular No. CE-20/41/ST/Trade Notice/97 Dated: 4.7.97

C.NO. CE-20/41/ST/Trade Notice/97 (04/07/1997)

Attention of the Trade is invited to this office Trade Notice No. 50 to 52 (service Tax)/97 dated 4.7.97 through which it has been informed about the imposition of service tax on the services rendered by Consulting Engineering and Man Power Recruitment Agency w.e.f. 7th July, 1997 in terms of Notification 23/97 to 25/97-ST dated 2.7.97- G...

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Trade Notice No. 6/97-Service Tax Dated 1.7.97

TRADE NOTICE NO. 6/97-SERVICE TAX (01/07/1997)

TRADE NOTICE NO. 6/97-SERVICE TAX DT. 1.7.97 Attention of the Trade/Public and all concerned, is invited to Section 88 of the Finance Act, 1997 which provides interalia for levy of service tax on services rendered by Mandap these services will come into force from 1.7.97 (Notification No. 19/97-Service Tax dt. 26.6.97 referred) Notificati...

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SEBI : SMD/Policy/CIR-15/97

SMD/Policy/CIR-15/97 (01/07/1997)

After taking above mentioned measures, details of such members should also be communicated to SEBI on an URGENT basis. List of 75 group companies of CRB is enclosed....

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