Circular No. 361/77/97-CX General Exemption 4/97 dated 1st March, 1997 gives concessional rate of duty or a nil rate of duty at Sr. No. 55, 56 & 59 on certain articles of plastics subject to the conditions that Modvat Credit has not been taken on inputs used in the manufacture of such goods.
Circular No. 360/76/97-CX I am directed to refer to the Board”s Circular No. 333/49/97-CX dated 10.9.1997 wherein guidelines regarding classification of products under the Central Excise Tariff Act, 1985, which are claimed by the manufacturers as Ayurvedic medicines, were issued.
The Center will provide for dummy terminals to display the prices of the scrips listed on the Exchange on realtime basis, to enable investors watch the price movements of the stocks.
Various representations have been received from Trade/ Exporters that wherever final goods exported by them are not liable to Central Excise duty, in such cases, the exporters are unable to avail of Modvat Credit of additional customs duty (CVD) paid in cash on imported inputs, or excise duty paid on indigenous inputs, utilised in the production of export goods ; and thus the duties suffered by
I am directed to refer/ notification 84/97-Cus. dated 11.11.97 which exempts goods imported into India by the United Nations or, an International Organisation for execution of the projects financed by them from the duty of customs and additional duty and special Customs duty
The scheme of the IT Act, 1961, shows that the firm and its partners are treated as two separate legal entities so far as the provisions of tax law are concerned. While framing an order of assessment under the provisions of the IT Act, 1961, the firm and its partners are to be treated as two separate legal entities and payment of interest to a firm cannot be treated in the tax law as payment of interest to its partners.
