"November, 1997" Archive

Circular No. 359/75/97-Central Excise Dated 28/11/1997

Circular No. 359/75/97-Central Excise (28/11/1997)

Circular No. 359/75/97-CX I am directed to say that doubts have been raised regarding the correct classification and duty liability of used release paper (paper coated with polymers). It is stated that assessee manufacturing coated fabrics/ PVC leather cloth/ rexine use release paper in their manufacturing process and after repeated usag...

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No Cess on imported Synthetic rubber

Circular No. 65/ 97-Custom Duty (27/11/1997)

It is clarified that under the Rubber Act, 1947, Cess is leviable only on natural rubber. Since the Customs Tariff Act, 1975 provides levy of additional duty of customs equal to excise duty leviable on like goods produced or manufactured in India, the levy of cess as additional duty on imported synthetic rubber is illegal and therefore no...

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Customs House Agents Licencing – Regulations, 1984 Amended

Circular No. 66/97-Custom Duty (27/11/1997)

These amendments have been made in the light of the deliberations at the Commissioner's Conference, recommendations made by the committee on Subordinate Legislation, -Supreme Court's Judgement dated 15.7.96 in the case of M/s Jagat Bandhu Mukherjee v. UOI, representations made by the Federation of Freight Forwarders Association and curren...

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SEBI : Statement from brokers regarding forged/fake/stolen shares

SMD/Policy/Cir-31/97 (27/11/1997)

t has been observed recently that cases of forged/fake/stolen shares which are introduced in the market are on the increase and most of them might have been introduced through the sub-brokers. You are therefore, advised, that while forwarding applications for registration of sub-brokers...

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Export of Rough Diamonds purchased from the Market Permitted

Circular No. 64/ 97-Custom Duty (25/11/1997)

A doubt had arisen as to whether rough diamonds purchased from the open market can be exported without any restriction. The issue was examined in consultation with Ministry of Commerce and it was clarified by the Board that there should be no bar for export of rough diamonds even if procured from domestic market provided the payment is re...

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SEBI : Registration of Brokers

SMD/Policy/Circular/30/97 (25/11/1997)

However, it has been observed that in some cases, persons with a past police record who were admitted as a member of the stock exchange had subsequently indulged in fraud and cheating the public...

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Circular No. 358/97-Central Excise Dated 24/11/1997

Circular No. 358/97-Central Excise (24/11/1997)

Circular No. 358/97-CX A reference has been received from Director, Ministry of Commerce regarding the denial of excise duty exemption benefit to personal computers when brought inside the unit located in the EPZ/ FTZ for maintaining accounts under Notification 126/94-CE dated 2.9.94....

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Specified Import Cargo- Fast Track Clearance Procedure

Circular No. 63/97-Custom Duty (21/11/1997)

Your kind attention is invited to the Board's circular letter F.No. 450/ 68/93- Cus. IV dated 10.6.94 prescribing a procedure for expeditious assessment and clearance of goods and Board's Circular F. No. 450/ 51/ 92-Cus.IV, dated 25.5.92 prescribing a self-assessment procedure for Government Departments, Public Sector Undertakings and oth...

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Circular No. 357/73-Central Excise Dated 20/11/1997

Circular No. 357/73-Central Excise (20/11/1997)

Circular No. 357/73-CX I am directed to invite your attention to Notification No. 28/96-CE(NT) dated 31.8.96, as amended by Notification No. 47/97-CE(NT) dated 1.9.97, providing for authentication of challan-book under the provision of Sub-Rule 4 of Rule 57F of the Central Excise Rules, 1994. The said Notification states that each foil o...

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Circular No. 356/72/97-Central Excise Dated 20/11/1997

Circular No. 356/72/97-Central Excise (20/11/1997)

Circular No. 356/72/97-CX Attention is invited to Ministry"s Section 73B Order No. 50/4/97-CX dated 5th November, 1997 and 51/5/97-CX dated 20.11.1997 issued from F.No. 103/5/96-CX.3 where under classification of "Nycil Prickly Heat Powder" was ordered to be made under heading 33.04....

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Circular No. 355/71-Central Excise Dated 19/11/1997

Circular No. 355/71-Central Excise (19/11/1997)

Circular No. 355/71-CX The question of inclusion of after-sale service expenses in the assessable value has since long been settled after the Supreme Court judgement in the case of Bombay Tyre International. However, a doubt has now been raised relating to the inclusion of expenses of pre-delivery inspection (PDS) and three initial servi...

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Circular No. 759-Income Tax Dated 18-11-1997

Circular No. 759-Income Tax (18/11/1997)

Circular : No. 759-Income Tax Section 195 of the Income-tax Act, 1961 provides that any person responsible for paying to a non-resident any sum charge­able under the Act shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by cheque or draft or any other ...

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Notification No. S.O.2986 – Income Tax Dated 17/11/1997

Notification No.S.O.2986 - Income Tax (17/11/1997)

Notification No.S.O.2986 - Income Tax It is notified for general information that M/s. Home Trust Housing Finance Co. Ltd., 43, Ashutosh Chowdhuri Avenue, Calcutta---700 019, has been approved by the Central Government as a housing finance company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment yea...

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Drawback – DEPB SBs Conversion into DBK S.B.

Circular No. 62/97-Custom Duty (17/11/1997)

number of representation have been received from Export Promotion Councils regarding difficulties being faced by them in claiming drawback on exports made under the new Duty Entitlement Pass-Book Scheme as introduced in Chapter 7 of the Export and Import Policy for the period 1997-2002 substituting Value Based Advance Licensing Scheme as ...

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Drawback – Non-availment of Modvat Certificate

Circular No. 61/97-DBK-Custom Duty (17/11/1997)

An issue has been raised regarding the procedure for the Customs House to verify whether the exporter has availed central excise rebate on inputs under rules 12(1) (b) / 13(1) (b) of the Central Excise Rules, 1944...

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Circular No. 354/70/97-Central Excise Dated 13/11/1997

Circular No. 354/70/97-Central Excise (13/11/1997)

Circular No. 354/70/97-CX It has been brought to the notice of the Board that there are inordinate delays in acceptance of proof of export where goods are exported through an Inland Container Depot/ Customs Freight Stations (ICDs/ CFSs) because of delayed receipt/ non-receipt of the Transference Copies from the Customs formations at the ...

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Circular No. 353/69/97-Central Excise Dated 12/11/1997

Circular No. 353/69/97-Central Excise (12/11/1997)

Circular No. 353/69/97-CX I am directed to say that Board vide its Circular No. 6/86-CX.4 dated 25.09.1986 had issued certain clarifications regarding the classification of various parts and accessories of refrigerating and air-conditioning machinery and appliances to enable the field formations to eliminate divergence in the practice of...

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Disposal of Hazardous Waste

Circular No. 60/ 97-Custom Duty (12/11/1997)

"In respect of waste oil, if on sampling, the concentration of Poly-Chlorinated Biphenyl, Poly-Chlorinated Tripheny1 and Poly-Brominated Bipheny1 is more than 5mg/ 1, Chlorinated solvents, benzene total Poly Aromatic Hydrocarbons more than 100 mg/1, and heavy metals (arsenic, barium, chromium, copper cadmium, nickel, lead, zinc) each more...

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This notification exempts all goods imported for execution of projects financed by the United Nations or an International Organization

Notification No. 84/1997-Customs (11/11/1997)

Imported for use in a project that has been approved by the Government of India and financed (whether by a loan or a grant) by an international organisation listed in the said Annexure, a certificate from an officer not below the rank of Deputy Secretary to the Government of India, in the Ministry of Finance (Department of Economic Affair...

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Circular No. 352/68/97-Central Excise Dated 11/11/1997

Circular No. 352/68/97-Central Excise (11/11/1997)

Circular No. 352/68/97-CX Your attention is invited to Board"s Circular No. 24/91-CX-8 dated 1st July, 1991 which prescribes issuance of pre-authenticated CT-3 form booklet to 100% EOU"s for obtaining raw material free of duty as and when required without seeking permission from the Central Excise Authorities every time. It has been bro...

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

SMD/POLICY/CIR- /97 (11/11/1997)

SHCIL has also offered custodial services to all Stock Exchanges for safe-keeping of the securities at a minimum cost. The Stock Exchanges desirous of taking services of SHCIL may have direct negotiations....

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nclusion of Visakhapatnam EPZ in Notification No. 177 /94-Cus. To enable setting up of Jewellery Units in the Zone

Circular No. 59/97-Custom Duty (10/11/1997)

I am directed to enclose a copy of the Notification No. 83/ 97-Cus dated 27.10.97 and to say that the Visakhapatnam Export Processing Zone (VEPZ) is functioning since 1994-95. It was not included in the Notification No. 177/ 94-Cus. governing Gem & Jewellery in the EPZ / FTZ as there were no jewellery units earlier. Notification No. 83 / ...

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Notification No. S.O.2667 – Income Tax Dated 9/11/1997

Notification No.S.O.2667 - Income Tax (09/11/1997)

Notification No.S.O.2667 - Income Tax It is notified for general information that M/s. Vidarbha Housing Development Finance Co. Limited, Amar Palace, West Central Road, Dhantoli, Nagpur, has been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the a...

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Notification No. S.O.770(E) – Income Tax Dated 7/11/1997

Notification No.S.O.770(E) - Income Tax (07/11/1997)

Notification No.S.O.770(E) - Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Infl...

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Circular No. 758-Income Tax Dated 7-11-1997

Circular No. 758-Income Tax (07/11/1997)

Circular No. 758-Income Tax Under the provision of section 192 of the Income-tax Act, an employer is required to deduct tax at source from any payments in the nature of salary which includes, inter alia, any arrear payments. The manner of determining the amount of tax to be deducted at source from these payments is set ...

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Procedure for collection of duty on ship stores consumed during coastal run

Circular No. 58/97-Custom Duty (06/11/1997)

I am directed to refer Board's circular F.No. 433/ 1/ 81-CUS.IV dated 22.1.85 on the above subject. In view of representations made by Indian National Shipowner's Association from time to time and the references made by Commissioners of Customs, the procedure relating to recovery of duty on ship stores Consumed by foreign going vessels du...

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Notification No. 43/97-Service Tax, Dated: 05.11.1997

Notification No. 43/97-Service Tax (05/11/1997)

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 a goods transport operator from the levy of service tax on taxable service rendered by such operator to a cust...

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Circular No. 351/67/97-Central Excise Dated 5/11/1997

Circular No. 351/67/97-Central Excise (05/11/1997)

Circular No. 351/67/97-CX Representations have been received by the Board that in some Commissionerates the credit of additional duty of Customs paid on the capital goods (classified under heading 98.01 of the Customs Tariff), 1986...

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Notification No. 42/97-Service Tax, Dated: 05.11.1997

Notification No. 42/97-Service Tax (05/11/1997)

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 further to amend the Service Tax Rules, 1994, namely....

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Notification No. 41/97-Service Tax, Dated: 05.11.1997

Notification No. 41/97-Service Tax (05/11/1997)

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 November, 1997, as the date on which the service tax on taxable service specified in sub-clause (m) of clause (41) of section 65 of the Finance Act, 1994 (32 of 1994) shall come into force....

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Circular NO. 350/66/97-Central Excise Dated 4/11/1997

Circular NO. 350/66/97-Central Excise (04/11/1997)

Circular NO. 350/66/97-CX A point was raised in the 36th Customs and Central Excise Advisory Council Meeting held on 10th January, 1997 that the Central Excise officers take undue time in deciding show-cause-notices, wherein replies are already furnished by the assessees in context of Modvat Credit case. Ordinarily, when a show-cause-not...

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