Notification No.01/2015-2020 Dated April 1, 2015 Central Government hereby notifies the Foreign Trade Policy, 2015-2020. This Foreign Trade Policy shall come into force w.e.f. 01.04.2015.
Earlier there were 5 different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding merchandise exports with different kinds of duty scrips with varying conditions (sector specific or actual user only) attached to their use.
With a view to further liberalising the procedure and as the Working Group structure has been dismantled, it has been decided to withdraw the limit of USD 20 million for Buyer’s credit which may be extended to foreign buyers in connection with export of goods on deferred payment terms and turn key projects from India.
Calcutta High Court held In the case of Late Sushil Modi vs.CIT that the contention of the assessee that he need not prove his case and the assessing officer is bound to find corroboration by making independent enquiry is neither based on law nor is supported by reason.
The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of those documents as activity proof.
Where the landowner and builder execute joint development agreement, if the consideration is receivable in built-up area to be constructed and handed over by the builder to the landowner, it is advisable to avoid the applicability of section 53A of the Transfer of Property Act. This can be achieved by mentioning in the agreement that license is granted to the builder to enter the premises and construct the building. The possession is retained by the landowner, which will be handed over as and when the built-up area is constructed and delivered. By this stipulation, the transfer will take place only in the year in which the built-up area is received and not before.
The entire amount due to the bank (irrespective of the quantum of security held against such assets), or for which the bank is liable (including in case of deposit accounts), is to be provided for over a period not exceeding four quarters commencing with the quarter in which the fraud has been detected;
Provided further that the said scrip has not been issued in violation of the condition contained in the sub-paragraph (5) of paragraph 2 of notification No. 101 of 2009 – Customs, dated the 11th September, 2009 or sub-paragraph (4) of paragraph 2 of notification No. 102 of 2009 – Customs, dated the 11th September, 2009 or the second proviso to sub-paragraph (1) of paragraph 2 of notification No. 05 of 2013 – Customs, dated the 18th February, 2013 or sub- paragraph (3) of paragraph 2 of notification No. 22 of 2013 – Customs, dated the 18th April, 2013 or first proviso to sub-paragraph
The Central Government vide Notification No. 18/ 2015 – Central Excise dated April 1, 2015 has exempted the goods specified in the First Schedule and the Second Schedule to the Excise Tariff Act, when cleared against a Post Export EPCG duty credit scrip issued by the Regional Authority in accordance with Paragraph 5.12 of the Foreign Trade Policy 2015-2020, which provides for duty remission in proportion to export obligation fulfilled from:
The Central Government vide Notification No. 23/2015 – Customs dated April 1, 2015 (Notification 23/ 2015) has amended Notification No. 104/2009-Customs dated September 14, 2009, wherein the Government has exempted the Capital goods and Components and spares and parts, for Capital goods imported earlier
