"06 December 2014" Archive

SAD Refund application cannot be rejected as time barred if original refund application filed within time, though before wrong Authority

Singh International Vs. Commissioner of Customs (General)

The Hon’ble CESTAT, Mumbai also relied upon the AIA case and held that even though Notification No. 102 requires refund claim to be filed with the jurisdictional Customs Authorities, but when the original application for refund was filed within time, though before wrong authority, it cannot be said that the said application was barred b...

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Posted Under: Custom Duty |

In Foreign Trade Policy matters, DGFT Clarification binding on Customs as against CBEC Clarification

A.G. Enterprise Vs. Commissioner of Customs (Preventive)

A.G. Enterprise (the Appellant) are ship breakers, who imported old and used ships for purpose of breaking up. At the time of ship breaking, the ships/ vessels contained Marine Gas Oil (HSD) [MGO (HSD)] in the tanks of the vessel in addition to the MGO (HSD) lying in the tank of the ship engine....

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Posted Under: Custom Duty |

Online resolution of ‘Short TDS Payment default’ on account of unmatched challans

We are glad to inform that the Online Correction functionality provided by CPC (TDS) has been availed by a large number of deductors for the purpose of carrying out corrections and over 2 Lakh Online Corrections have been submitted. The corrections include resolution of Short Payment Defaults that relate with unmatched challans....

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CPC (TDS) Intimating Outstanding TDS demand from FY 2007-08 onwards-Reg

As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand in different years from 2007-08 onwards on account of defaults identified in TDS statements. Table below shows year wise outstanding demand on account TDS defaults as on October 23rd 2014. ...

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Posted Under: Custom Duty |

Role of CA in new regime of Foreign Trade Policy

Introduction : Globalization, liberalization and multilateralism has given to a new league of businessmen and entrepreneurs. While International trade has been present throughout much of the history, its economic, social, and political importance has been on the rise in recent centuries. International Trade not only enables a nation to sp...

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Posted Under: Custom Duty |

Financial Products – BANKING & FINANCE – 'A High Credit Score May Help!'

Due to the unequal distribution of wealth, India has arrived at a situation where the affluent class gets richer and richer and the underprivileged becomes poorer and poorer. To bridge this financial gap and to satisfy the day to day requirements of the underprivileged, banks play a vital role by offering various loans to the finance seek...

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Posted Under: Custom Duty |

Service Tax on Guarantee provided by Government of India (GoI)?

Government of India charges a certain % of amount borrowed as Guarantee fees for the Guarantee provided to the ECB Lender. Usually Service Tax is applicable on the Guarantee fee charged by Banks and other institutions but whether it is applicable in the case where GoI is providing guarantee in respect of an ECB?...

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Posted Under: Custom Duty |

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