Circular No. 233/67/96-CX Representations have been received from the Trade regarding denial of MODVAT Credit on invoices generated through Computer by registered dealers where the said persons have failed to submit the details of the software used including the format for information of the Assistant Commissioner of Central Excise in terms of the provisions of Rule 57GG (6) of the Central Excise Rules.
Circular No. 232/66/96-CX Consolidated maintenance of RG 23 A part -II is permitted where the inputs are used in the manufacture of exempted and dutiable final products vide Board”s Circular No. 33/33/94-CX dated 04.05.1994. However, in such cases a statement has to be submitted by the assessee in the prescribed proforma showing particulars of reversal of Modvat credit availed on inputs going into the manufacture of exempted final products.
Circular No. 745-Income Tax Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under section 193 of the Income-tax Act, on the payment of income by way of interest on securities to Ramakrishna Math and Ramakrishna Mission whose income is exempt under clause (iv) of section 10(23C) of the Income-tax Act, 1961.
Attention is invited to Ministry’s Circular No. 24/96- Customs dated the 19th April, 1996 modifying the instructions issued issued vide Circular No. 131/95 dated 20.12.95 for monitoring of export obligation under Duty Exemption Scheme and E.P.C.G. Scheme
The validity period of Company Objection by the last buying broker to be notified to the Exchange/introducing broker will be 36 months from the date of payment by the buyer.
Circular No. 231/65/96-CX A doubt has been raised whether units of the split air – conditioner viz., cooling or the room unit and the condensing unit when cleared separately would be eligible for concessional rate of duty available to the parts and assessories of split air-conditioner under Notification No. 56/95- dated 16.3.1995.
In the Import and Export Policy 1992-97, w.e.f. 1/4/1995, an addl. duty of Customs (C.V.D.) was imposed on all imports made under the DEEC Scheme in terms of para 47 of the Policy. Therefore, for all imports made under DEEC Scheme, i.e. whether against Quantity Based Advance Licence of value Based Advance Licence, issued on or after 1.4.1995 the exporter is required to pay addl
The transferor has paid SEBI turnover fee for all the previous years including that related to transactions of current year. There are no fee dues payable to SEBI by the transferor member.
Circular No. 230/64/96-CX The procedural restriction envisaged in sub-rule (2) and 2(A) of rule 224, read with sub-rule (2) or rule 173G of the Central Excise Rules, 1944, regarding removal of excusable goods after 6 P.M. on the day preceding the Budget Day and also no the Budget Day, should be strictly enforced on all assessees, including those working under Self Removal Procedure.
Under para 88 of the EXIM Policy read with the various relevant customs exemption notification (Nos. 177/ 94, 3/88, 277/90 and 144 /93) MMTC / SSI / STC / HHEC are authorised to import gold and sell/ lend the same to actual users in the various EPZs or to exporters in the EOU / DTA sector, with an export obligation imposed thereon. Currently, it is reported that the procedure is that
