The issue as regards pro rata allowance of benefits under the Package Scheme of Incentives was in dispute. A division Bench of Hon’ble Bombay High Court by its judgment dt. 13.12.2008 has decided the reference filed by the Commissioner of Sales Tax in case of M/s Pee Vee Textiles Ltd., against the department. Since the department had also initiated proceedings to challenge the ratio laid down in other similar cases decided by the Tribunal,
Accounting Codes for the taxable services introduced vide the Finance (No. 14) Act, 2010.Circular No. 124/6/2010-TRU, dated 29-6-2010. Heads of Account under the Major Head “0044-Service Tax” in respect of the new taxable services have been allotted by the Office of the Principal Chief Controller of Accounts, CBEC.
In exercise of powers conferred under section 37B of the Central Excise Act, 1944 Central Board of Excise & Customs considers it necessary, for the purposes of uniformity with respect to classification of “Polyester Staple Fibre” manufactured out of PET scrap and waste bottles, to issue the following instructions.
Attention is invited to regulation (6) (a) of ‘Customs House Agents Licensing Regulations (CHALR), 2004’ which specifies certain professional qualification such as MBA from any institute or University recognised by the Government to be possessed by an applicant or his employee referred to in clause (b) of the sub regulations (2) and (3) of regulation 5 of CHALR, 2004 to appear in examination under regulation 8 of the said Regulations.
On a review it has been decided to modify the periodicity of these reports from daily submissions to weekly submissions. In accordance with this change in periodicity of reports, the FIIs shall now be required to submit the reports every Friday.
Instances have come to notice of the Board where some importers of ‘timber logs’ have undertaken certain processes and subsequently sold ‘sawn’ or ‘cut logs’ after payment of VAT. These importers are claiming the refund of 4% SAD paid at the time of importation of goods in terms of Notification No.102/2007-Customs dated 14.09.2007. As per the said Notification, refund of SAD is available only in case the imported goods are subsequently sold on payment of VAT, without carrying out any process.
The date mentioned in para 2(a) of the above circular may be read as 31.03.2011 instead of 31.12.2011. There is no change in other conditions of the circular.These instructions may be brought to the notice of the trade / exporters by issuing suitable Trade / Public Notices. Suitable Standing orders/instructions may be issued for the guidance of the assessing officers.
It has been brought to the notice of the Board that some of the manufacturers of exempted goods are exporting such goods under bond. Subsequently, they claim refund of accumulated input credit under Rule 5 of the CENVAT Credit Rules, 2004.
A.P. (DIR Series) Circular No. 56, June 28, 2010 The provisions of section 15 of FEMA, 1999 permit compounding of contraventions and, as such it empowers the Reserve Bank to compound any contravention as defined under section 13 of the FEMA, except the contraventions under section 3 (a) of FEMA, on an application made by the person committing such contravention. Attention of all the Authorised Dealer Category – I (AD Category – I) banks and their constituents is invited in this regard to the Foreign Exchange (Compounding Proceedings) Rules, 2000 notified by the Government of India vide G.S.R.No.383 (E) dated 3rd May 2000 as amended from time to time (copy as on date given at Annex – I) and the A.P. (DIR Series) Circular No.31 dated February 1, 2005.
The undersigned is directed to say that the Board has amended the Customs, Central Excise & Service Tax Drawback Rules, 1995 and the Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995 vide Notifications No. 49/2010-Customs (N.T) and 48/2010-Customs (N.T) both dated 17th June, 2010. The rules have been amended to make the time limits prescribed for making various applications/claims of drawback under the Rules more exporter friendly, to liberalize granting of extensions in case of delays and to delegate greater powers in that regard to the field officers at the level of the Assistant/Deputy Commissioner of Customs.
