Notification No. 22/96- Customs to 30/96- Customs all dated the 15th June, 1996 have been issued to amend notifications under Duty Exemption Scheme to give effect to the changes incorporated in the revised edition of the Exim Policy published on 25th March, 1996. Copies of the notifications are enclosed for ready reference
I am directed to refer to earlier Circular No. 446/42/91-Cus. IV dated 6.8.91 which provides procedure for examination of cargo at different Customs stations
I am directed to say that doubts have been raised regarding applicability of notification No.211/83- Customs dated 23rd July, 1983 to spare parts imported for repair of ocean going vessels, by a ship repair unit, in view of the decision of the CEGAT in the matter of Collector of Customs Bombay vs. Keshari Steels 1994 (71) ELT, 768, Making a distinction between “components” and “spares
Vide Finance act, 1994, Section 61 of the Customs Act, 1962 was amended and the normal warehousing period in respect of capital goods warehoused by 100% EOUs have been fixed for five years which is further extendable. Further the Board had been vested with powers under section 61(2) to specify class of goods in official Gazette in which no interest on duty shall be chargeable. Consequent to
There may as well be some other implications regarding the listing of such companies and hence, we would like to have the views of all the recognised stock exchanges in the matter.
Circular No. 221/55/96-CX Consolidated maintenance of RG-23A Part II is permitted where the inputs used are common in the manufacture of dutiable and exempted final product. However, the assessee is required to submit a statement giving details of the inputs used and the quantity of the exempted and dutiable final product manufactured, thereof alongwith credit availment/ reversal particulars at the end of the every month.
Circular No. 220/54/96-CX It has been represented that the Central Excise authorities are not sanctioning cash refunds of the accumulated Modvat credit under the provisions of rules 57F (4) of the Central Excise Rules, 1944. As a consequence, large sums of money are lying tied-up in the accumulated Modvat credit account with exporters running into crores of Rupee.
Circular No. 219/53/96-CX Under the provisions of rule 57G of the Central Excise Rules, 1944 any manufacturer of the excisable goods intending to avail of the credit of duty paid on inputs of the excisable goods intending to avail of the credit of duty paid on inputs in required to file a declaration in the prescribed form giving complete description of the inputs and the final product that he intends to manufacture
Circular No. 218/52/96-CX The Board vide its Circular No. 96/7/96- CX dated 13.2.1996 clarified that under the heading “Transit sale” movement of goods could take place directly on a Rule 52 A invoice from the manufacturer”s premises to the user”s premises on an order being placed by the dealer of excisable goods without being brought to the latter”s premises. The duplicate copy of the manufacturer”s invoice issued under the provisions of Rule 52A will serve as a cover for transport and for availment of Modvat credit.
You may like to bring to the notice of members that non-payment of requisite fee in time will attract penal provision as prescribed under SEBI (Stock Brokers and Sub-Brokers) Rules and Regulations, 1992.
