Vide section 22 of the Taxation Laws (Amendment) Act, 2006 (29 of 2006) a provision was inserted in the Section 28 of the Customs Act, 1962 to provide for deemed conclusion of proceedings once the person to whom a demand of duty notice has been issued has paid all dues. Subsequently vide Finance Act, 2011, section 28 was substituted with a new Section 28. The quantum of penalty amount to be paid under the said deemed conclusion proceedings was retained at 25% of the duty amount. However, vide Finance Act, 2015 the penalty payable under Section 28 was reduced to 15%.
FPIs shall be permitted to acquire NCDs/bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal installment in the case of an amortising bond. FPIs shall be guided by RBI’s definition of an amortising bond in this regard.
CBEC has taken-up the task of implementing ‘Indian Customs Single Window Project’ to facilitate trade. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs.
Reference has been received in Board regarding assessment of CVD payable on set top boxes (STBs), when imported by a Direct to Home (DTH) broadcasting service provider and where STBs are provided free of cost to the consumers of DTH service.
It has been brought to the notice of the Board that wireless microphone sets/systems consisting of one or more wireless microphones and a wireless receiver are not being uniformly classified under Customs Tariff Act, 1975.
As you are aware that a return furnished by a person required under section 26 of Delhi Value Added Tax Act, 2004 is treated as self-assessed as per provisions of section 31 of the said Act. This was a major departure from the erstwhile Delhi Sales Tax Act, 1975, repealed by the aforesaid Act. Under erstwhile Delhi Sales Tax Act, all cases used to be assessed mandatorily to find out from the returns filed or otherwise, whether tax has been paid properly or not.
Kind reference is invited to minutes of the meeting taken by Chairman, CBEC, on 19.12.2015 of Principal Commissioners/ Commissioners of major airports and other officers issued under F. No. 520/43/2015-Cus VI dated 23.12.2015. It was decided in the said meeting that the Customs Declaration form which is prescribed for the domestic passengers travelling along with international passengers in the international flight flying in its domestic leg would be dispensed herewith.
It has been brought to notice of the Board that revised guidelines issued by RBI has not prescribed any restriction on denomination of Indian currency, carried by an Indian traveller or Captain of a Ship. In the light of the revised RBI guidelines, Board has decided to withdraw the restriction on denomination of Indian currency imposed vide earlier Circular No. 51/1999 dated 12.08.1999.
A consortium of contractors is often formed to implement large infrastructure projects, particularly in Engineering, Procurement and Construction (‘EPC’) contracts and Turnkey Projects. The tax authorities, in many cases have taken a position that such a consortium constituted an Association of Persons (‘AOP’) i.e. a separate entity for charging tax.
Government of India vide amendment Notification No. 9/2015-2020 dated June 4, 2015, has notified that the Status Holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years whichever is lower. AD Category – I banks may, therefore, consider requests from Status Holder exporters for grant of Export Declaration Form (EDF) waiver, for export of goods free of cost based on the revised norm.
