Join our free webinar on July 4th at 4:00 PM to gain insights into the dematerialization of securities and recent amendments. Register now for key updates.
Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following additions/amendments in the Schedule of DEPB Rates (as amended from time to time) with immediate effect.
To provide relief to exporters of those sectors where total exports in that sector / product group has declined by more than 5%, average export obligation for 2008-09 may be reduced proportionate to reduction in exports of that particular sector / product group during 2008-09 as against 2007-08.
Representations have been received from the Association of eligible entities who received the licences for rough blocks/slabs of agglomerated/artificial stones stating that on account of slow down in the economy and real estate sector, demand for agglomerated/artificial stones has temporarily come down very significantly. Accordingly, Association has requested that for the said allotted quota, the licence holders may be provided an option to import either the items indicated in the licence or rough marble blocks/slabs as detailed in Policy Circular No.13 ((RE-08)/2004-2009 dated 30.6.2008.
Accordingly, all licence holders of rough marble blocks/slabs, issued to them under the provisions of Policy Circular No.13 (RE-08)/2004-2009 dated 30.6.2008, may apply to the concerned R.A. of DGFT for enhancing the quantity in their licence by upto 25% of the quantity granted to them in the year 2008-09. The import of enhanced quantity shall be subject to all the conditions applicable on import of rough marble blocks/slabs indicated in relevant Circular. It is also informed that the utilization of the additional quantity and actual import may only be made after 1.4.2009. An endorsement to this effect shall be made on the licence by the R.A. concerned.
A system should be developed by which all instruments / items approved earlier should be automatically covered for issuing Free Sale and Commerce Certificate, without referring any subsequent application to Drug Controller General (I) (DCGI) again. DGFT officials may also check the items in the relevant Act / Rules before issuing the certificate. A copy of the approval letter must be endorsed to DCGI.
Representations have been received from the Association of eligible entities who received the licences for rough blocks/slabs of agglomerated/artificial stones stating that on account of slow down in the economy and real estate sector, demand for agglomerated/artificial stones has temporarily come down very significantly.
We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any income by way of commission or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income i
Credit shall be available against such export products and at such rates as may be specified by DGFT by way of public notice. Credit may be utilized for payment of customs duty on freely importable items and / or restricted items. DEPB scrips can also be utilized for payment of duty against imports under EPCG scheme.
The Sugar Cess Act, 1982 provides that There shall be levied and collected as a cess, for the purposes of the Sugar Development Fund Act, 1982, a duty of excise on all sugar produced by any sugar factory in India for the development of sugar industry. References have been received from some field formations that some manufacturers purchase sugar, on which central excise duty and sugar cess is paid by sugar manufacturers.
The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]
