DGFT : Learn about Export Oriented Units (EOUs) and their significance in increasing exports, foreign exchange earnings, and employment i...
DGFT : A New Scheme Remission of Duties & Taxes on Export Products (RoDTEP) is being drafted by The Ministry of Commerce to replace the e...
Custom Duty : Article discusses Basic features and Objectives of EOU Scheme; Incentives /Facilities available to EOUs,Setting up an EOU;Minimum...
DGFT : New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of intr...
Custom Duty : Brief Highlights about EOU An EOU is basically an Export Oriented units which can be set up in the declared ‘warehouse stations�...
Finance : A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp th...
Income Tax : Market Linked Focus Product Scheme (MLFPS): 335 New Products incentivised under MLFPS at 8 digit level, eligible for benefits @ 2%...
Income Tax : The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in th...
Finance : The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium ...
Income Tax : The Delhi bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Virage Logic International (ITA No. 494(Del...
Income Tax : In this context we notice that the decision of the Supreme Court in TARA AGENCIES' case abovereferred was on assessee's entitlemen...
Excise Duty : The respondent is a 100% Export Oriented Unit (‘EOU’ for short) engaged in the manufacture of parts of agricultural and farm e...
Excise Duty : M/s. Converge Labs Software Technologies Pvt. Ltd. (‘Converge’) is a 100% export oriented unit (‘EOU’) operating under the...
Income Tax : Instruction No. 2/2009 dated 09.03.2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per ...
Income Tax : Instruction No. 2/2009, dated 9-3-2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per c...
Learn about Export Oriented Units (EOUs) and their significance in increasing exports, foreign exchange earnings, and employment in India.
A New Scheme Remission of Duties & Taxes on Export Products (RoDTEP) is being drafted by The Ministry of Commerce to replace the existing Schemes. The Ministry is deliberating with Trade & Industry and has already issued circulars for Trade to propose to them on the suggested benefits for their Industry. It is the right time for Trade & Industry to respond and share their views in the best interest of their Industry.
Article discusses Basic features and Objectives of EOU Scheme; Incentives /Facilities available to EOUs,Setting up an EOU;Minimum Investment Criteria; Concept of Unit Approval Committee (UAC); Procedure for approval of an EOU; Sector Specific Requirement for approval as an EOU.
New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date.
Brief Highlights about EOU An EOU is basically an Export Oriented units which can be set up in the declared ‘warehouse stations’ in India. There are almost 300 such warehouse stations. EOU units are very closely connected with Customs Law and Excise Law. Besides, Foreign Trade Policy deals with EOUs at larger extent. Further, Income […]
A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp the 30-year old Export Oriented Unit (EOU) scheme. After expiry of tax benefits for the EOUs, the government in February has set up a committee under the chairmanship of Development Commissioner, Noida SEZ, to revamp the scheme in sync with the changing business environment and gel with the Special Economic Zones.
Market Linked Focus Product Scheme (MLFPS): 335 New Products incentivised under MLFPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to 15 specified markets. These markets are Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan.
The Delhi bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Virage Logic International (ITA No. 494(Del) 2010) held that transfer of a computer software by an Indian branch of a foreign company [approved as 100 percent Export Oriented Unit (EOU) by Software Technology Parks of India (STPI)] to its head office is a transaction eligible for claiming tax benefits under section 1 0A of the Income-tax Act, 1961 (the Act).
In this context we notice that the decision of the Supreme Court in TARA AGENCIES’ case abovereferred was on assessee’s entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no longer in the statute. In our view, the scheme of deduction of export market developmen
The respondent is a 100% Export Oriented Unit (‘EOU’ for short) engaged in the manufacture of parts of agricultural and farm equipment which are chargeable to ‘Nil’ rate of duty under Central Excise Tariff Act, 1985 (Tariff Act). The respondent filed three refund claims with the Assistant Commissioner of Customs, Bengaluru under Rule 5 of the Cenvat Credit Rules, 2004, being the unutilised credit availed by the respondent in respect of certain inputs used in the manufacture and export of their final product.
