Notification No. 36/2003 provides duty exemption for first clearances of specified goods, up to ₹25 lakh, with conditions on aggregate value and documentation.
Notification No. 35/2003-Central Excise exempts first clearances of fabrics for home consumption up to ₹20 lakhs from excise duty, effective from 30th April 2003.
“normal rate of duty” means the duty of excise specified in the First Schedule to the said Central Excise Tariff Act read with any relevant notification (other than this notification) issued under sub-section (1) of section 5A of the said Central excise Act.
It has now been decided to revise and simplify the format of report. A copy of the revised format is enclosed. In accordance with Regulation 22 of SEBI (Venture Capital Funds) Regulations, 1996,
It has now been decided to revise and simplify the format of report. A copy of the revised format is enclosed. In accordance with Regulation 22 of SEBI (Venture Capital Funds) Regulations, 1996, all venture capital funds are directed to henceforth submit the report on venture capital activity to SEBI, complete in all respects, strictly in the new format.
As per our earlier Circular No.D&CC/FITTC/CIR-05/2001 dated December 26, 2001, it was decided that those companies which do not establish electronic connectivity would be put under “trade for trade” settlement mode and would be allowed to be shifted to regular rolling settlement mode only after establishing electronic connectivity with both the Depositories.
In accordance with Reg. 13 (1) of SEBI (Foreign Venture Capital Investors) Regulations, 2000, all the Foreign Venture Capital Investors are directed to henceforth submit the report on venture capital activity to SEBI, complete in all respects, strictly in the prescribed format
It has been provided at Sl.No. 6 of the Annexure to the Board’s Circular referred to above that for the proper discharge of duties, the custodian shall execute a bond equal to the value of the goods likely to be stored in the premises for a period of 30 days, supported by a bank guarantee or a Government bond or cash deposit equivalent to 10% of the value of goods.
The Central Government has issued Notification no.2/2003 dated 1.3.2003 in the current year’s Budget rescinding the earlier Notification no. 6/99 Service Tax dated 9.4.99 which exempted taxable services from payment of service tax so long as payment for services rendered is received in convertible foreign exchange which is not repatriated outside India. Consequent to the issue of Notification no. 2/2003 cited above, service tax would be leviable on all taxable services consumed or rendered in India, irrespective of whether the payment thereof is received in foreign exchange or not
Commissioner of Customs (Import), Mumbai has reported a novel modus operandi adopted by the subject two parties with a view to illegally avail benefits under DEPB Scheme. The exporters used to pick containers from shipping agents at Mumbai and show as if these containers were to be transported to their factory premises at Viralimalai (Tamilnadu) for stuffing of goods.
