In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendment in the notification No. 108/2007-Customs(N.T.), dated 17th October, 2007 published in the Gazette of India Part II Section 3 Sub-Section (ii) vice S.O. 1777 (E) dated 17th October 2007, of the Government of India, Ministry of Finance (Department of Revenue) namely.
The Principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 1776 (E), dated the 17th October, 2007.
For the purpose of this notification, if imports of bare tubes are reported, the benchmark, that is, the amount specified in column (9) of the Table, would be reduced by an amount as specified, namely, (i) in case of 14″ tube, by Rs. l23/-, (ii) in case of 15″ tube, by Rs. 149/-, (iii) in case of 20″ tube, by Rs. 185/-, and (iv) in case of 21″ tube, by Rs. 172/-.
Mutual Funds shall display unaudited half-yearly results on their website in the format prescribed in twelfth schedule of Regulations.
Export and re-import of cut and polished diamonds for certification and grading was governed under the notification No. 55/2001-Cus dated 16.05.2001. Now, the rough or non-industrial diamonds do not attract any duty. In view of this, the control on export and re-import for certification and grading of cut and polished diamonds under this notification has been dispensed with by rescinding notification No. 55/2001-Cus dated 16.05.2001 through notification No. 59/2008-Customs dated 05.05.2008. The provisions governing this scheme under para 4A.2 and 4A.2.1 of FTP have also been deleted.
Whereas, in the matter of import of digital versatile discs-recordable generally known as DVD-R and DVD-RW, (hereinafter referred to as the subject goods) falling under heading 8523 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from China PR, Hong Kong, and Chinese Taipei (hereinafter referred to as the subject countries), and imported into India, the designated authority, in its preliminary findings vide notification No. 14/17/2007-DGAD dated the 16th June, 2008, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 17th June, 2008, has come to the conclusion that
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures.
Gangadharan vs. CIT (Supreme Court) Held, by 3 judge Bench, resolving conflict of opinion amongst other benches of the SC, that: (1) merely because in some cases the revenue has not preferred appeal that does not operate as a bar for the revenue to prefer an appeal in another case where there is just cause for doing so or it is in public interest to do so or for a pronouncement by the higher Court when divergent views are expressed by the Tribunals or the High Courts.
As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)
Service Tax – Accounting Codes for new services -The Government while imposing new taxes, is not prompt in announcing the Head of accounts under which the tax is to be paid, leaving the tax payers as well as the Department in utter confusion. We have been getting several frantic calls from concerned assessees as to what the codes are for the new taxes imposed in this year’s budget. When we expressed our ignorance, many taxpayers asked us, if you don’t know, who will know? We only report; we don’t create.
