It has been represented to SEBI that a number of members, particularly those doing jobbing and arbitrage business are finding it difficult to maintain the incremental base minimum capital in the form prescribed by SEBI.
In terms of Sr. No. 15 to notification No. 11/ 97-Cus dated 1.3.97 vegetable oils (other than coconut oil. RBD palm kernel oil and palm stearin) of edible grade, in loose or bulk form are liable to concessional duty of customs @ 20% adv. Prior to 1.03.97 these oils were liable to concessional duty in terms of notification No. 8/95-Cus dated 2.3.95, and Sr. No. 7 to Not. 36/ 96-Cus dated 23.7.96
SEN, J. The point that falls for determination in this case is whether a sum of Rs. 79 lakhs representing Debenture Redemption Reserve was includible in computing the capital of the assessee Company for the purpose of Companies (Profits) Surtax Act, 1964. The High Court took the view that the amount set apart to redeem the debentures has to be treated as ‘provision’ and not as ‘reserve’.
The Trade is hereby informed that levy of Service Tax on the services rendered by Outdoor Caterers & Pandal or Shaminan Contractors will come into force from 1.8.97 (Notification No. 28/97-Service Tax dt. 28.7.97). The rate of service tax is 5% in case of both the above services. In the case of services rendered by Outdoor Caterers the person responsible for collecting the service tax shall be caterers who raises the bill for services rendered to the client. The service tax is leviable only on 50% of the taxable service in relation to services by outdoor caterers where the caterer also supply food
Duty Exemption Pass-Book Scheme (DEPB) allows import and export only from the port of registration. In other words, both import and export have to be made from the same port. This is also provided in para 6 of Board’s Circular No. 10/ 97-Cus dated 17.4.1997.
Circular No. 319/35/97-CX In this regard your attention is invited to Board”s Circular No. 313/29/97-CX dated 6.5.97 issued from F.No. 390/170/97-JC wherein it was stated that Commissioners should send detailed proposals for filing Civil Appeal in those cases where CEGAT orders, relating to rate of duty and valuation for the purpose of assessment are not acceptable to them
I am directed to invite your attention to Section 88 of the Finance Act, 1997 which, inter-alia provides for levy of service tax on the services rendered by outdoor caterers and pandal or shamiana contractors. It has been decided to bring the above services under the service tax net with effect from 1st August, 1997. Notification Nos. 28/97-ST to 35/97, all dated the 25th July 1997 have been issued in this regard (copies enclosed).
Service Tax – Appointment of Central Excise Officers for the purpose of assessment and collection of service tax – regarding
Circular No. 755-Income Tax The Finance Act, 1997 has introduced a Voluntary Disclosure of Income Scheme, 1997. In regard to the Scheme a number of queries have been received from the public about the scope of the scheme and the procedure to be followed. The Board has considered the same and decided to
Explanation-For the purposes of this notification, the expression “rural areas” mean the area comprised in any village, and includes the area comprised in any town, the population of which does not exceed twenty thousand or such other figure as the Central Government may specify from time to time.
