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Archive: 23 March 2010

Posts in 23 March 2010

Customs notification – 38/2010 – Regarding anti dumping duty on Coumarin originating in, or exported from China

March 23, 2010 3175 Views 0 comment Print

People’s Republic of China (hereinafter referred to as the subject country) and imported into India, the designated authority in its preliminary findings vide notification No.14/17/2009-DGAD, dated the 29th January, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 29th January, 2010, has come to the conclusion that-

Recovery of drawback amount on the portion of the FOB value of export not realized by the exporter but compensated by ECGC

March 23, 2010 1921 Views 0 comment Print

Section 75 of the Customs Act provides that where any drawback has been allowed on any goods and the sale proceeds in respect of such goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999 such drawback shall be deemed never to have been allowed and the Central Government may, by Rules made under section 75 (2), specify the procedure for the recovery of the amount of such drawback. A procedure has also been laid down under the Customs, Central Excise and Service Tax Drawback Rules, 1995 for recovery of drawback in case of non-realization of export proceeds

Custom notification No. 39/2010, imposing Anti-Dumping duty on imports made from China

March 23, 2010 612 Views 0 comment Print

the subject goods have entered the Indian market from the subject country at prices less than their normal values in the domestic market of the exporting country;b) the dumping margins of the subject goods imported from the subject country are substantial and above de minimis; and the domestic industry has suffered material injury and the injury has been caused to the domestic industry,

Custom notification No. 37/2010, imposing Anti-Dumping duty on imports made from China

March 23, 2010 391 Views 0 comment Print

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

Guidelines for Accounting of Repo/Reverse Repo Transactions

March 23, 2010 3161 Views 0 comment Print

The Reserve Bank of India (Amendment) Act, 2006 (Act No. 26 of 2006) provides a legal definition of ‘repo’ and ‘reverse repo’ (vide sub-sections (c) and (d) of section 45 U of Chapter III D of the Act) as an instrument for borrowing (lending) funds by selling (purchasing) securities with an agreement to repurchase (resell) the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed (lent).

Input Tax Credit on goods purchased under the PVAT Act is admissible only upto the fourth stage of its purchase

March 23, 2010 868 Views 0 comment Print

The Punjab VAT Rules have been amended to provide for that the input tax credit on purchase of goods from manufacturer or importer will be available to a dealer only up to the fourth stage of its purchase. The dealers will also have to mention on the bills that on which stage he is selling the goods. VAT form 23 and 24 has also been amended to this effect.

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