F.No.354/189/2009-TRU Customs duty on packaged software – As basic customs duty is Nil for packaged software, the additional duty of customs („CVD?) levied in lieu of the Central Excise duty payable on like goods manufactured in India (including education cess and secondary and higher education cess on such CVD) is the effective customs duty paid on import of such software; and Service tax in relation to providing right to use information technology software for commercial exploitation under the category of ITSS on reverse charge mechanism.
The Commissioner is empowered to call for such further documents or information or calls such enquiries in order to satisfy himself about the genuineness of the activities of the institution. If the Commissioner is satisfied that the condition laid down in clauses (i) to (v) of sub-section (5) of section 80G are fulfilled, he shall record such satisfaction and grant approval.
In fact, it is not disputed that the assessee company takes benefit of additional depreciation on account of revaluation of the fixed assets by increasing the revaluation reserve in the relevant assessment year 2000-2001 and consequently, the same definitely has the effect of reducing the net profit for the said Assessment Year.
This new service is a new centralised web based software application of CBEC which provides us an online electronic interface with the department. ACES aims to reduce paperwork, visits to the department and transaction costs while increasing accountability, responsiveness, efficiency and transparency in indirect tax administration.
