The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly Development Report for the month of February, 2006.
They accept responsibility for establishing and maintaining internal controls for financial reporting and that they have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and they have disclosed to the auditors and the Audit Committee,
The notification No 154/94-Cus dated 13-07-94 allows duty free import of commercial samples valued upto Rs 60,000 or 15 units in number within a period of 12 months, as personal baggage by bonafide commercial travelers or businessmen are imported by post or air. New Paragraph No. 4A.31 has been inserted in HOP so as to enable exporters of Gem & Jewellery sector to import samples without payment of duty up to Rs. Three lakhs or upto 0.25% of average 3 years export, whichever is lower. In order to implement the provision of HOP, notification No.154/94-Cus dated 13-07-94 was amended suitably by notification No.50/2005-Cus.
A doubt has arisen in cases where customs duty is chargeable on ad-valorem basis, whether there would be any requirement for determination of the quantity of the goods as the basis for levy of customs duty would be the transaction value, i.e., invoice price and not the quantity.
Now, in view of the Department’s Review Petition in the case of Commissioner of Customs, Calcutta, Vs. Indian Oil Corporation Limited being dismissed by the Hon’ble Supreme Court, all pending provisional assessments in respect of importation prior to 02.03.2001 may be finalized accordingly.
The matter has been considered by the Board and it has been decided that all pending cases involving lighterage charges would be finalized on the basis of World Scale Rates and AFRA wherever available. In case of minor ports where WSO rates along with AFRA are not available, the concerned Commissioners should direct the shipping companies to get the WSO rates fixed.
Circular No.01/2006-Income Tax Section 80-IA of the Income-tax Act, 1961, inter alia, provides for 100% deduction of profits and gains derived by an enterprise carrying on the business of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining any infrastructure facility which fulfils all the following conditions
Para 4.40 of the Handbook of Procedures (Vol 1) allows certain notified ports to be treated as a single port for the purposes of imports and exports. However, the present distributed architecture of the Customs electronic system does not allow import clearances from all the notified ports in the same city. Therefore, the Regional Licensing Authorities will issue all Licences for a single notified Port only along with the unique six digit Location Code of the Customs ‘Port of Registration’ to facilitate speedy clearances against the licences issued.
Your attention is invited to Board’s Circular No. 31/2003-Cus dated the 7th April,2003 on the above subject. As per existing instructions, in the port cities, the administrative control over all the EOUs including EHTP and STP units falling within the territorial jurisdiction of Commissioner of Customs shall be with the Commissioner of Customs. At other places, the administrative control over EOU/EHTP/STP units shall be with jurisdictional Commissioner of Central Excise. The only exception will be in respect of Bangalore Customs.
Un-denatured ethyl alcohol of strength 80% or higher is classifiable under sub-heading 2207.10 whereas denatured ethyl alcohol is classifiable under sub-heading 2207.20. Denatured ethyl alcohol attracts concessional rate of customs duty @10% basic under Notification No. 21/2002-Cus., dated 1.3.2002 (Sl.No.50) as against 150% basic on un-denatured ethyl alcohol. Ethyl alcohol is imported in un-denatured form, whether for use as such (e.g. potable type) or for industrial use. In case of latter use, ethyl alcohol requires to be denatured before clearance.
