I am directed to refer to Circular No. 8/2005 dated the 14th February 2005 regarding removal of petroleum and petroleum products from one warehouse to another. 2. It is hereby clarified that the instructions issued vide the said circular apply both to petroleum (including crude) and petroleum products. Hence whenever the words “petroleum products” occur in the said circular, it should be read as “petroleum and petroleum products”.
Therefore, in exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act, read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995.
Notification No.53/2005 – Income Tax S.O. 205(E).—In the notification of the Government of India, in the Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes), number S.O. 1316(E) dated the 1st December, 2004, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii). dated the 1st December, 2004, at pages 13 to 21
At present, oil companies who import petroleum and petroleum products deposit the same in the warehouse (bonded tanks) at shore or refinery and thereafter they pay duty. Sometimes they transfer the warehoused goods from one warehouse to another without payment of duty under Section 67 of the Customs Act, 1962 with the permission of proper officer of customs and then pay duty at the destination.
14th February, 2005 Notification No. 02/2005- Service Tax In exercise of the powers conferred by sub-section (1), read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely: 1. (1) These rules may be […]
I am directed to draw your attention to sub-section 1(a) of section 61 of the Customs Act, 1962, wherein it has been provided that capital goods intended for use in the EOU can be kept in the warehouse for a period of 5 years. Extension of such warehousing period may be given by the Commissioner of Customs under proviso
Value Addition -Under the scheme for export of jewellery, the value addition shall be calculated with reference to the CIF value of gold/ silver/ platinum which shall be equivalent to the total outflow of foreign exchange on account of gold/ silver/platinum content in the export product plus the admissible wastage. Wherever gold on loan basis has been given, the CIF value shall also include interest paid in free foreign exchange to the foreign supplier.
India updates Foreign Trade Policy, adding SEZs like Santacruz, Kandla, Kochi, and others as specified ports for imports and exports.
It is notified for general information that the enterprise/undertaking, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962 with effect from the Asstt. Year 2003-2004 to Assessment Year 2017-2018 (upto 15.11.2016) i.e. the end of lease period of 14 years
S.O. 195(E).—In exercise of the powers conferred by Section 35CCA of the income Tax Act, 1961 read with rule 6AAA of the Income Tax Rules, 1962, the Central Board of Direct Taxes empowers the Income-tax authorities specified in column number (2) of the Schedule hereto annexed to be the Chairman of the Committee for the purposes of Section 35CCA
