The Ministry of Company Affairs forms the National Advisory Committee on Accounting Standards under Section 210A of the Companies Act, 1956, for accounting policy guidance.
The Export Obligation period shall be reckoned from the date of clearance of Penicillins and its salts or 6-APA only and not from the date of clearance of other input items mentioned in the licence. For example if the material is imported in 12th month the Export Obligation shall have to be fulfilled in 12+6 = 18 months time.
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
DGFT keeps sea shell export policy in abeyance for six months via Notification No. 4 (RE-2004). Previous rules prior to 30.08.2004 to remain applicable temporarily.
The notification No. 6/2002-Central Excise, dated the 1st March, 2002 was published in the Gazette of India, Extraordinary, vide G.S. R. 127 (E), dated the 1st March, 2002 and was last amended by notification No.50/2004, dated the 16th September, 2004 published vide No. G.S.R 615 (E), dated the 16th September, 2004.
The Finance Bill (No.2), 2004 has been enacted on 10.09.2004. With the enactment of the Finance Bill, The following new services have come under the service tax levy
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules to amend the CENVAT Credit Rules, 2004
Wherever, import of Penicillin and its salts (ITC HS Code No.29411010) or import of 6-APA (ITC HS Code No.29411050) is allowed as an input item under Duty Exemption Scheme, the export obligation period for such licences shall be restricted to six months from the date of clearance of first import consignment. The licensing authority shall make an endorsement in the Advance Licence to this effect. No further extension in export obligation period shall be allowed in these licences.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 6/2002-Central Excise, dated the 1st March, 2002 [G.S.R. 127 (E), dated the 1st March, 2002] and was last amended by notification No. 49/2004-Central Excise, dated the 15th September, 2004 [G.S.R. No. 612 (E), dated the 15th September, 2004.
DGFT amends DEPB utilization for edible oils in Public Notice No. 5/2004-09. 50% duty to be debited using DEPB credit; balance 50% payable in cash.
