Notification No.156/2005 – Income Tax In exercise of the powers conferred by sub-section (1), read with sub-section (2) of section 111 of the Finance Act, 2005 (18 of 2005), the Central Government hereby makes the following rules for carrying out the provisions of Chapter VII of the said Act relating to banking cash transaction tax, namely
Pending the finalisation of Single Common Document(SCD)for international trade, the Government Departments dealing with exports and imports will honour the permission/license/certificate issued by the other Government departments based on the verification of the export documents Like shipping bill, bank realization certificate, Packing list, bill of lading etc .and will not insist upon fresh submission of these documents.
In cases where the remaining original export obligation period (and not the extended export obligation period) of the EPCG licence is less than two years on the date of application for refixation, and the mandated (original or amended, as the case may be) block-wise export obligation has been fulfilled, the export obligation would be refixed at two times the duty saved on the date of issuance of licence.
