In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No.15/2002-Customs (N.T.), dated the 7th March, 2002, namely.
In exercise of the powers conferred by clause (aa) of sub-section (1) read with sub-section (2) of section 7 of the Customs Act, 1962( 52of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, namely.
In exercise of the powers conferred by clause (aa) of sub-section (1) read with sub-section (2) of section 7 of the Customs Act, 1962( 52of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, namely.
Representations have been received from the trade that ISO 9001, ISO 9002 and ISO 9003 are identical specifications under the series ISO 9000 and therefore, a manufacturer-exporter who has been awarded with any of the ISO 9000 series certification should be extended the facility at par with those awarded with any of the ISO 9002 series certification. The matter was examined by the Conference of Chief Commissioners of Customs on Tariff and Allied Matters held at Shillong during 13th – 15th May, 2004 and the Conference has recommended to extend the inhouse testing facility for goods exported under the various export promotion schemes to manufacturer exporters awarded with any of ISO 9000 series certification.
Notification No. 7/2005 amends the Foreign Trade Policy, ensuring that the FOB value of exports in 2004-05 must not be lower than the previous licensing year.
It shall be necessary that the FOB value of exports (including the exports under Note 1 & Note 6 above) during the licensing year 2003-04 does not fall below the FOB value of exports (including the exports under Note 1 & Note 6 above) in the previous licensing year.
Note 8: CENVAT/Drawback: Additional Customs duty/excise duty paid in cash or through debit under the DFCE entitlement certificate shall be adjusted as CENVAT credit or Duty Drawback as per rules framed by the Department of Revenue.
Para 3.2.5 (IX) is added as under: “Applicants shall file the applications in Appendix 17D to the jurisdictional Zonal Office (Mumbai, Kolkata, Chennai, Delhi CLA) depending upon the location of Registered Office / head Office of the applicant. The respective Zonal offices shall consider the applications and issue the license or otherwise.
The fourth Paragraph of Para 3.2.5 is replaced by: “Applicants shall file the applications by 31st December 2005 in Appendix 17D to the jurisdictional Zonal Office (Mumbai, Kolkata, Chennai, Delhi CLA) depending upon the location of Registered Office / Head Office of the applicant. The respective Zonal offices shall consider the applications and issue the license or otherwise.
Circular No. 3/2005-Income Tax The Finance Act, 2005 (hereafter referred to as ‘Act’) has introduced a new levy, namely, the Banking Cash Transaction Tax (hereafter referred to as BCTT) on certain banking transactions. The provisions relating to levy of this tax are contained in Chapter VII (sections 93 to 112) of the Act. Section 111 of the Act empowers the Central Government to make the rules for
