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Archive: 23 February 2012

Posts in 23 February 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Import of spares for the existing machinery procured indigenously under EPCG Scheme

February 23, 2012 3112 Views 0 comment Print

Under Para 8.2 (c) of Foreign Trade Policy, Capital Goods can be procured indigenously upon invalidating an EPCG Authorization. However, domestically procured Capital Goods cannot be treated as ‘imported Capital Goods’ and hence the facility of Para 5.2A of Foreign Trade Policy cannot be allowed for such Capital Goods sourced domestically after invalidating EPCG Authorization.

Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) [RE: 2010]

February 23, 2012 1853 Views 0 comment Print

Para 5.11.2 of the Hand Book of Procedure Volume – 1 (HBP V-I) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies that for the sector/product group that witnessed such decline in 2010-11 as compared to 2009-10, would be entitled for such relief.

Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2012 – Amendment in regulations 5, 6, 9, 11, Schedule I and Schedule II

February 23, 2012 1042 Views 0 comment Print

NOTIFICATION F.No.3-1/Amend/Comb. Regl./2012/CD/CCI, dated 23-2-2012 These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2012. (2) They shall come into force on the date of their publication in the Official Gazette.

Budget 2012 – FM hopeful of meeting indirect tax collection target in FY12

February 23, 2012 258 Views 0 comment Print

Finance Minister Pranab Mukherjee today expressed hope that indirect tax collection target of Rs 3.92 lakh crore for the current fiscal will be met despite the economic slowdown.

Auditors Not attending appeal challenging audit classification -Cooperative Department

February 23, 2012 1478 Views 0 comment Print

some banks have filed an appeal against the audit classification given during the course of statutory audit for the F.Y. 2010-11. As per the procedure the concerned auditor is also required to be present for the hearing in cases of such appeals. But as per the said letter the auditors are not attending the appeals even after prior notice is given by the Cooperative Department.

Corrigendum in description of export item at Sl. No 915, Product Code-62 of the DEPB Rate Schedule

February 23, 2012 454 Views 0 comment Print

Description of export item at Sl. No 915, Product Code-62 Chemicals of the DEPB Rate Schedule had a typographical error. It was wrongly appearing as Vinyl Oyridine Latex. It is corrected to read as Vinyl Pyridine Latex. There is no other change.

SEBI – Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism – Circular No. CIR/MRD/DP/ 7/2012 February 23, 2012

February 23, 2012 384 Views 0 comment Print

It has been decided to modify Para 5 (e) (ii) of the aforesaid circular, pertaining to ‘Order placement’ as under: (ii) Cumulative orders/ bid quantity information shall be made available online by the exchanges at specific time intervals. The indicative price shall be disclosed by the exchanges only during the last half an hour of the duration of the offer for sale.

Customs – Regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010

February 23, 2012 1477 Views 0 comment Print

Circular No. 05/2012 – Customs – Kind attention is invited to Board’s Circular No. 21/2011-Customs dated 18th April, 2011 regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 framed vide Notification No.36/2010–Customs (N.T.) dated 5.5.2010 as amended vide Notification No.26/2011-Customs (N.T.) dated 1.4.2011, on electronic declaration for assessment and clearance of goods imported or exported under the Courier mode. Further Regulation 12 of the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 stipulates that an employee of authorized couriers or his employee can file electronic declaration in respect of imported or export goods provided he has passed the examination referred to in regulation 8 or regulation 19 of the Custom House Agents Licensing Regulations (CHALR), 2004.

Permission for export of wheat through Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border

February 23, 2012 301 Views 0 comment Print

Made export of wheat free but only through Custom EDI ports. Now export of wheat is also being permitted from non-EDI Land Custom Stations on Bangladesh and Nepal border. The only requirement will be registration of quantity with DGFT.

Notification No. 98 (RE-2010)/2009-2014, 23.02.2012

February 23, 2012 361 Views 0 comment Print

Made export of non-basmati rice free by the private parties from privately held stocks only through Custom EDI ports. Two changes are being notified now in this notification: (i) State Trading Enterprises (STEs) including M/s. NCCF & NAFED have also been permitted to export privately held stocks of non-basmati rice. (ii) Export of non-basmati rice is also being permitted from non-EDI Land Custom Stations on Bangladesh and Nepal border. The only requirement for export through LCS will be registration of quantity with DGFT.

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