Notification No. 44/2012-Customs – 92/2009-Customs,dated the 11th September, 2009 [Vide number G.S.R. 658 (E), dated the 11th September, 2009] – In the said notification, in the opening paragraph, in condition (ii), for the words goods, but for this exemption;, the words and figures goods and the proper officer of customs taking into account the debits already made under this exemption and debits made under the notification No. 29 of 2012-Central Excise, dated the 9th July, 2012, shall debit the duties leviable on the goods, but for this exemption; shall be substituted.
Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts capital goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a Status Holder Incentive Scheme duty credit scrip issued to a Status Holder by the Regional Authority in accordance with paragraph 3.16 of the Foreign Trade Policy (hereinafter referred to as the said scrip) from,-
(i) the whole of the duty of excise leviable thereon under the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (ii) the whole of the additional duty of excise leviable thereon under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957)
central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts capital goods specified in the Table annexed hereto, when cleared against an Agri. Infrastructure Incentive Scrip duty credit scrip issued to an exporter by the Zonal Office, Central Licensing Area, New Delhi in accordance with paragraph 3.13.4 of the Foreign Trade Policy (hereinafter referred to as the said scrip) under Vishesh Krishi and Gram Udyog Yojana (Special Agriculture and Village Industry Scheme) from,-
central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a Focus Market Scheme duty credit scrip issued to an exporter by the Regional Authority in accordance with paragraph 3.14 of the Foreign Trade Policy (hereinafter referred to as the said scrip) from,-
(i) export oriented units or electronic hardware technology parks or biotechnology parks which are availing direct tax benefits or exemption (ii) Export of imported goods covered under Para 2.35 of the Foreign Trade Policy
Government security (G-Sec) means a security created and issued by the Government for the purpose of raising a public loan or any other purpose as notified by the Government in the Official Gazette and having one of the following forms.
A reference is invited to the paragraph 4.2.3 – Notes (iv) of the Master Circular on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF) dated July 2, 2012, wherein it is mentioned that ‘the net credit balance, if any, in the inter-office account with Head Office/overseas branches will not be reckoned as capital funds. However, any debit balance in the Head Office account will have to be set-off against capital.’
It is settled law that if the loan is taken for acquiring the capital asset, waiver thereof would not amount to any income exigible to tax. On the other hand, if this loan was for trading purpose and was treated as such from the very beginning in the books of account, the waiver thereof may result in the income more so when it was transferred to profit and loss account.
Service tax is supposed to be paid by the service provider (SP). However, in some of the cases like import of services, payment to transporter for transport of goods by road, etc., the liability to pay tax has been cast on the service recipient (SR). Budget 2012 has made large number of changes in the scheme of taxation with respect to Service Tax (ST). Of the many changes, a major change has been with respect to extension of the Reverse Charge (RC) mechanism to many other services. Notification No.15/2012-Service Tax, dated 17th March, 2012 notifies the following taxable services and the extent of service tax payable thereon by the person liable to pay ST.
