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.
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.
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.
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.
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.
CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloaded by the Deductors from TIN Central System only.
If it is to be held that the assessee has incurred certain expenditure and the source of expenditure remains unexplained, the amount can be added under section 69C of the Act. However, if on one hand the amount is added as unexplained expenditure, still it retains the character of the expenditure incurred on the object of trust.
Gross fixed capital formation (GFCF) as a proportion of GDP had reached a peak of 32.9 per cent in 2007/08, the year preceding the global crisis. It dropped to 32.3 per cent in 2008/09 and then to 31.6 per cent in 2009/10. Initial estimates are that in 2010/11 this ratio slipped further to 30.4 per cent. The AE for 2011/12 suggest that there may have been further slippage to 29.3 per cent. That is a decline of almost 4 percentage points over the last four years.
The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the tax revenues of the Centre and the States.
The core issue that falls for our consideration and decision in this appeal is: whether aluminium grills can be termed as Extruded aluminium products? If the answer is in positive, the assessee would be covered by Item Serial No.7 of the Product Code 61 of the Duty Entitlement Passbook Scheme (for short “the DEPB Scheme”). The assessee has succeeded before the Customs, Excise and Gold (Control) Appellate Tribunal (for short ‘the Tribunal’). The Revenue in this appeal calls in question the correctness or otherwise of the judgment and order of the Tribunal. By the impugned judgment and order, the Tribunal has set aside the order of confiscation of goods and the penalty imposed by the Commissioner of Customs.
