In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/2007-Customs, dated the 9th March, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 187(E), dated the 9th March, 2007, except as respect things done or omitted to be done before such rescission.
therefore, in exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the said Customs Tariff Act, read with rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, on the basis of the aforesaid final findings, hereby orders that notwithstanding anything contained in the notification No. 73/2003-Customs, dated the 1st May, 2003, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 376(E), dated the 1st May, 2003, no anti-dumping duty shall be imposed during the period from the 9th March, 2007 up to and inclusive of the 1st May, 2008, on the imports into India of the subject goods falling under Chapter 69 of the First Schedule to the said Customs Tariff Act, produced by M/s Foshan Nanhai Jing Yu Ceramics Ltd. Foshan China (also known as Bioma Ceramics), People’s Republic of China and exported by M/s Shye International, Hong Kong.
The Principal notification No.93/2004-Customs, dated the 10th September, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (1) vide number G.S.R 606 (E), dated the 10th September, 2004 and was last amended by notification No70/2008-Customs, dated the 19th May, 2008 vide number G.S.R 389 (E), dated 19th May, 2008.
In exercise of the powers conferred by Rule 15 of the Central Excise Rules, 2002, the Central Government hereby rescinds, with immediate effect, the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.38/2007-Central Excise, dated the 19th December, 2007 published in the Gazette of India, Extraordinary, Part-II, Section 3,Sub-Section (i), vide GSR No.558, dated 19th December, 2007.
With regard to calculation of indigenous sales turnover, it is further clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculating the turnover.
The Central Board of Direct Taxes has notified amendments to the Industrial Park Scheme 2008 under sub-section (4) of section 80IA of the Income Tax Act, 1961 on 2nd July 2008. According to the amended scheme, the ambit of “industrial activity” has been expanded to include (i) research and experimental development on natural sciences and engineering as defined in section K, division 73, group 731 of the National Industrial Classification, 2004 Code, issued by the Central Statistical Organisation, Department of Statistics; (ii) development of computer software; and (iii) information technology enabled services as notified vide notification number S.O.. 890(E), dated the 26th September 2000 for the purposes of sections 10A, 10B and 80HHE of the Income Tax Act, 1961.
The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation costs, said a senior Finance Ministry official. The decision has been taken following Finance Minister P Chidambaram’ s assertion that government wanted to send a message that those who comply with the tax laws would not be harassed by the tax officials.
Sick industrial units may no longer have to wait for decades for the authorities to decide whether they should be revived or liquidated. To fast-track the determination of industrial sickness of enterprises, the government is planning to expand the scope of the Company Law Board (CLB) to assess whether a sick unit should be liquidated or revived. At present, this procedure is carried out by the Board for Industrial and Financial Reconstruction (BIFR), which would be wound up. The corporate affairs ministry is working on a proposal to vest CLB with this authority.
NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – In super cession of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non-Corporate Assessees for scrutiny during the current financial year i.e. 2007-08.
Appointment of branch statutory auditors of Public Sector Banks – Chartered Accountants from North Eastern Region. RBI has decided to relax the eligibility norm in respect of professional standing of individual auditors/proprietar y audit firms from the North-Eastern Region (viz. the states of Assam, Meghalaya, Arunachal Pradesh, Manipur, Mizoram, Nagaland, Sikkim and Tripura) by reducing the period from 3 years to 1 year from the year 2008-09 and onwards.
