Advance Authorisation necessitates exports with a minimum value addition of 15%, except for items specified in Appendix 11B of HBP v1 and for items in Gems & Jewellery Sector, for which value addition would be as per paragraph 4A.2.1 of HBP v1.
A new Appendix i.e., Appendix 11B related to Value addition Norms (below 15%) for specific product(s) under Advance Authorisation Scheme” stands added in the Appendices and Aayat Niryat Forms in the HBP, v1, as per the Appendix attached to this Public Notice.
References have been received from Trade & Industry as well as field formations, regarding leviability of beedi cess on labelled as well as unlabelled beedis. It has been stated that Notification No. S-23011/1/79-M.V. dated 19.12.1981[G.S.R. No.669(E)] as amended by [G.S.R. No. 281(E)] dated 30.03.82, issued by the Ministry of Labour, provides that when cess has been collected on unlabelled beedis,
NEW YORK—A former Ernst & Young LLP partner was sentenced to a year and a day in prison on Monday after he was convicted last year of fraud charges in an insider-trading scheme where he allegedly tipped a Pennsylvania broker about pending corporate takeovers.
Ahead of Budget, an industry body has suggested government a slew of measures to boost industrial growth, including simplification of tax procedures, rationalisation of direct taxes and reduction in Minimum Alternative Tax (MAT). ‘Rationalisation in direct taxes is among the critical policy instruments with which government can help manufacturing sector consolidate its positions not only to mitigate the effects of global slowdown, but also to facilitate its transition to next level of growth,’ the Confederation of Indian Industry (CII) said in statement .
The Institute of Chartered Accountants of India (ICAI), the apex regulator of accountancy profession in the country, will propose a time line to dispose of the complaints that arise against its members. The institute had recently recommended disciplinary action against two of its member chartered accountants after they were charged with professional misconduct while conducting the audit of Global Trust Bank for the year 2000-01.
A scheme for issue of Foreign Currency Convertible Bonds and Ordinary shares (through Depository Receipts Mechanism) was notified in 1993 to allow the Indian Corporate sector to access global capital markets through issue of Foreign currency Convertible Bonds (FCCBs) / Equity Shares under the Global Depository Receipt Mechanism (GDR) and American Depository Receipt Mechanism (ADR). The scheme has been amended from time to time since then.
Financial year 2009-10 is coming to an end but this does not mean one can take things easy in the last few weeks. Several other essentials on the tax front have to be completed.Here are a few areas where one needs to pay attention to ensure that there are fewer headaches in the next financial year.
Reference is invited to the Board’s Circular No.15/99-Customs dated 22.3.1999, whereby the facility of carriage of domestic cargo between domestic airports on international flights was extended to M/s. Air India. In this regard, the Board had received certain requests for providing such a facility by other private airlines also.
This refers to HS Code No. 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, 2009-2014 under which M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of Sugar to EU under Preferential Quota
