All the returns received by the Superintendent of Central Excise under sub-rule (1) of Rule 12 shall be scrutinized by him to check the correctness of duty assessed. The inspectors posted in the Range will assist him in carrying out the scrutiny.
It is necessary that the supplies made or export performance effected by non-status holder to status holder, the non-status holder has to achieve at least 25 per cent incremental growth over their respective previous years direct export turnover so as to make such supplies eligible for the benefits under the scheme. In light of this, it has been decided that to certify the export figures at Sr. No. 11 of the CA certificate, CA/CS/ICWA may rely on the declaration given by such suppliers (for their supplies made or export performance effected), that they have achieved at least 25% per cent incremental growth over their respective previous years direct export turnover.
Attention is invited to Para 5.1 of Foreign Trade Policy 2004-09 updated as on 31.3.2005 which permits import of second hand capital goods without any age restrictions under EPCG Scheme.It is clarified that second hand capital goods of Indian origin shall not be permitted to be imported under EPCG Scheme.
Circular No. 05 of 2005-Income Tax The Finance (No. 2) Act, 2004 as passed by the Parliament, received the assent of the President on the 10th September, 2004 and has been enacted as Act No. 23 of 2004. This circular explains the substance of the provisions of the Act relating to direct taxes.
The Annual Supplement to Foreign Trade Policy, 2004-09 has been notified on 8th April, 2005. Amendments have been made in the existing DFRC, EPCG and Advance Licencing Schemes. Some changes have also been incorporated in Vishesh Krishi Upaj Yojana and Served from India Scheme. The details of the amendments made in the Annual Supplement to the FTP 2004-09 are as follows.
In terms of Para 4.36A of the Hand Book of Procedure, Vol.I of the Foreign Trade Policy, goods imported under DFRC Scheme, which are found defective or unfit for use, may be re-exported as per the guidelines issued by the Department of Revenue. In such cases 95% of the CIF value debited against the DFRC shall be generated in the form of a Certificate.
The Stock Exchanges may shift these companies from TFTS to Rolling Segment provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
Representations have been received suggesting re-imbursement of education cess paid along with excise duty / terminal excise duty in respect of such supplies. The matter has been examined. It is accordingly clarified that in respect of supplies made with effect from 18.01.2005 education cess paid along with excise duty may also be reimbursed in the form of duty drawback & Terminal excise duty, as the case may be subject to fulfillment of all other requirements/provisions of deemed exports.
Clarification has been sought whether, after taking such precious metals on loan basis from the nominated agencies, the same can be converted into outright purchase. The matter has been considered in consultation with the concerned Departments and it is clarified that conversion of loan of precious metals taken from nominated agencies to outright purchase is allowed within the original stipulated export period i.e 60 days upto 31.3.05 and 90 days thereafter (90 days w.e.f. 10.5.2005 in case of SEZ) from the date of release.
The Committee constituted by SEBI to examine the issues relating to obtaining Unique Identification Number (UIN) under SEBI (Central Database of Market Participants) Regulations, 2003 (MAPIN) has submitted its report which has been placed on the SEBI website for public comments.
