Section 75 of the Customs Act provides that where any drawback has been allowed on any goods and the sale proceeds in respect of such goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999 such drawback shall be deemed never to have been allowed and the Central Government may, by Rules made under section 75 (2), specify the procedure for the recovery of the amount of such drawback. A procedure has also been laid down under the Customs, Central Excise and Service Tax Drawback Rules, 1995 for recovery of drawback in case of non-realization of export proceeds
The Reserve Bank of India (Amendment) Act, 2006 (Act No. 26 of 2006) provides a legal definition of ‘repo’ and ‘reverse repo’ (vide sub-sections (c) and (d) of section 45 U of Chapter III D of the Act) as an instrument for borrowing (lending) funds by selling (purchasing) securities with an agreement to repurchase (resell) the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed (lent).
The above referred Trade Circulars were issued explaining scope of section 6A of C.S.T. Act, 1956. In the Trade circular No. 2T of 2010 dated 11th January 2010 it was clarified that F-Forms are mandatory for all transactions of inter-State transfers not by way of sale including job work and goods return.
Government of Maharashtra has raised the rate of tax under Schedule ‘C’ of Maharashtra Value Added Tax Act, 2002 from 4 per cent to 5% on goods other than declared goods with effect from 1st April 2010. A notification to this effect has been issued as referred above. While issuing the notification, an inadvertent error had crept in, leading to inference that some fabrics & sugar would become taxable from 1st April 2010.
Attention is invited to SFIS Scheme under the FTP 2004-09 & current FTP 2009-14. Trade and Industry has represented that some Customs Authorities are seeking ‘Installation Certificate’ from the ship owners, and since the import item is a Ship (a moveable capital asset/good), there appears to be some confusion in the minds of Customs Authority (Particularly at Mumbai Sea Ports & Kakinada Sea Port) in this regard, on account of which Customs has stopped allowing use of SFIS for payment of duties on import of ships by the service providers.
This master circular consolidates and updates the requirements/obligations with regard to oversight of members (Inspection by Stock Exchanges/Clearing Corporations, Internal Audit and Default) prescribed by the following circulars:
I am directed to invite your attention to the above-mentioned subject and to say that, several references have been received, requesting the Board to put in place a verification mechanism in respect of the duty credit scrips issued under Chapter 3 schemes of the Foreign Trade Policy (FTP) and in respect of the Export Promotion Schemes viz.
Attention of all TIN-Facilitation Centers (TIN-FCs) is hereby invited to the procedure prescribed for accepting PAN applications. As you are aware, the documents to be accepted as Proof of Identity (POI) and Proof of Address (POA) have been prescribed in the Rule 114(4) of Income Tax Rules, 1962.
The State Government, may from time to time issue notification and notify class or classes of the dealer who shall be required to make the said payment electronically. Further, State Government may specify the period from which electronic payment is to be made mandatory.
The format for the half yearly report on portfolio management activity has been revised as per enclosed Annexure. All portfolio managers are advised to submit the half yearly report to SEBI in the revised format within 30 days after the end of respective period ended 30/9 & 31/3 of each year.
