Circular No.10/2012-Customs Your kind attention is invited to the Circular No.02/2012-Customs, dated 16-02-2012, regarding procedure on refund of 4% CVD (SAD). The above Circular provides the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% CVD refunds (SAD) for payment of duty in case of re-credited DEPB/ Reward Scheme scrips upto 31-03-2012.
Bankers to an Issue (BTIs) are required to furnish periodical reports on quarterly and annual basis in electronic form in the prescribed format in terms of SEBI Circulars No. RBT(G I Series) Circular No. 1(95-96)) dated April 21, 1995, BTI Circular No. 3(1 999-2000) dated July 09, 1999, and Cir No. MIRSD/DPS-2/BTI/Cir¬15/2008 dated May 06, 2008.
Circular No.154/5/2012 Notification No.4/2012 – Service Tax dated the 17th March 2012 has amended the Point of Taxation Rules 2011 w.e.f. 1st April 2012, inter- alia, amending Rule 7 which applied to individuals or proprietary firms or partnership firms providing taxable services referred to in sub-clauses (g), (p), (q), (s), (t), (u), (za) and (zzzzm) of clause (105) of section 65 of the Finance Act, 1994. Rule 7 determined the point of taxation in such cases as the date of receipt of payment. The provisions have been amended both in the Point of Taxation Rules 2011 and the Service Tax Rules 1994 such that from 1st April 2012 the payment of tax shall be allowed to be deferred till the receipt of payment upto a value of Rs 50 lakhs of taxable services. The facility has been granted to all individuals and partnership firms, irrespective of the description of service, whose turnover of taxable services is fifty lakh rupees or less in the previous financial year.
Circular No. 962/05/2012-CX Duty payable under rule 8 is on a different footing from duty payable under Section 11A. Duty under Rule 8 is paid after self determination by the assessee unlike Duty payable under Section 11A where generally the duty is determined by the Central Excise officer and the payment is mandated after such determination. There is no time limit prescribed under Section 11A i.e., monthly or quarterly unlike the date prescribed under Rule 8 (i.e., 5th of the next month). Therefore, the restriction on the utilization of the cenvat credit accruing subsequent to the last date of the month or quarter in which the arrears arise, is not applicable to the demands confirmed under Section 11A of the Central Excise Act, 1944.
A.P. (DIR Series) Circular No. 96 Creation of charge on immovable / movable property and other financial assets. Reckoning bank guarantee issued on behalf of JV / WOS for computation of Financial Commitment. Issuance of personal guarantee by the direct / indirect individual promoters of the Indian Party. Financial Commitment without equity contribution to JV / WOS. Submission of Annual Performance Report. Compulsorily Convertible Preference Shares (CCPS).
Acquiring qualification shares of an overseas company for holding the post of a Director . Acquiring shares of a foreign company towards professional services rendered or in lieu of Director’s remuneration. Acquiring shares in a foreign company through ESOP Scheme.
Circular No. 961/04/2012-CX As you are aware, Duty refund procedure (DRP) prescribed by Notification No. 20/2004-CE(NT) dated 6.9.2004 has been rescinded vide Notification No. 25/2011-CE(NT) dated 5.12.2011 w.e.f 1st March, 2012. Export to Nepal under claim of rebate is permissible under Notification No. 19/2004-CE(NT) dated 6.9.2004 as amended by Notification No. 24/2011-CE(NT) dated 5.12.2011 issued under rule 18 of Central Excise Rules, 2002 and under bond/LUT vide Notification No. 42/2001-CE(NT) dated 26.6.2001 [as amended by Notification No. 26/2011-CE(NT) dated 5.12.2011] in terms of Rule 19 of Central Excise Rules, 2002.
CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.
SEBI issued Circular No. Cir/ISD/1/2011 dated March 23, 2011 & an addendum to it on March 24, 2011 (available on www.sebi.gov.in) addressing the way unauthenticated market related news or rumours circulated by SEBI Registered Market Intermediaries through various modes of communication has to be dealt with.
Circular No.09/2012 – Customs Doubts have been raised whether on imports of Ore Concentrate classifiable under Chapter 26 of the First Schedule to the Customs Tariff Act, 1975, the benefit that is admissible to “Ore” under Serial Number 4 of the Notification No. 4/2006 – CE dated 1.3.2006 can be granted to the Concentrate of that Ore. The issue was taken up for discussion during the Conference of Chief Commissioners of Customs on Tariff and allied matters held in May 2011.
