"October, 2013" Archive

Govt increases export price of onion

Notification No. 49 (RE-2013)/2009-201 (31/10/2013)

Export of onion for the item description at Serial Number 51 & 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price(MEP) of US$ 1150 per Metric Ton F.O.B. or as notified by DGFT from time-to-time...

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Notification No. 107/2013-Customs (N.T.) Dated: 31/10/2013

Notification No. 107/2013-Customs (N.T.) (31/10/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby ...

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Pros and Cons of extension of due date for furnishing of TAR / ITR

The much hyped extended due date for electronically furnishing of TAR and consequent ITR would also come to an end today. Before it is too late, let us examine the pros and cons of such extension. I have tried to make a beginning. Suggestions are always welcome....

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Posted Under: DGFT |

DIT Invite Suggestions For New Income Tax Business Application

Notification F No.System/ITBA/Suggestions/11-12/26 (31/10/2013)

As you are aware ITD has undertaken the task of developing new Income-Tax Business Application with the help of M/S TCS who were onboarded as service provider w.e.f. 9th may 2013. We are in the process of finalizing SRS (Software Requirement Specifications) for various modules/processes which in turn will be used as reference documents fo...

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Ignorance of law in not furnishing Section 92E Report – whether a reasonable cause for not levying penalty

Under section 92E, every person who enters into an international transaction during a previous year is required to obtain a report from a chartered accountant and furnish such report on or before the specified date on the prescribed form. Rule 10E provides that the auditor’s report shall be in Form No.3CEB....

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Posted Under: DGFT |

CBDT Instruction on Receipt/Revenue Audit Objections

Instruction No. 16/2013 (31/10/2013)

It is a matter of concern that despite a comprehensive procedure prescribed through the Instruction for action at different stages of Audit Objections, settlement track record is unsatisfactory and remedial action is delayed. ...

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Govt. to Come-Up with Inflation based Certificate

Government to Come-Up with Inflation based Certificate to Neutralize the Impact of Inflation; National Level Workshop on Voluntary Savings Organized on World Thrift Day ...

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Posted Under: DGFT |

Public Notice No. 35 (RE-2013)/2009-2014, Dated: 30.10.2013

Public Notice No. 35 (RE-2013)/2009-2014 (30/10/2013)

If only export has been fully completed / partly completed before 1.8.2013, then the corresponding import would be allowed subject to an undertaking from the authorization holder, that the inputs which have been actually used in the product already exported shall only be imported....

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Seeks to amend notification No. 146/1994-Customs dated 13.7.1994

Notification No. 48/2013-Customs (30/10/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes...

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Double benefit of CENVAT credit and duty drawback cannnot be claimed

Policy Circular No. 9 (RE-2013)/2009-14 (30/10/2013)

All Industry Rate of Duty Drawback, as notified by Department of Revenue, wherever admissible, also includes service tax component on input services. While giving a declaration for non-availment of CENVAT credit, applicant has to ensure that it has also not claimed CENVAT credit on service tax on input services. While making an applicat...

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