It has been decided to continue with the earlier policy provision of permitting regional licencing authorities to issue advance licence in respect of Petroleum and Petrochemical Products to be manufactured from crude oil upto a limit of a CIF value of Rs 500 crores. Hence paragraph 4.8 pertaining to the “Financial Powers” is deleted.
Circular No. 679/70/2002-CX I am directed to refer to Board’s Circular No. 378/11/98-CX dated 12.3.98 wherein it has been clarified that in situation where deferment of payment of Sales tax for particular period is allowed by State Government as incentive, Sales tax is deductible from the wholesale price for determination of assessable value for levy of Central Excise duty even though it may not be deposited immediately with the State Government.
Circular No. 678/69/2002-CX I am directed to say that doubts have been raised regarding the classification and dutiability of “thrust bearing assembly” used in submersible power driven pumps. Some field officers have taken the stand that it is a ‘bearing’ falling under sub-heading 8483.90 whereas the assesses are contending that it is merely a part of power driven pump falling under sub-heading 8413.99
